Same Day Pre- Approvals

 

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Was repealed on December 31, 2012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Was repealed on December 31, 2013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:

 

60 days later

30 days laterYou correctly checked this.

90 days later

20 days later

 

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

3 business days

15 business days

5 business daysYou correctly checked this.

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:

 

60 days

10 daysYou should have checked this.

30 days

20 days

 

Question 4

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

 

Mortgages and deeds of trust secured by residential real property containing four dwelling units

Mortgages and deeds of trust secured by residential real property containing three dwelling units

Mortgages and deeds of trust secured by residential real property containing two dwelling units

Mortgages and deeds of trust secured by residential real property containing five dwelling unitsYou correctly checked this.

Score: 100%

Question 5

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

 

$25,000You correctly checked this.

$10,000

$15,000

$250,000

 

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:

 

2 hours of instruction on federal laws and regulations, 3 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues, 2 hours of training related to lending standards for the nontraditional mortgage product marketplace and 1 hour of CA-BDO defined electives

3 hours of instruction on federal laws and regulations, 2 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues, 2 hours of training related to lending standards for the nontraditional mortgage product marketplace and 1 hour of CA-BDO defined electivesYou correctly checked this.

3 hours of instruction on federal laws and regulations, 3 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues, 1 hour of training related to lending standards for the nontraditional mortgage product marketplace and 1 hour of CA-BDO defined electives

3 hours of instruction on federal laws and regulations, 2 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues, 1 hour of training related to lending standards for the nontraditional mortgage product marketplace and 2 hours of CA-BDO defined electives

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:

 

6 months

9 months

12 monthsYou correctly checked this.

3 months

 

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:

 

5 business daysYou should have checked this.

3 business days

7 business days

10 business days

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:

 

15 days

14 days

10 daysYou correctly checked this.

7 days

 

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:

 

60-day eviction notice

90-day eviction noticeYou correctly checked this.

120-day eviction notice

30-day eviction notice

 

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:

 

3 business days

15 business days

10 business daysYou should have checked this.

5 business days

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:

 

30 days

21 days

14 daysYou correctly checked this.

7 days

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:

 

31-DecYou correctly checked this.

15-Jan

1-Dec

15-Dec

 

Question 14

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

 

Coordinating with those able and authorized to suspend the foreclosure proceedings

Managing the application for the foreclosure prevention alternative

Referring the borrower to a manager upon the borrower's request

Referring the borrower to individuals who are able to inform him/her of the current status of the foreclosure prevention alternative

 

Question 15

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

 

A complete first lien loan modification application is under consideration

A complete first lien loan modification application has been denied and the denial is being appealed

A foreclosure prevention alternative has been deniedYou correctly checked this.

The borrower is making timely modification payments

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

Dolphins Dance in Dana Point Harbor

Hot Market

Polka dot plants (Hypoestes phyllostachya have varigated pink and green leaves, hot pink impatiens and New Guinea impatiens, begonia, coleus, heuchera, and fuschia all combined in pots to dazzle your garden. All of these plants like moderate sunlight, moderate temperatures and deep watering. These are hung on my balcony garden. I have them an inch above my eye level in two layers. One basket on top drains down to the bottom one when I water. 

This year with the real estate market a wild hot mess. I didn't have time to fuss as much with my potted plants. They enjoy the warm afternoons in Orange County. I remove flowers, dead head and snip off dead leaves when I'm sipping morning coffee at 5:45. 

I have a couple natural flower minders/baby sitters: up on a self a pretty bowl of water with tablespoon of dawn dish soap and apple cider vinegar to catch fruit flies, a bowl on the ground with yeast/sugar and beer for snails, and I add coffee grounds and egg shells to the surface of the soil in pots where snails like to climb. Natural ways to keep down problems in my tiny house before pests multiply. 

 

Modification Foreclosure Refinance

 

Modification Foreclosure or Refinance

The Consumer Financial Protection Bureau announced a new rule today to slow a wave of foreclosures due to coronavirus.

Here is a summary from the New York Times:

“In most cases, lenders will only be allowed to foreclose on a home if it is abandoned, if the borrower has not responded to messages for at least 90 days, or if the borrower has been formally evaluated for all available “loss mitigation” options (such as a loan modification) and none are viable.

Servicers will also be allowed to proceed with foreclosures for borrowers who were already 120 or more days delinquent before March 1, 2020.

The new rule also allows mortgage servicers to more easily offer some loan modifications so long as the changes do not increase a borrower’s monthly payments or extend the loan’s term more than 40 years beyond the modification date.”

Nice for current homeowners but with the current high prices and low inventory, anyone hoping for a wave of foreclosures or crash may be waiting awhile.