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Question 1

Which of the following circumstances may indicate fraud with respect to the assets a borrower will use for closing?

Options :

A : Bank deposits that are not supported by income or other disclosures

B : Disclosure of gift funds

C : Parental loans disclosed but not yet received

D : Borrower-s receipt of a large bonus from an employer

Answer: A

Question 2

A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

Options :

A : Tip sharing

B : Fee splitting

C : Single fee method

D : Double fee method

Answer: B

Question 3

Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

Options :

A : The National Bank Act

B : The National Currency Act

C : The Bank Secrecy Act

D : The Real Estate Settlement Procedures Act

Answer: C

Question 4

Which of the following items is a liquid asset?

Options :

A : Antique jewelry

B : Publicly traded stocks

C : Net worth of a business

D : An automobile owned free and clear

Answer: B

Question 5

Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

Options :

A : The SAFE Act

B : The Dodd-Frank Act

C : The Truth in Lending Act (TILA)

D : The Equal Credit Opportunity Act

Answer: A