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7/15/2021

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The Homeowner's Bill of Rights:

 

Was repealed on December 31, 2012

Came into effect on January 1, 2013You correctly checked this.

Was repealed on December 31, 2013

Came into effect on January 1, 2014

 

Question 2

Mortgage servicers must acknowledge receipt, in writing, of a borrower's submission of a complete first lien modification application within:

 

10 business days

5 business daysYou correctly checked this.

15 business days

3 business days

 

Question 3

§2924(a)(5) of the Civil Code states that when a trustee's sale is postponed, a lender must write to the borrower to confirm the new date and time of the sale if the postponement is in excess of:

 

10 business daysYou should have checked this.

3 business days

15 business days

5 business days

 

Question 4

§2923.7(c) of the Civil Code states that a single point of contact must remain in place:

 

Until the foreclosure proceedings have been suspended

For a minimum of 3 months

Until the borrower's account becomes currentYou correctly checked this.

For a minimum of 6 months

Score: 100%

Question 1

Following the receipt of an application by an MLO wishing to surrender his/her license, surrender will generally become effective:

 

 

Question 2

Mortgage servicers must acknowledge receipt, in writing, of a borrower's submission of a complete first lien modification application within:

 

Score: 100%

Question 3

After notice by the commissioner that the report required by §22159 has not been filed on time, the license of an MLO may be summarily suspended or revoked if the report is not filed within:

 

 

Question 4

§2944.7 of the California Civil Code applies to all the following EXCEPT for:

 

Score: 100%

Question 5

A mortgage loan originator must maintain a surety bond in a minimum amount of:

 

 

Question 6

As per §22109.5(a) and §50145(a) of the California Financial Code, the 8 hours of continuing education which must have been completed by an individual wishing to renew for a mortgage loan originator license must include at least:

 

Score: 100%

Question 7

Mike agreed to arrange a mortgage loan modification for a fee paid by the borrower. Mike received some compensation before he had fully performed all the services he had been contracted to perform. As he is a natural person, Mike is punishable, among other things, by imprisonment in the county jail for a maximum term of:

 

 

Question 8

Following the postponement of a sale for a period of at least 10 business days, a mortgagee will provide written notice to a borrower regarding the new sale date and time within:

 

Score: 0%

Question 9

Following notification by the commissioner that a new bond is required, an MLO who wishes to retain their license must file a new bond within:

 

 

Question 10

As stated under §2924.8(a)(1) of the California Civil Code, when a property is sold at foreclosure, the new owner may either agree to a new lease or rental agreement or provide the occupier with a:

 

 

Question 11

§2924(a)(5) of the Civil Code states that when a trustee's sale is postponed, a lender must write to the borrower to confirm the new date and time of the sale if the postponement is in excess of:

 

Score: 0%

Question 12

A governmental entity may only impose a fine to an owner who fails to maintain a property he/she owns if, following adequate notice, action to correct the specific violation is not commenced within:

 

Score: 100%

Question 13

The license of a mortgage loan originator will expire if the minimum standards required to renew the license have not been met by:

 

 

Question 14

The following are all duties of the single point of contact EXCEPT:

 

 

Question 15

A mortgage servicer may NOT collect late fees in the following circumstances EXCEPT when:

 

Which is not an example of a changed circumstance?

 

A tornado destroyed the property

Property information was inadvertently left off of the loan application.You correctly checked this.

Title insurance company on loan estimate went out of business

Title insurance company learned of a boundary dispute

A changed circumstance for purposes of a revised Loan Estimate is: An extraordinary event beyond the control of any interested party or other unexpected event specific to the consumer or transaction § 1026.19(e)(3)(iv)(A)(1); Information specific to the consumer or transaction that the creditor relied upon when providing the Loan Estimate and that was inaccurate or changed after the disclosures were provided § 1026.19(e)(3)(iv)(A)(2); or New information specific to the consumer or transaction that the creditor did not rely on when providing the Loan Estimate. § 1026.19(e)(3)(iv)(A)(3). Creditors are presumed to have collected basic information prior to providing the Loan Estimate and may not later collect it and claim a changed circumstance.

Question

When can a creditor issue a revised loan estimate?

 

If the consumer waits more than 10 days before indicating his/her intent to move forward with the loan.

Any time as long as it is 4 business days prior to consummation

When the creditor made a good faith mistake on the original.

Never.

Changed circumstances that occur after the Loan Estimate is provided to the consumer that cause estimated settlement charges to increase more than is permitted under the TILA-RESPA rule § 1026.19(e)(3)(iv)(A); Changed circumstances that occur after the Loan Estimate is provided to the consumer that affect the consumer’s eligibility for the terms for which the consumer applied or the value of the security for the loan § 1026.19(e)(3)(iv)(B); Revisions to the credit terms or the settlement are requested by the consumer § 1026.19(e)(3)(iv)(C); The interest rate was not locked when the Loan Estimate was provided, and locking the rate causes the points or lender credits disclosed on the Loan Estimate to change § 1026.19(e)(3)(iv)(D); The consumer indicates an intent to proceed with the transaction more than 10 business days after the Loan Estimate was originally provided § 1026.19(e)(3)(iv)(E); or The loan is a new construction loan, and settlement is delayed by more than 60 calendar days, if the original Loan Estimate states clearly and conspicuously that at any time prior to 60 calendar days before consummation, the creditor may issue revised disclosures. § 1026.19(e)(3)(iv)(F).

Question

If the amounts paid by the consumer at closing, exceed the amounts disclosed on the Loan Estimate beyond the applicable tolerance threshold, the creditor must refund the excess to the consumer no later than:

 

 

3 days after closing.

90 days after closing.

10 days after closing.

60 days after closing.You correctly checked this.

Score: 100%

Question

Which of the following charges are NOT allowed to be changed from the initial loan estimate?

 

Taxes placed in escrow

Insurance Premiums

Loan Origination Charge

Pre-paid interest

For certain costs or terms, creditors are permitted to charge consumers more than the amount disclosed on the Loan Estimate without any tolerance limitation. Prepaid interest; property insurance premiums; amounts placed into an escrow, impound, reserve or similar account are such allowable charges. A loan origination charge cannot be changed.

 

Question

When must a lender provide the consumer with the Loan Estimate?

 

5 days after receipt of loan application

4 days after receipt of loan application

2 days after receipt of loan application

3 days after receipt of loan application.

The Loan Estimate must be provided to the consumer within 3 business days of the receipt of the consumer's loan application.

 NMLS 324982