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repealed on December 31, 2012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repealed on December 31, 2013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.
