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Mortgage & Financing FAQ's -
(1) Overview of Mortgage Lending in United States
(2) Regulatory Authorities Overseeing the Mortgage Industry
(3) Federal Mortgage-Related Laws
(4) Loan Origination Activities
(5) Loan Inquiry and Application Process Requirements (1003)
(6) Loan Qualification Requirements, Processing, and Underwriting
(7) Closing
(8) Financial Calculations/Mortgage Math/APR
(9) Traditional and Non-Traditional Mortgage Products
(10) Mortgage loan products
(11) Ethical issues and behavior related to loan origination activities
(12) SAFE Act and CSBS/ARRMR Model State Law
Forms
Uniform Residential Loan Application
Continuation Sheet
Additional Borrower
Unmarried Addendum
Official Use Only
(Restricted Employee Portal)
Z-Soft
(Restricted Technician Portal)
(11) Ethical issues and behavior related to loan origination activities
11.1- What is the Gramm-Leach Bailey Act? What are Prohibited Acts? Explain the consequences of Violations of Gramm-Leach Bliley Act
11.2- What is "redlining"? Give Examples of “redlining”
11.3- What is RESPA? What are Acceptable/non-acceptable practices under RESPA? Give Examples of prohibited acts
11.4- What are acceptable Requests for personal information?
11.5- What are "kickbacks"? Give some Examples of “kickbacks”
11.6- What are the Duties a loan processor may/may not perform?
11.7- What is Predatory lending and steering?
11.8- Explain "Fairness Lending"
11.9- What is the Definition of a "referral" and the required associated disclosures, and when are they necessary?
11.10- What is Coersion? Explain Coercion scenarios
11.11- Explain Scenarios where the appraiser has a conflict of interest
11.12- Explain Discriminating against a loan applicant
11.13- What are the Requirement to treat all applicants with the same level of fairness?
11.14- How is Truth in marketing and advertising conducted?
11.15- Explain Scenarios where information is misleading within an advertisement
11.16- What is Bait and Switch? Give a few Bait and switch scenarios
11.17- What is due deligence? What is the importance of Performing a due diligence review of advertisements prior to publication? Explain Scenarios where “unfair, deceptive, or abusive acts” are undertaken
11.18- Give Examples of lawful advertising. What are Types of advertisements that are subject to federal regulations? What are the Rules surrounding contact (e.g., “Established business relationship”)? What are Permissible statements/phrases within an advertisement?
11.19- How is the Borrower education conducted? How is Fraud detected?
11.20- What is Asset fraud?
11.21- What are Red flags on a sales contract?
11.22- What are red flags on an Application?
11.23- How is fraudulent information verified on a loan application? (Income Fraud, Occupancy Fraud, consumer's bank activity )?
11.24- Explain some General red flags that could represent fraud
11.25- Explain Scenarios surrounding a consumer’s bank activity
11.26- Explain Scenarios where information is not provided to a borrower
11.27- Explain Employment fraud, Liability fraud, Suspicious activity
11.28- What are Permitted fees, payments, and compensation (e.g., Loan Estimate)?
11.29- What are the Fees that may not increase due to changed circumstances ?
11.30- How are the fees handled based on the Loan Estimate
11.31- Explain Closing cost scenarios
11.32- Explain Settlement scenarios where monies are missing or misused
11.33- Explain Scenarios surrounding referral fees, Splitting fees
11.34- How are consumer complaints handled? What are Mortgage company compliance requirements? What are Acceptable practices when acting on behalf of a lender
11.35- What are Acceptable practices regarding appraisals?
11.36- Explain Scenarios when an MLO discovers material information that should be conveyed to the lender
11.37- Explain Scenarios surrounding the information supplied by employers
11.38- Explain Requirements for MLOs regarding Relationship with consumers, Ethical handling of a customer’s personal information, Down payment scenarios, Interest rate adjustment scenarios, Power of Attorney (POA) scenarios, Permissible reasons for requesting a credit report, Scenarios of notifying the underwriter of a change in the borrower’s application or status
11.39- Explain Proper disclosures by MLOs if there is a potential conflict of interest, Scenarios surrounding situations with borrower’s and co-borrower’s
11.40- Explain Permissible acts of MLOs regarding the appraisal of a client’s property, Scenarios surrounding situations with borrower’s undisclosed income, Permissible acts after discovering deposits inconsistent with borrower’s income included on application, Scenarios involving a gift received by the borrower,
11.41- Explain Scenarios of notifying a loan officer if a borrower has applied with other companies for additional mortgages, Scenarios surrounding a borrower providing information on income,
11.42- Explain Cybersecurity scenarios , General business ethics, Scenarios where borrower has provided false information, Scenarios where borrower is seeking advice,
11.43- Explain Scenarios where the MLO is falsifying information on behalf of a borrower, Providing suitable unsolicited advice to a borrower, Scenarios where outside parties/individuals to the loan attempt to obtain information on a loan or about a borrower
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