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| Section | Weight | Objectives |
|---|---|---|
| General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
| Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| Ethics | 18% | - Ethical Practices
|
| Uniform State Content | 11% | - State Regulatory Content
|
| Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
Which of the following is an example of a loan expense that is permitted to change without any tolerance restrictions?
Correct Answer: C 🗳️
Explanation: Only visible for TestkingPass members. You can sign-up / login (it's free).
Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?
Correct Answer: A 🗳️
Explanation: Only visible for TestkingPass members. You can sign-up / login (it's free).
In which of the following scenarios is a mortgage loan originator (MLO) violating the consumer privacy provisions within the Gramm-Leach-Bliley Act?
Correct Answer: C 🗳️
Explanation: Only visible for TestkingPass members. You can sign-up / login (it's free).
Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?
Correct Answer: A 🗳️
Explanation: Only visible for TestkingPass members. You can sign-up / login (it's free).
A loan secured by any lien other than the first lien position is referred to as:
Correct Answer: D 🗳️
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