Federal Mortgage-Related Laws

During intake, a borrower sends a written request for information to the servicer-designated address. What is the best compliant response?

Parker is training a new MLO on Fair Housing Act compliance Act compliance. Which statement is accurate?

Hayden is training a new MLO on Homeowners Protection Act PMI rules. Which statement is accurate?

Lane receives conflicting instructions about TRID Loan Estimate timing timing. Which instruction should control?

A branch manager asks about a loan file because a compliance analyst asks why covered mortgage application data is collected. What should happen?

Before closing, the team discovers that a compliance analyst asks why covered mortgage application data is collected. What is the safest compliant answer?

During intake, the loan schedule reaches the automatic PMI termination point. What is the best compliant response?

A renewal specialist is reviewing a mortgage file during a disciplinary-risk review. Which statement correctly handles GLBA privacy requirements?

Indigo receives conflicting instructions about BSA / AML Requirements. Which instruction should control?

Before the loan advances, a sponsorship reviewer must resolve a TILA advertising issue in an MLO sponsorship update. What should happen?

Sawyer receives conflicting instructions about TRID Closing Disclosure timing timing. Which instruction should control?

Before the file moves forward, Jamie must resolve an issue involving TILA APR and finance-charge rules. What should happen?

A mortgage team asks a branch supervisor about GLBA privacy requirements during a supervisory file review. Which answer should guide the file?

A company policy update raises a question about flood-insurance requirements. Which action should the state compliance officer recommend?

A loan team is about to close a file involving ATR/QM repayment-ability rules. Which action should occur first?

An internal audit flags HMDA reporting. Which response best protects compliance?

Devon notices a compliance issue tied to TILA advertising. What is the best next step?

A file review raises a question about TILA right of rescission. Which action should the state compliance officer recommend?

A borrower scenario raises a question about RESPA and Regulation X. Which answer should Emery rely on?

A sponsorship reviewer is training staff on flood-insurance requirements using an NMLS filing review. Which statement is accurate?

A mortgage team asks a licensing coordinator about GLBA privacy requirements during a new-license application. Which answer should guide the file?

Alex is reviewing a mortgage file involving flood-insurance requirements. Which response best follows the governing rule?

A branch supervisor is reviewing a mortgage file during a record-retention audit. Which statement correctly handles continuing education and renewal?

Devon notices a compliance issue tied to TRID Loan Estimate timing timing. What is the best next step?

A supervisory file review raises a question about BSA/AML Requirements. Which action should the sponsorship reviewer recommend?

Before the file moves forward, Quinn must resolve an issue involving TILA APR and finance-charge rules. What should happen?

Devon notices a compliance issue tied to flood-insurance requirements. What is the best next step?

Hayden is training a new MLO on BSA CTR Requirements. Which statement is accurate?

An annual compliance meeting raises a question about TILA right of rescission. Which action should the renewal specialist recommend?

A mortgage team asks a compliance manager about TILA advertising during a new-license application. Which answer should guide the file?

An audit analyst is training staff on HMDA reporting using a mortgage operations checklist. Which statement is accurate?

An internal audit flags BSA SAR Filing Requirements. Which response best protects compliance?

A loan file reviewer is training staff on HOEPA high-cost mortgage rules using a disciplinary-risk review. Which statement is accurate?

Before the loan advances, a policy analyst must resolve a HMDA reporting issue in an advertising approval. What should happen?

An internal audit flags USA PATRIOT Act CIP. Which response best protects compliance?

A sponsorship reviewer is reviewing a mortgage file during a branch onboarding review. Which statement correctly handles ECOA and Regulation B?

Casey notices a compliance issue tied to TILA APR and finance-charge rules. What is the best next step?

An operations lead is reviewing a mortgage file during a HMDA reporting review. Which statement correctly handles HMDA reporting?

Before the loan advances, a quality-control reviewer must resolve a TILA advertising issue during a TILA advertising review. What should happen?

A mortgage team asks a sponsorship reviewer about GLBA privacy requirements during a file review. Which answer should guide the file?

A file review raises a question about HMDA reporting. Which action should the operations lead recommend?

A compliance review finds that the loan schedule reaches the automatic PMI termination point. What should the MLO do next?

During intake, a first-lien appraisal is complete before closing. What is the best compliant response?

A compliance review finds that a first-lien appraisal is complete before closing. What should the MLO do next?

A processor asks how to handle a file where a first-lien appraisal is complete before closing. Which response is most accurate?

In a training scenario, a first-lien appraisal is complete before closing. What action best follows the rule?

A branch manager asks about a loan file because a first-lien appraisal is complete before closing. What should happen?

Before closing, the team discovers that a first-lien appraisal is complete before closing. What is the safest compliant answer?

A borrower-facing employee is unsure what to do when a first-lien appraisal is complete before closing. What is the correct response?

In a mortgage origination file, a first-lien appraisal is complete before closing. Which action should be taken?