District of Columbia DC Mortgage Laws

District of Columbia as in DC Washington Mortgage Test

Loan questions and answers

 Per DISB requirements, all records shall be maintained for:

 

5 years from loan consummation

5 years from application date

For at least 3 years after final payment is made on any mortgage loan or after the mortgage loan is sold, whichever first You correctly checked this.

3 years from loan consummation

Each Mortgage lender required to be licensed under this chapter shall retain for at least 3 years after final payment is made on any mortgage loan or after the mortgage loan is sold, whichever first occurs

Question 2

All of the following would result in license revocation by default except:

 

Failure to maintain net worth requirements

Failure to maintain bond

Failure to originate more than 1 loan in a calendar yearYou correctly checked this.

Failure to pay annual license fee

The number of originations is not a provisions of licensure.

Question 3

Unless it is available at the time of the application, the following information is not required when applying for a proposed mortgage loan except for:

 

Whether the loan may result in a balloon payment

Whether the interest rate is fixed or variable

The date of maturity of the proposed loanYou correctly checked this.

The purpose of the refinancing, if the loan will refinance a prior loan secured by the same real property

The date of maturity of the proposed loan, whether the loan may result in a balloon payment, and whether the interest rate is fixed, or variable may not be known at the time of the application and are therefore not fundamental requirements. However, the purpose of the refinancing, if the loan will refinance a prior loan secured by the same real property, must be clearly stated.

Question 4

Each application for a proposed mortgage loan must always contain the following information except for:

 

The unique identifier of the MLO

Whether the interest rate is fixed or variableYou correctly checked this.

The Social Security number of each borrower

The principal amount of the loan requested

All applications for a proposed mortgage loan must contain, among other things, the unique identifier of the MLO, the Social Security number of each borrower, and the principal amount of the loan requested. However, information regarding whether the interest rate will be fixed, or variable may not be available at the time of the application and is therefore not a requirement.

Which loan would be considered a Nontraditional loan?

 

A District of Columbia state-specific mortgage

A Loans issued to subprime borrowers

A 30-year fixed-rate mortgage

A 15-year Adjustable-rate amortizing mortgageYou correctly checked this.

The DISB guidance says that a Non-conventional mortgage loan is any mortgage loan that is not a fixed-rate mortgage loan with an amortization period of 30 years or less.

All of the following documents must be kept in a loan file folder except:

 

Conversation logYou correctly checked this.

Adverse Action

Closing Disclosure

Loan application

Conversation log is not a requirement to be kept on file.

The DISB consists of 5 bureaus. These are the Insurance Bureau, the Securities Bureau, the Banking Bureau, the Enforcement and Investigation Bureau, and the Risk Finance Bureau.

Mortgage licensees must ensure that all lock-in agreements are in writing and contain which minimum details?

 

Date locked, expiration date, and rate locked in.

Date locked - expiration date, interest rate, discount points, lock-in fee if applicable, & commitment fee if applicableYou correctly checked this.

Date signed, expiration date, discount points, signatures

Interest rate, points, and lock-in fee

Three of these answers do not have enough data. Date locked - expiration date, interest rate, discount points, lock-in fee if applicable, & commitment fee if applicable.

If You Want to Change the World, William H McRaven

Public Storage Fail

October 2nd 2022 entry Public Storage Building with a piece of paper.

Sometime in October 2021 my storage unit and thirteen other units were

smashed into and burglarized. Public Storage knew the rear door was broken. 

Now a year later they continue to fail their clients and never repaired

the rear entry doors. Willful disregard for care of clients. 

Filed small claims and Public Storage sends an employee who

laughed at the mediator, drank a soda, drove her vehicle during

the remote zoom hearing. Disrespectful of the court.

 

October 2 2022 rear door open unlocked

bathroom style door locks with no lock

 

Rear door exit the lock bar has not been repaired Oct 2 2022

This remained unlocked for one year plus since burglary 2021 

Alarm still cut and pin doe not go into the door jam October 2 2022

Crow bar removed 2022 October 2nd

Door opened with a piece of paper to rear of building

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