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| Section | Objectives |
|---|---|
| Federal Mortgage-Related Laws | - Truth in Lending Act (TILA) / Regulation Z - Fair Housing Act - Equal Credit Opportunity Act (ECOA) - Real Estate Settlement Procedures Act (RESPA) |
| Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
| Ethics and Professional Conduct | - Consumer Protection Standards - Fraud Prevention - Disclosure Requirements |
| General Mortgage Knowledge | - Mortgage Types and Products - Loan Closing Procedures - Underwriting Basics - Loan Origination Process |
Non-qualified mortgages offer more options for borrowers who:
Correct Answer: A 🗳️
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A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?
Correct Answer: D 🗳️
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Which of the following responses describes the primary reason to conduct a title search?
Correct Answer: D 🗳️
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Which of the following statements is true regarding a fixed-rate mortgage?
Correct Answer: A 🗳️
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A loan secured by any lien other than the first lien position is referred to as:
Correct Answer: C 🗳️
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