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NEW QUESTION # 207
Which of the following responses describes the required amount of flood insurance coverage?
Answer: A
Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is
$250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
National Flood Insurance Program (NFIP)
FEMA Flood Insurance Guidelines
NEW QUESTION # 208
On an annual basis, a licensed state mortgage loan originator must complete three hours of continuing education on federal law and regulations, two hours on nontraditional mortgage products, and two hours on:
Answer: B
Explanation:
According to the SAFE Act, state-licensed MLOs must complete at least eight hours of approved continuing education annually, including three hours of federal law and regulations, two hours of ethics (which includes instruction on fraud, consumer protection, and fair lending), and two hours of training on nontraditional mortgage products.
"The annual continuing education requirement must include at least-(A) 3 hours of Federal law and regulations; (B) 2 hours of ethics, including instruction on fraud, consumer protection, and fair lending issues; (C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace."
- SAFE Act, 12 U.S.C. § 5105(b)(2)(A)-(C)
References:
SAFE Act, 12 U.S.C. § 5105
NMLS, Education Requirements
NEW QUESTION # 209
When providing documents to a state regulator regarding a consumer complaint that was submitted to the state regulator, a licensed company should:
Answer: C
Explanation:
When responding to a state regulator's request regarding a consumer complaint, the company should provide all requested documents, along with an explanation of the facts and what caused the complaint. Regulators have authority to access unredacted information as part of their oversight and investigative powers.
"Regulators have the right to access all pertinent documentation in the course of investigations or examinations. Companies should provide a full and factual response, including all supporting documentation and their explanation of events."
- SAFE Act, 12 U.S.C. § 5117; NMLS Policy Guidebook
References:
SAFE Act, 12 U.S.C. § 5117
NMLS, Investigation & Enforcement
NEW QUESTION # 210
Which of the following acts or practices violates appraisal independence?
Answer: A
Explanation:
Under TILA (Regulation Z) Appraisal Independence Requirements, it is a violation for anyone (including an MLO) to influence an appraiser to obtain a minimum or target value. This includes asking for a minimum value needed to approve a loan. Requesting corrections of errors or additional information is allowed as long as it does not attempt to influence the appraiser's value conclusion.
"It is prohibited for any person to influence, coerce, or otherwise encourage an appraiser to misstate or misrepresent the value of the property."
- 12 CFR § 1026.42(c), Appraisal Independence Requirements (AIR)
References:
CFPB, Appraisal Independence Requirements
Fannie Mae, Appraiser Independence Requirements
NEW QUESTION # 211
Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?
Answer: B
Explanation:
Under TILA (Truth in Lending Act), higher-priced mortgage loans (HPMLs) are subject to several regulations, including:
* Lenders must verify income and assets to ensure the borrower's ability to repay the loan (A).
* Creditors are required to establish escrow accounts for taxes and property insurance for first-lien mortgages (B).
* There are restrictions on prepayment penalties (C).
However, borrowers of HPMLs do not have a five-day right of rescission. The right of rescission is typically three business days and applies to refinances on primary residences, not to HPMLs.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026
* CFPB Higher-Priced Mortgage Loan Guidelines
NEW QUESTION # 212
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