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| Section | Objectives |
|---|---|
| Topic 1: Ethics and Professional Conduct | - Fraud Prevention - Consumer Protection Standards - Disclosure Requirements |
| Topic 2: General Mortgage Knowledge | - Mortgage Types and Products - Loan Origination Process - Underwriting Basics - Loan Closing Procedures |
| Topic 3: Federal Mortgage-Related Laws | - Equal Credit Opportunity Act (ECOA) - Fair Housing Act - Truth in Lending Act (TILA) / Regulation Z - Real Estate Settlement Procedures Act (RESPA) |
| Topic 4: Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?
Correct Answer: B 🗳️
Explanation: Only visible for VCETorrent members. You can sign-up / login (it's free).
The characteristics of a fixed-rate mortgage include a:
Correct Answer: A 🗳️
Explanation: Only visible for VCETorrent members. You can sign-up / login (it's free).
A title insurance policy ensures that:
Correct Answer: C 🗳️
Explanation: Only visible for VCETorrent members. You can sign-up / login (it's free).
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?
Correct Answer: D 🗳️
Explanation: Only visible for VCETorrent members. You can sign-up / login (it's free).
When a mortgage loan originator (MLO) receives information from a borrower that indicates potential employment fraud, the MLO should:
Correct Answer: D 🗳️
Explanation: Only visible for VCETorrent members. You can sign-up / login (it's free).
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