Podcast
Questions and Answers
Under the S.A.F.E. Act, “general fitness” to gain the confidence of the community for licensure might include any of the following, except:
Under the S.A.F.E. Act, “general fitness” to gain the confidence of the community for licensure might include any of the following, except:
Any loan modification agreement must include a provision allowing the borrower the right to cancel:
Any loan modification agreement must include a provision allowing the borrower the right to cancel:
This person acts by or on behalf of another principal lending manager in transacting residential mortgage loans.
This person acts by or on behalf of another principal lending manager in transacting residential mortgage loans.
The Mortgage and Financial Fraud Unit exists within:
The Mortgage and Financial Fraud Unit exists within:
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Common underwriting pitfalls include all of the following, except:
Common underwriting pitfalls include all of the following, except:
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The central database through which mortgage professionals submit information and license applications is the:
The central database through which mortgage professionals submit information and license applications is the:
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Principal lending managers have an affirmative duty to:
Principal lending managers have an affirmative duty to:
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A person who has had a mortgage loan originator license revoked in another state must wait at least how long before being able to obtain a Utah license?
A person who has had a mortgage loan originator license revoked in another state must wait at least how long before being able to obtain a Utah license?
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The Fair Housing Act prohibits discrimination based on:
The Fair Housing Act prohibits discrimination based on:
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A determination of repayment ability must be based on all of the following, except:
A determination of repayment ability must be based on all of the following, except:
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Statements in advertising that may lead a consumer to incorrectly assume that a mortgage product or company is directly endorsed by the federal government are in violation of which law?
Statements in advertising that may lead a consumer to incorrectly assume that a mortgage product or company is directly endorsed by the federal government are in violation of which law?
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An "exempt" employee generally means the employee is:
An "exempt" employee generally means the employee is:
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The ______ was created to detect, investigate, prosecute, and deter mortgage fraud and other major financial fraud crimes in Utah.
The ______ was created to detect, investigate, prosecute, and deter mortgage fraud and other major financial fraud crimes in Utah.
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Which of the following is not prohibited by RESPA?
Which of the following is not prohibited by RESPA?
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What is the primary intent of RESPA?
What is the primary intent of RESPA?
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This subsection of the federal Housing and Economic Recovery Act was established to ensure minimum qualification standards for mortgage professionals.
This subsection of the federal Housing and Economic Recovery Act was established to ensure minimum qualification standards for mortgage professionals.
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Which of the following prefixes indicates the purchase of flood insurance is mandatory?
Which of the following prefixes indicates the purchase of flood insurance is mandatory?
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All advertising and marketing materials used by a licensee must be reviewed for compliance by the:
All advertising and marketing materials used by a licensee must be reviewed for compliance by the:
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An affiliated business arrangement established for the illegal purpose of collecting excessive fees from consumers and splitting them among participants is known as:
An affiliated business arrangement established for the illegal purpose of collecting excessive fees from consumers and splitting them among participants is known as:
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If a lending manager stops being sponsored by a licensed entity:
If a lending manager stops being sponsored by a licensed entity:
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Which of the following is false regarding branch managers?
Which of the following is false regarding branch managers?
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Who is responsible for proper record disposal if an entity ceases to do business in Utah?
Who is responsible for proper record disposal if an entity ceases to do business in Utah?
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A principal lending manager will not be held liable for failing to maintain reasonable supervision if he or she can show evidence of any of the following, except:
A principal lending manager will not be held liable for failing to maintain reasonable supervision if he or she can show evidence of any of the following, except:
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A licensed loan originator is working for a licensed entity. Which of the following is true?
A licensed loan originator is working for a licensed entity. Which of the following is true?
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How many total hours of pre-licensing education are required for a mortgage loan originator license applicant who does not currently hold a license in any jurisdiction?
How many total hours of pre-licensing education are required for a mortgage loan originator license applicant who does not currently hold a license in any jurisdiction?
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This federal law is primarily concerned with disclosures and advertising.
This federal law is primarily concerned with disclosures and advertising.
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If an individual wants to become licensed as a lending manager, he or she has to show:
If an individual wants to become licensed as a lending manager, he or she has to show:
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The license of a person who commits mortgage fraud:
The license of a person who commits mortgage fraud:
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Seller concessions for VA loans are limited to:
Seller concessions for VA loans are limited to:
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The Closing Disclosure is due:
The Closing Disclosure is due:
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What is the latest date by which a license may be reinstated?
What is the latest date by which a license may be reinstated?
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The liability of the Recovery Fund for a single licensee may not exceed:
The liability of the Recovery Fund for a single licensee may not exceed:
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Engaging in this will result in automatic revocation of the license.
Engaging in this will result in automatic revocation of the license.
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On the initial license application, mortgage entities are required to designate a qualifying individual, also known as a:
On the initial license application, mortgage entities are required to designate a qualifying individual, also known as a:
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On which portion of the loan application would one find a street address and legal description of the property?
On which portion of the loan application would one find a street address and legal description of the property?
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The initial escrow statement is typically provided:
The initial escrow statement is typically provided:
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If a PLM license becomes inactive:
If a PLM license becomes inactive:
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Overtime income may be considered for an hourly employee if:
Overtime income may be considered for an hourly employee if:
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What does it mean when a loan results in negative amortization?
What does it mean when a loan results in negative amortization?
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Utah requires that licensees complete an additional annual course on:
Utah requires that licensees complete an additional annual course on:
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If fees for third-party settlement service providers are paid directly to a creditor or one of its affiliates, the tolerance for differences between the estimated and actual charges is:
If fees for third-party settlement service providers are paid directly to a creditor or one of its affiliates, the tolerance for differences between the estimated and actual charges is:
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An applicant for a lending manager license with only two years of full-time experience originating first lien residential mortgage loans may still qualify for the license if he or she shows proof of all of the following, except:
An applicant for a lending manager license with only two years of full-time experience originating first lien residential mortgage loans may still qualify for the license if he or she shows proof of all of the following, except:
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Which of the following likely cannot be used to verify a borrower's ability to repay, according to the ATR Rule?
Which of the following likely cannot be used to verify a borrower's ability to repay, according to the ATR Rule?
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Which federal labor law sets forth safety and health conditions for private and public sector workers?
Which federal labor law sets forth safety and health conditions for private and public sector workers?
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TILA is particularly concerned with the use of ______ in advertising, which require the disclosure of certain information to consumers.
TILA is particularly concerned with the use of ______ in advertising, which require the disclosure of certain information to consumers.
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A conclusive presumption of compliance applies to:
A conclusive presumption of compliance applies to:
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The ______ is defined as the cost of credit expressed as a dollar amount.
The ______ is defined as the cost of credit expressed as a dollar amount.
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Mortgage loan originators must solicit and conduct business solely in the name of:
Mortgage loan originators must solicit and conduct business solely in the name of:
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If a license is not expired, but it belongs to a person who is not currently engaged in the business of residential mortgage loans, that license is considered:
If a license is not expired, but it belongs to a person who is not currently engaged in the business of residential mortgage loans, that license is considered:
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When a loan is characterized as “conforming,” this means the loan:
When a loan is characterized as “conforming,” this means the loan:
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A party who has been served a cease and desist order from the Director may request a hearing within:
A party who has been served a cease and desist order from the Director may request a hearing within:
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Which of the following is not an accurate statement regarding the NMLS?
Which of the following is not an accurate statement regarding the NMLS?
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The Division defines all of the following as unprofessional conduct, except:
The Division defines all of the following as unprofessional conduct, except:
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The Residential Mortgage Practices and Licensing Act requires the consideration of which of the following factors in determining the penalty for mortgage fraud?
The Residential Mortgage Practices and Licensing Act requires the consideration of which of the following factors in determining the penalty for mortgage fraud?
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The administrative body existing within the DRE to help in regulating mortgage professionals is:
The administrative body existing within the DRE to help in regulating mortgage professionals is:
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Which of the following is an example of open-ended credit?
Which of the following is an example of open-ended credit?
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Who is responsible for reviewing all advertising and marketing materials used by a licensed entity and sponsored mortgage loan originators to ensure compliance?
Who is responsible for reviewing all advertising and marketing materials used by a licensed entity and sponsored mortgage loan originators to ensure compliance?
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Upfront MIP is collected:
Upfront MIP is collected:
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A mortgage loan originator advertises in conjunction with a real estate brokerage. The advertisement features contact information for both entities, the role of the brokerage in transactions, and the services the MLO may provide. Which of the following is true?
A mortgage loan originator advertises in conjunction with a real estate brokerage. The advertisement features contact information for both entities, the role of the brokerage in transactions, and the services the MLO may provide. Which of the following is true?
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An act of mortgage fraud with a value that is or exceeds $5,000 is:
An act of mortgage fraud with a value that is or exceeds $5,000 is:
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VA loans require which of the following?
VA loans require which of the following?
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Which of the following is true of VA loans?
Which of the following is true of VA loans?
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All of the following are licensing requirements for principal lending managers, except:
All of the following are licensing requirements for principal lending managers, except:
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Which of the following best describes a loan used to finance a property in an amount that exceeds Fannie Mae and Freddie Mac's guidelines?
Which of the following best describes a loan used to finance a property in an amount that exceeds Fannie Mae and Freddie Mac's guidelines?
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A licensed mortgage entity is changing its name. Which of the following is true?
A licensed mortgage entity is changing its name. Which of the following is true?
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A mortgage point is ______, and it is:
A mortgage point is ______, and it is:
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A licensee enters into a loan modification agreement with a consumer. Which of the following is correct?
A licensee enters into a loan modification agreement with a consumer. Which of the following is correct?
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If a borrower is considering purchasing discount points, one of the most important factors to keep in mind is:
If a borrower is considering purchasing discount points, one of the most important factors to keep in mind is:
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Which of the following is not a prohibited act under Utah state law?
Which of the following is not a prohibited act under Utah state law?
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Study Notes
SAFE Act General Fitness Requirements (Except)
- Showing consistent profitability for a set period
- Paying into a state fund
- Meeting net worth requirements
- Meeting surety bond requirements
Loan Modification Cancellation Period
- Within three business days after the agreement date
- At any time
Residential Mortgage Loan Transactions
- Person acting on behalf of another principal lending manager in residential mortgage loans: Mortgage loan originator
Mortgage and Financial Fraud Unit Location
- Department of Financial Institutions
Common Underwriting Pitfalls (Except)
- Including alimony or child support in debts
- Sales contract not fully executed
- Undocumented assets
- Failing to disclose secondary financing
Central Database for Mortgage Professionals
- National Mortgage Licensing System & Registry (NMLS)
Principal Lending Managers' Duties
- Supervising all ALMs and BLMs
License Revocation Waiting Period
- Ten years
Fair Housing Act Protected Classes
- Race, sex, color, religion, handicap
- Handicap, familial status, sex, national origin, religion, color, race
- Race, sex, color, religion, age, familial status, handicap
- Race, color, religion, sex, age
Repayment Ability Determination (Except)
- The equity the borrower already has in the dwelling
- The credit history of the borrower
- The borrower's monthly debt-to-income ratio
- The borrower's current employment status
Federal Government Endorsement in Advertising
- Regulation Z
Exempt Employee Characteristics
- Exempt from tax withholding requirements
- Ineligible for overtime pay
- Ineligible for Social Security withholdings
- Exempt from salary recordkeeping requirements
Utah Mortgage and Financial Fraud Unit
- Detects, investigates, prosecutes, and deters mortgage fraud
- Other major financial fraud crimes in Utah
RESPA Prohibited Actions
- Referral Fees
- Premiums charged on fees for third-party services
- Reasonable fees paid for services actually performed
- Kickbacks
RESPA Primary Intent
- Protecting the privacy of a borrower's personal financial information
- Eliminating unearned fees, such as referral fees, kickbacks, and fee splitting
- Protecting borrowers from misleading advertising
- Providing the borrower an opportunity to rescind certain types of loans
Mortgage Professional Qualification Standards
- USPAP
- FIRREA
- The S.A.F.E. Act
- The Gramm-Leach-Bliley Act
Flood Insurance Mandate Indicators
- B, C, and D
- A and D
- A and V
- V and D
Advertising and Marketing Materials Review
- Control person
- Compliance specialist
- Designated officer
- Lending manager
Affiliated Business Arrangements for Excessive Fees
- Sham affiliated business arrangement
- False settlement service markup
- Kickbacks
- Table funding
Lending Manager Inactivity
- Their license remains valid for 30 days and then becomes inactive
- Their license is immediately revoked
- Their license is immediately inactive
- Their license is immediately suspended
Branch Manager Limitations and Responsibilities
- Serve as the manager for up to three licensed branch offices at the same time
- Utah state law requires the appointment of branch managers for licensed locations that are not in the same place of business as the main location
Responsibility for Record Disposal
- Records must be returned to the Division
- Records must be returned to consumers about whom information has been maintained
- Control person
Principal Lending Manager Liability Avoidance
- Attempts made to prevent or mitigate damage when learning of a violation
- Attempts to conceal damage when learning of a violation
- Existence of written policies to prevent violations
- The fact that the PLM did not attempt to avoid learning of a violation
Licensed Loan Originator Entity Relationships
- He or she can only work for the licensed entity with which he or she is currently employed
- He or she can work for only one other entity, and that entity must be exempt
- He or she can work for only one other entity, and that entity must also be licensed
- He or she cannot work with a licensed entity and must work as an individual MLO
Pre-Licensing Education Hours
- 15
- 40
- 35
- 20
Primary Concern of Federal Law
- Disclosures and advertising
- The Real Estate Settlement Procedures Act
- The Equal Credit Opportunity Act
- The Truth-in-Lending Act
- The Home Mortgage Disclosure Act
Lending Manager Qualification Requirements
- Ten years of verifiable financial responsibility
- At least three years of full-time experience originating mortgages
- A history of work experience as a lending manager
- A credit score of at least 780
Mortgage Fraud License Penalties
- Is automatically revoked
- Is temporarily revoked and may be permanently revoked after a hearing
- Is put on inactive for twice as long as the violator's sentence of imprisonment
- May be suspended for up to five years
Seller Concessions for VA Loans
- 3%
- 0%
- 6%
- 4%
Closing Disclosure Due Date
- No later than one business day prior to consummation
- No later than ten business days prior to consummation
- No later than seven business days prior to consummation
- No later than three business days prior to consummation
Reinstatement Date
- January 1
- November 1
- December 31
- February 28
Recovery Fund Liability Limit
- $45,000
- $20,000
- $15,000
- $35,000
Violations Resulting in License Revocation
- Failure to complete education requirements
- Mortgage fraud
- Failure to secure a sponsor
- High-cost mortgage loan origination
Qualifying Individual Designation
- Control person
- Lending manager
- Branch officer
- Responsible party
Loan Application Property Information Location
- Section II
- Section III
- Section XV
- Section X
Initial Escrow Statement Timing
- At settlement
- At the same time that a Loan Estimate is issued
- Within three business days after issuing a Closing Disclosure
- Within three business days after receiving a completed application
PLM License Inactivity Consequences
- The PLM must obtain a new license to become active again
- The PLM may never serve as a PLM again
- The PLM may not conduct mortgage business
- The PLM may not act as a lending manager but may act as a loan originator
Overtime Income Consideration
- It has been consistent for at least two years and is likely to continue
- The earnings have been reported as wages
- It is being paid in the same paycheck
- It has been consistent for at least two years and is likely to continue
Negative Amortization Definition
- The payment amounts increase over time as the interest rate decreases
- The payments steadily reduce the amount of interest due each month, so the unpaid balance decreases instead of increasing
- The payment amounts decrease over time as the interest rate decreases
- The payments are not enough to cover the interest due, so the unpaid balance increases instead of decreasing
Additional Annual Course Requirements
- Utah law
- Mortgage fraud
- Consumer protection
- Nontraditional products
Third-Party Settlement Service Provider Fee Tolerance
- 2%
- 5%
- 0%
- 10%
Pre-Licensing Education Hours for New Applicants (No License in Jurisdiction)
- 15 hours
- 40 hours
- 35 hours
- 20 hours
Mortgage Loan Originator Experience Requirement
- Evidence of having completed lending manager qualification counseling
- Up to 15 additional points according to the experience points schedule
- Evidence of having originated at least 30 first lien residential mortgage loans
Unverifiable Borrower Ability to Repay
- Bank records
- Voided checks
- W-2 forms
- Payroll statements
Federal Labor Law Regarding Safety and Health Conditions
- The Occupational Safety and Health Act
TILA Concerns
- Red flags
- Trigger terms
- Unique identifiers
- Business names
Presumption of Compliance Applies To
- Compliance specialist
Higher-Priced Mortgage Loan Definition
- Qualified mortgages that are higher-priced mortgage loans
- Non-qualified mortgages
- Qualified mortgages that are subprime mortgages
- Qualified mortgages that are prime mortgages
Definition of Finance Charge
- Finance charge is defined as the cost of credit expressed as a dollar amount
- Annual percentage rate
- Prepayment penalty
- Yield spread premium
Mortgage Loan Originator Business Conduct
- The ALM
- Themselves
- The sponsoring entity
- The PLM
License Status if Not Engaged in Business
- Dormant
- Inactive
- Suspended
- In escrow
Conforming Loan Definition
- The loan conforms to standards that are regulated in place
Party Responsibility of Proper Record Disposal After Utah Business Cessation
- Records must be returned to the Division
- Records must be returned to consumers about whom information has been maintained
- The control person
Affirmative Duty of Principal Lending Managers
- Supervising all ALMs and BLMs,
- Supervising only ALMs
Mortgage Loan Originator License Revocation (Other State) Requirements
- Ten years
- Three years
- Five years
- A license cannot be obtained
Appraisal Red Flags and Exceptions
- Blurry photos
- Adjustments that exceed guidelines
- Appraisal dated prior to the sales contract
- Comparables within one mile of the subject property sold within one year
Mortgage Loan Originator License Application Eligibility
- Evidence of having completed lending manager qualification counseling
- Up to 15 additional points according to the experience points schedule
- Evidence of having originated at least 30 first lien residential mortgage loans
- Additional full-time experience according to the equivalency calculation
Borrower Rescission Eligibility
- Bank records
- Voided checks
- W-2 forms
- Payroll statements
Minimum Loan Amount for Mortgage Fraud Class
- A Class A misdemeanor
- A third-degree felony
- A gross misdemeanor
- A second-degree felony
VA Loan Requirements
- VA appraiser premium
- Eligibility fee
- Mortgage insurance premium
- Funding fee
VA Loan Availability
- They are only available for 30-year terms
- They require a mortgage insurance premium
- They are assumable
- They require a 5.5% borrower investment
Principal Lending Manager Licensing Requirements
- Proof that he or she has obtained a sponsor
- Proof of completion of at least five years of experience as a mortgage loan originator
- Proof of the completion of 40 hours of Utah-specific education during the 12-month period preceding the application
- Proof that he or she meets the general qualifications for licensure that are applicable to mortgage loan originators
Loan to Finance Property Exceeding Guidelines
- Jumbo loan
- FHA loan
- VA loan
- Non-conventional loan
Licensed Mortgage Entity Name Change Requirements
- The DFI must be notified within ten days
- The DRE must be notified within ten days
- The DRE must be notified within five days
- The DFI must be notified within five days
Loan Point Definitions
- .1% of the loan amount; used to pay an origination fee
- 1% of the loan amount; used to pay an origination fee
- .1% of the loan amount; used to reduce the interest rate
- 1% of the loan amount; used to reduce the interest rate
Loan Modification Agreement Legality Requirements
- The transaction is illegal – loan modification specialists are not permitted to enter into agreements with consumers
- The transaction is legal – Utah does not regulate loan modification activities
- The transaction is legal - as long as the agreement provides for the right to cancel within three business days -
- The transaction is illegal - the state of Utah does not permit loan modifications to be handled by anyone but federally-regulated depository institutions
Loan Discount Point Considerations
- The loan amount
- Pricing hits
- The break-even point
- The cost
Prohibited Acts Under Utah State Law
- Altering an appraisal of real property
- Giving an appraisal report to the borrower
- Encouraging default on an existing loan
- Obtaining title insurance without a license
Notice to DRE of Bankruptcy Filing
- Five days
- Five business days
Caps on Adjustable Rate Mortgages (ARMs)
- Are mandatory for any lender offering ARM products
- Prevent a lender from calling a loan due if there is delinquency
- Limit the amount the interest rate or payment may change
- Limit whether a loan is eligible for prepayment
Sponsorship Termination Record Retention Requirements
- The originator must maintain all records in his or her possession for at least two years after termination
- The originator must turn all records in his or her possession over to the NMLS
- The originator must turn all records in his or her possession over to the sponsoring entity when sponsorship is terminated
- The originator must destroy all records in his or her possession
Prepayment Penalties Applicability
- Higher-priced mortgage loans
- Subprime loans regulated by HOEPA
- Fixed-rate qualified mortgages
- All loans secured by a borrower's principal residence
Principal Lending Manager Affirmative Duty Exclusions
- Ensuring that licensees do not offer high-cost mortgage loans
- Establishing and following procedures for responding to consumer complaints
- Reviewing all advertising and marketing for compliance with federal and state law
- Establishing and maintaining an adequate quality control plan
Mortgage Professional Record Retention Period
- Four years from closing
- Four years from the date of loan application
- Two years from closing
- Two years from the date of loan application
Loss Payee Clause Protection
- The property
- The lender
- The borrower
- The servicer
Negative Amortization Implication
- Negative equity
- Negative amortization
- Amortizing payments
- Lower credit scores
Fees for Early Debt Repayment
- Prepayment penalty
- Finance charges
Invalid License Types
- Mortgage servicer
- Mortgage entity
- Mortgage branch office
- Mortgage loan originator
APR Definition
- A measure of the cost of credit expressed as a nominal yearly rate
- The cost of credit expressed as a dollar amount
- The most that an interest rate may change from year to year
- The most that an interest rate may change over the life of the loan
Debt-to-Income Ratio Rule
- The HOEPA Rule
- The ATR Rule
- The Valuations Rule
- The HPML Appraisal Rule
Loan-to-Value Ratio Calculation
- The property value and the purchase price
- The loan amount and the property value or purchase price (whichever is less)
- The loan amount and the loan term
- The property value or purchase price (whichever is less) and the loan term
Trustee's Foreclosure Right
- Deed in lieu
- Power of attorney
- Right to mortgage
- Power of sale
Revised Loan Estimate Requirements
- A delay caused by the consumer
- A change in the interest rate
- A change requested by the consumer
- A change in the borrower's eligibility
New Home Construction Appraisal Approach
- Cost approach
- Market approach
- Income approach
- Sales comparison approach
High-Cost Home Loan Act Disclosure Requirements
- Specifies that the consumer may not qualify for a loan if he or she does not obtain counseling
- Provides a comprehensive summary of settlement and loan closing documents
- Advises that the consumer is not required to complete the loan agreement and warns against default
- Reviews the fees and charges associated with the high-cost loan transaction
Rescission Definition and Application
- Restores each party in a contract to the position held prior to the transaction
- Allows the borrower to modify his or her loan to avoid foreclosure
- Is the time at which a consumer becomes contractually obligated on a credit transaction
- Allows the borrower to cease being obligated to make mortgage payments
Principal Lending Manager and Control Person Differences
- There is no difference between a principal lending manager and a control person
- A principal lending manager is always required to be licensed; a control person is not
- A control person is always required to be licensed; a principal lending manager is not
- A control person has education requirements; a principal lending manager does not
Federal Labor Law Regarding Wages and Overtime
- The Family Medical Leave Act
- The Federal Employees' Compensation Act
- The Fair Labor Standards Act
- The Occupational Safety and Health Act
Mortgage Professional Practice of Steering
- Steering
- Dual compensation
- Reverse redlining
- Redlining
Federal Law Regarding Data Collection on Applications
- Privacy of consumer information
- Inappropriate charging of fees
- Mortgage fraud and money laundering
- Honesty in advertising
Mortgage Loan Originator License Requirements
- At least 15 first lien residential mortgages
- At least 30 first lien residential mortgages
- At least 45 first-lien residential mortgages
- At least 50 first-lien residential mortgages
MIP Applicability Scenarios
- A non-conforming loan
- VA loan with less than a 10% down payment
- An FHA loan with a 3.5% down payment
- A conventional loan with a down payment of less than 20%
Income Consideration for Mortgage Eligibility
- Debt-to-asset ratio
- Front-end ratio
- Loan-to-value ratio
- Back-end ratio
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Description
Test your knowledge on the SAFE Act requirements and key components of residential mortgage transactions. This quiz covers general fitness requirements, loan modification rules, and common pitfalls in underwriting. Discover essential information for mortgage professionals.
