Who ensures the accuracy of a title report?

'The insurance company'

NOT

The Title Company!!!!!

Under HCFP who does the borrower work with directly?

 A private lender, such as a bank or credit union

When was the Mortgage Disclosure Improvement Act enacted?

The Mortgage Disclosure Improvement Act enacted in July 2008

In what instance would the closing agent open a new escrow account?

If the lender is covering the annual property taxes and insurance payments

What are the three sections of Gramm-Leach-Bliley Act?

Financial Privacy Rule, Safeguards Rule, and Pretexting provisions.

Mortgage in itself is not a debt, but is a borrower's security for a loan?

A mortgage in itself is not a debt; it is the lender's security for a debt.

What does FFIEC stand for?

Federal Financial Institutions Examination Council

Which year was Truth in Lending Act Enacted

1968

Mortgage in itself is not a debt, but is a borrower's security for a loan?

A mortgage in itself is not a debt; it is the lender's security for a debt

Which of the following is the lender's responsibility?

Preparing estimate of costs you may incur when buying or refinancing

What is the purpose of RESPA?

To protect borrowers from improper lending practices

Who benefits from RESPA?

Borrowers!

Failure to submit transcripts will result in _________

The automatic suspension of the conditional license

What is the purpose of a 1003 Mortgage application?

It is a verification application to help the lenders determine whether or not you will be able to pay off your mortgage

Which of the following statements is not correct?

Hazard insurance is a generic term, referring to property insurance on your home.

Flood Insurance is available only through the National Flood Insurance Plan (NFIP).

Broader insurance coverage generally costs more than the lender required coverage.

All of the above.

Once you create and pay for a test enrollment, you will have 180 days to schedule your testing appointment and take the test.

The test administration fee is $92 for the National Component and $69 for the each State Component.

What does the abbreviation CSBS mean?

Conference of State Bank Supervisors

Which of the following statements about business ethics is false?

Within a market economy, business behavior is independent from consumer behavior and consumer acceptance.

What does an FHA appraiser need not look for while appraising the value of your home?

Condition of the property at the time of purchase and if a home inspection report was obtained earlier.

The Real Estate Settlement Procedures Act (RESPA) is?

A consumer protection statute covering residential mortgage loans.