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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Mortgage Loan Origination Activities | 27% | - Loan programs and product types - Loan application process - Borrower qualification and underwriting basics - Closing and post-closing procedures |
| Topic 2: General Mortgage Knowledge | 20% | - Conventional, FHA, VA, USDA loan characteristics - LTV, DTI, CLTV, PMI, points and fees - Mortgage terms, concepts and calculations - Fixed-rate vs adjustable-rate mortgages |
| Topic 3: Federal Mortgage-Related Laws | 24% | - Fair lending and consumer protection rules - SAFE Act and federal regulatory framework - TILA, RESPA, ECOA, HMDA, FCRA - Disclosure requirements and timing |
| Topic 4: Uniform State Content | 11% | - License maintenance and renewal - Compliance and disciplinary standards - State licensing and regulatory requirements |
| Topic 5: Ethics | 18% | - Conflict of interest and disclosure obligations - Fair lending and anti-discrimination - Ethical practices and professional conduct - Fraud prevention and detection |
1. Closed-end residential mortgage loan products, which are always classified as nontraditional mortgage loans, include:
A) Interest-only mortgage loans.
B) High-interest mortgage loans.
C) 30-year, fixed-rate mortgage loans.
D) Fully amortizing mortgage loans.
2. When a mortgage loan originator (MLO) receives information from a borrower that indicates potential employment fraud, the MLO should:
A) Take no additional action unless the borrower admits that they submitted false employment information.
B) Take no additional action because it is not confirmed.
C) Report the information to another MLO for their opinion.
D) Report the information to the company's compliance officer.
3. 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:
A) Government loan programs
B) How to complete the loan application
C) Ethics
D) The operations of the secondary market
4. The term "primary mortgage market" refers to which of the following responses?
A) The process by which mortgages are pooled and converted to marketable securities
B) The confluence of borrowers and mortgage loan originators to negotiate loan terms and complete mortgage transactions
C) The role of Fannie Mae, Freddie Mac and Ginnie Mae in the mortgage industry
D) The medium in which mortgages are bought and sold following origination
5. Under which of the following conditions, if any, is a mortgage lender permitted to charge a fee for the preparation of a Closing Disclosure?
A) The borrower requests additional copies of the Closing Disclosure after the closing.
B) The lender is not allowed to charge a fee for the preparation of the Closing Disclosure.
C) The lender has an affiliated business arrangement with the escrow agent.
D) The borrower requests that the Closing Disclosure be prepared before the scheduled closing.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: B |
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