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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Uniform State Content | 11% | - State Regulatory Content
|
| Topic 2: Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| Topic 3: General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
| Topic 4: Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Topic 5: Ethics | 18% | - Ethical Practices
|
Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?
Correct Answer: C 🗳️
Explanation: Only visible for VCEPrep members. You can sign-up / login (it's free).
On an annual basis, a licensed state mortgage loan originator must complete three hours of continuing education on federal law and regulations, two hours on nontraditional mortgage products, and two hours on:
Correct Answer: C 🗳️
Explanation: Only visible for VCEPrep members. You can sign-up / login (it's free).
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?
Correct Answer: D 🗳️
Explanation: Only visible for VCEPrep members. You can sign-up / login (it's free).
How many business days after issuance is an unlocked Loan Estimate considered expired?
Correct Answer: C 🗳️
Explanation: Only visible for VCEPrep members. You can sign-up / login (it's free).
How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?
Correct Answer: B 🗳️
Explanation: Only visible for VCEPrep members. You can sign-up / login (it's free).
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