Federal Mortgage-Related Laws

A mortgage team asks a branch supervisor about TILA APR and finance-charge rules during a renewal checklist. Which answer should guide the file?

A mortgage file is paused during a risk-control review because of TILA QM DTI Calculation. Which answer should choose the most defensible file action?

A disciplinary-risk review raises a question about TILA APR and finance-charge rules. Which action should the renewal specialist recommend?

Before the loan advances, a quality-control reviewer must resolve a ATR/QM repayment-ability rules issue in a supervisory file review. What should happen?

A policy analyst is resolving Flood Disaster Protection Act during a quality-control sample. Which action best fits the rule?

A compliance exception review raises an ECOA Prohibited Basis question for a policy analyst. What answer should guide the file?

A consumer complaint response raises a question about GLBA privacy requirements. Which action should the state compliance officer recommend?

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

An operations lead is resolving HMDA Reporting Requirements during a quality-control sample. Which action best fits the rule?

During a company policy update, a policy analyst identifies an issue involving ATR/QM repayment-ability rules. Which response is most compliant?

An annual compliance meeting raises a question about FCRA credit-reporting rules. Which action should the operations lead recommend?

A risk reviewer is resolving Flood Insurance Requirements during a loan-team coaching session. Which action best fits the rule?

During an advertising approval, a sponsorship reviewer identifies an issue involving RESPA and Regulation X. Which response is most compliant?

An MLO is reviewing procedures for a case where a borrower sends a written request for information to the servicer-designated address. What is the proper handling?

A quality-control reviewer flags a case because a borrower sends a written request for information to the servicer-designated address. What correction is appropriate?

An operations lead is resolving ECOA Prohibited Discrimination Bases during a loan-team coaching session. Which action best fits the rule?

During a post-application update, the file reviewer encounters a TILA Ability to Repay issue. Which response should select the answer that fits the governing requirement?

A team member asks about TILA HPML Appraisal Rules in a compliance desk review while trying to decide how the file should be documented. Which response should a processor use?

The file reviewer is resolving TRID Loan Estimate during an internal audit sample. Which action best fits the rule?

In a pricing desk question, a licensing coordinator sees facts tied to Homeowners Protection Act PMI. What should the file reflect?

During supervisory review, a branch manager sees a servicing-transfer question under RESPA. Which action best fits the rule?

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?

During intake, a compliance analyst asks why covered mortgage application data is collected. What is the best compliant response?

A compliance review finds that a compliance analyst asks why covered mortgage application data is collected. What should the MLO do next?

In a training scenario, a compliance analyst asks why covered mortgage application data is collected. What action best follows the rule?

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

A borrower-facing employee is unsure what to do when a compliance analyst asks why covered mortgage application data is collected. What is the correct response?

In a mortgage origination file, a compliance analyst asks why covered mortgage application data is collected. Which action should be taken?

An MLO is reviewing procedures for a case where a compliance analyst asks why covered mortgage application data is collected. What is the proper handling?

A quality-control reviewer flags a case because a compliance analyst asks why covered mortgage application data is collected. What correction is appropriate?

A processor asks how to handle a file where an MLO wants to pull a consumer report for curiosity before an application purpose exists. Which response is most accurate?

In a training scenario, an MLO wants to pull a consumer report for curiosity before an application purpose exists. What action best follows the rule?

A branch manager asks about a loan file because an MLO wants to pull a consumer report for curiosity before an application purpose exists. What should happen?

Before closing, the team discovers that an MLO wants to pull a consumer report for curiosity before an application purpose exists. What is the safest compliant answer?

In a mortgage origination file, an MLO wants to pull a consumer report for curiosity before an application purpose exists. Which action should be taken?

An MLO is reviewing procedures for a case where an MLO wants to pull a consumer report for curiosity before an application purpose exists. What is the proper handling?

A quality-control reviewer flags a case because an MLO wants to pull a consumer report for curiosity before an application purpose exists. What correction is appropriate?

During intake, a borrower asks to cancel PMI at the scheduled 80 percent point. What is the best compliant response?

A compliance review finds that a borrower asks to cancel PMI at the scheduled 80 percent point. What should the MLO do next?

A processor asks how to handle a file where a borrower asks to cancel PMI at the scheduled 80 percent point. Which response is most accurate?

A branch manager asks about a loan file because a borrower asks to cancel PMI at the scheduled 80 percent point. What should happen?

Before closing, the team discovers that a borrower asks to cancel PMI at the scheduled 80 percent point. What is the safest compliant answer?

A borrower-facing employee is unsure what to do when a borrower asks to cancel PMI at the scheduled 80 percent point. What is the correct response?

In a mortgage origination file, a borrower asks to cancel PMI at the scheduled 80 percent point. Which action should be taken?

An MLO is reviewing procedures for a case where a borrower asks to cancel PMI at the scheduled 80 percent point. What is the proper handling?

A quality-control reviewer flags a case because a borrower asks to cancel PMI at the scheduled 80 percent point. What correction is appropriate?

A processor asks how to handle a file where the loan schedule reaches the automatic PMI termination point. Which response is most accurate?

A branch manager asks about a loan file because the loan schedule reaches the automatic PMI termination point. What should happen?