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Which of the following information requests from a mortgage loan originator is permissible under Regulation B of the Equal Credit Opportunity Act (ECOA)?
A. Information on an applicant's former spouse who pays no alimony or child support to the applicant
B. Inquiries about an applicant's child support income without informing an applicant of the non- disclosure option
C. Inquiries about an applicant's intentions concerning the bearing and rearing of children
D. Information on the permanent residency or immigration status of an applicant
Answer: D
Explanation:
Under Regulation B (ECOA), creditors may ask about permanent residency or immigration status because this is relevant to the creditor's ability to enforce rights in the event of default. However, they may not ask about childbearing, and other options are either unnecessary or potentially discriminatory.
"A creditor may inquire about an applicant's permanent residency and immigration status."
- 12 CFR ¡ì 1002.5(e); Regulation B
References:
CFPB, ECOA Regulation B - Information a Lender May Request
NEW QUESTION # 208
The ability to originate loans under temporary authority applies to which of the following?
A. Previously licensed real estate brokers
B. An MLO who has scheduled their test but not completed it
C. An MLO who is still waiting for their credit check to be completed
D. Previously registered mortgage loan originators (MLOs)
Answer: D
Explanation:
Temporary authority to originate loans applies to registered MLOs (from a depository institution) who become employed by a state-licensed mortgage company, as well as to state-licensed MLOs seeking licensure in another state, provided they meet all SAFE Act requirements.
"Temporary authority to originate loans applies to... registered mortgage loan originators seeking state licensure and state-licensed MLOs seeking licensure in a new state."
- SAFE Act, 12 U.S.C. ¡ì 5117; NMLS Temporary Authority Guidelines
It does not apply to real estate brokers or those who have not passed required testing/background checks.
References:
NMLS, Temporary Authority to Operate
SAFE Act, 12 U.S.C. ¡ì 5117
NEW QUESTION # 209
Which of the following characteristics is unique to a home equity line of credit (HELOC)?
A. A borrower is permitted to borrow more than the property is worth.
B. A borrower is permitted to sell the property without paying off the loan.
C. A borrower is permitted to make interest-only payments for the term of the loan.
D. A borrower is permitted to receive additional advances.
Answer: D
Explanation:
A home equity line of credit (HELOC) is a revolving form of credit secured by the equity in the borrower's home. What is unique about a HELOC, compared to traditional closed-end loans, is that the borrower can take multiple draws or advances up to the credit limit during the draw period.
"A HELOC is a line of credit extended to a homeowner that uses the borrower's home as collateral. The distinguishing feature of a HELOC is that the borrower may take additional advances at his or her discretion, up to the approved credit limit, during the draw period."
- SAFE MLO National Test Study Guide
Other answers:
Interest-only payments can occur in some loan types but are not unique to HELOCs.
Borrowing more than the property is worth (being "underwater") is not allowed.
Selling the property without paying off the loan is not permitted; the HELOC must be satisfied at sale.
References:
CFPB, What is a HELOC?
SAFE MLO National Test Study Guide
NEW QUESTION # 210
Which of the following items is a liquid asset?
A. An automobile owned free and clear
B. Publicly traded stocks
C. Antique jewelry
D. Net worth of a business
Answer: B
Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards
NEW QUESTION # 211
Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?
A. Home Ownership and Equity Protection Act (HOEPA)
B. Truth in Lending Act (TILA)
C. SAFE Act
D. Real Estate Settlement Procedures Act (RESPA)
Answer: C
Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) establishes federal and state licensing standards for mortgage loan originators (MLOs) and mandates that each state creates a licensing and regulatory agency to oversee mortgage companies. This agency is responsible for investigating, examining, and enforcing compliance with mortgage regulations. The act aims to ensure that mortgage companies and MLOs operate with transparency, competency, and accountability.
* The SAFE Act gives regulatory bodies the authority to conduct background checks, examinations, and audits of licensed mortgage companies.
Other Acts:
* TILA and RESPA focus on disclosure requirements and fair lending practices but do not specifically regulate state licensing and examinations.
* HOEPA regulates high-cost loans and predatory lending practices, not licensing.
References:
* SAFE Act, 12 USC ¡ì5101
* NMLS Licensing and Registration Requirements
NEW QUESTION # 212
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