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The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:
A. Real Estate Settlement Procedures Act(RESPA).
B. Truth in Lending Act (TILA).
C. Gramm-Leach-Bliley Act(GLBA).
D. Bank Secrecy Act (BSA).
Answer: D
Explanation:
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC ¡́5311
* FinCEN Guidelines on SAR filing
NEW QUESTION # 176
A borrower's monthly debt-to-income ratio is calculated by taking the:
A. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
B. eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income
C. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
Answer: C
Explanation:
The debt-to-income (DTI) ratio is a key metric used by lenders to assess a borrower's ability to manage monthly payments and repay a mortgage. It is calculated by dividing the borrower's total monthly debt obligations, including:
* Monthly housing expenses (principal, interest, taxes, and insurance, also known as PITI).
* Any other recurring debt obligations (car loans, student loans, credit card payments, etc.).
This total is divided by the borrower's gross monthly income (before taxes and deductions). This calculation helps determine whether the borrower meets lending standards, with most lenders preferring a DTI ratio below 43% for qualified mortgages.
References:
Fannie Mae and Freddie Mac guidelines on debt-to-income ratio
CFPB Qualified Mortgage Rules
NEW QUESTION # 177
Which of the following responses best defines a red flag?
A. Reasonably foreseeable risk taken by borrowers to prevent identity theft
B. Proof that specific activity shows identity theft
C. Effective oversight by lenders to prevent borrower identity theft
D. A pattern, practice or specific activity that indicates the possible existence of identity theft
Answer: D
Explanation:
A red flag is a pattern, practice, or specific activity that indicates the possible existence of identity theft. The Red Flags Rule requires financial institutions and creditors to develop and implement programs to detect, prevent, and mitigate identity theft.
"Red flags are patterns, practices, or specific activities that indicate the possible existence of identity theft."
- FTC, Red Flags Rule: Identity Theft Prevention Program
References:
FTC, Red Flags Rule
SAFE MLO National Test Study Guide
NEW QUESTION # 178
Which of the following scenarios describes a form of steering?
A. A loan officer presents a consumer with a loan that has the lowest total amount of fees.
B. A loan officer presents a consumer with loan options from multiple creditors with various fees.
C. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
D. A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
Answer: C
Explanation:
Steering occurs when a loan officer influences or directs a borrower towards a specific loan product or lender based on the compensation the loan officer will receive, rather than the borrower's best interests. In Option C
, the loan officer is steering the borrower to a loan from a particular lender to earn higher compensation, which is prohibited under the Dodd-Frank Act and TILA's Loan Originator Compensation Rule.
Other options:
* Option A describes offering a loan with higher fees, but it does not indicate that compensation is the motive, so it is not a clear example of steering.
* Option B and Option D describe fair loan presentation practices.
References:
* Dodd-Frank Act, Loan Originator Compensation Rule
* Truth in Lending Act (TILA), 12 CFR Part 1026
NEW QUESTION # 179
Which of the following scenarios is permissible according to the SAFE Act?
A. A third-party underwriter conducts administrative and clerical duties while working under the supervision of a licensed MLO with their organization.
B. An underwriter who is functioning as an independent contractor conducts administrative and clerical duties while working under the supervision of a licensed MLO.
C. An MLO who is not licensed in a subject property's state still originates the loan under the authority of the company's license in that particular state.
D. An unlicensed assistant to a mortgage loan originator (MLO) conducts MLO activities under the authority of the MLO's unique identifier and licenses.
Answer: A
Explanation:
Under the SAFE Act, administrative and clerical duties may be performed by an individual (including a third- party underwriter) if performed at the direction and supervision of a licensed MLO. Origination activities must be done only by licensed MLOs, and company or MLO licensing is state-specific.
"Administrative or clerical tasks performed at the direction and subject to the supervision and instruction of a licensed mortgage loan originator do not require licensure."
- SAFE Act, 12 U.S.C. ¡́ 5102(4)(C)
References:
SAFE Act, 12 U.S.C. ¡́ 5102(4)(C)
NMLS Uniform State Test Content Outline
NEW QUESTION # 180
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