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| Section | Weight | Objectives |
|---|---|---|
| Ethics | 18% | - Fraud prevention and detection - Conflict of interest and disclosure obligations - Fair lending and anti-discrimination - Ethical practices and professional conduct |
| General Mortgage Knowledge | 20% | - Fixed-rate vs adjustable-rate mortgages - Mortgage terms, concepts and calculations - Conventional, FHA, VA, USDA loan characteristics - LTV, DTI, CLTV, PMI, points and fees |
| Mortgage Loan Origination Activities | 27% | - Loan programs and product types - Closing and post-closing procedures - Loan application process - Borrower qualification and underwriting basics |
| Federal Mortgage-Related Laws | 24% | - SAFE Act and federal regulatory framework - Fair lending and consumer protection rules - TILA, RESPA, ECOA, HMDA, FCRA - Disclosure requirements and timing |
| Uniform State Content | 11% | - Compliance and disciplinary standards - License maintenance and renewal - State licensing and regulatory requirements |
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?
Correct Answer: B 🗳️
Explanation: Only visible for ITExamSimulator members. You can sign-up / login (it's free).
Which of the following must be included on all residential mortgage loan application forms?
Correct Answer: C 🗳️
Explanation: Only visible for ITExamSimulator members. You can sign-up / login (it's free).
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:
Correct Answer: B 🗳️
Explanation: Only visible for ITExamSimulator members. You can sign-up / login (it's free).
When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:
Correct Answer: A 🗳️
Explanation: Only visible for ITExamSimulator members. You can sign-up / login (it's free).
A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?
Correct Answer: B 🗳️
Explanation: Only visible for ITExamSimulator members. You can sign-up / login (it's free).
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