Question 1

Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

Options :

A : 7 business days

B : 15 business days

C : 30 business days

D : 45 calendar days

Answer: A

Question 2

Which of the following circumstances may indicate fraud with respect to the assets a borrower will use for closing?

Options :

A : Bank deposits that are not supported by income or other disclosures

B : Disclosure of gift funds

C : Parental loans disclosed but not yet received

D : Borrower-s receipt of a large bonus from an employer

Answer: A

Question 3

Which of the following factors is considered when determining the interest rate for a subprime mortgage?

Options :

A : The term of the loan

B : The property location

C : The sales price of the property

D : The credit score of the applicants]

Answer: D

Question 4

Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

Options :

A : The SAFE Act

B : The Dodd-Frank Act

C : The Truth in Lending Act (TILA)

D : The Equal Credit Opportunity Act

Answer: A

Question 5

A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

Options :

A : Oral confirmation from the borrower

B : An updated statement showing a zero balance

C : A letter from the borrower explaining that they paid it off

D : No additional information required

Answer: B

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