MLO Domain 1: Federal Mortgage Related Laws

Under the Equal Credit Opportunity Act 'ECOA', which action is considered illegal for a mortgage loan officer to take?

What does the "Right to Rescind" under the Truth in Lending Act 'TILA' allow a borrower to do?

Which law requires lenders to disclose the Annual Percentage Rate (APR) to borrowers for mortgage loans?

Under the Home Mortgage Disclosure Act 'HMDA', which of the following information must be reported by lenders?

Which regulation prohibits kickbacks and unearned fees in the mortgage industry?

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires mortgage loan originators to:

Which act expanded the enforcement of anti-predatory lending laws and established minimum standards for mortgages?

Under the Fair Credit Reporting Act 'FCRA', a consumer has the right to:

What does the Loan Estimate form, required by the TILA-RESPA Integrated Disclosure 'TRID' rule, provide to borrowers?

The ability-to-repay (ATR) rules established by the Dodd-Frank Act require lenders to make a reasonable, good faith determination of a borrower's ability to repay a mortgage based on factors including:

The "Know Before You Owe" initiative is primarily associated with:

Under the Real Estate Settlement Procedures Act 'RESPA', which practice is prohibited regarding the transfer of servicing rights for a loan?

The Maximum Finance Charge Disclosure is required by:

Which act requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data?

The Mortgage Servicing Rules under the Real Estate Settlement Procedures Act 'RESPA' require servicers to provide a billing statement for each billing cycle. Which of the following is NOT a required piece of information on the billing statement?

Under which circumstances can a lender require a borrower to purchase flood insurance?

What does Regulation B, implementing the Equal Credit Opportunity Act 'ECOA', require lenders to do when an applicant's credit application is denied?

The Adjustable-Rate Mortgage (ARM) Disclosure is specifically required by which legislation?

Which federal law specifically targets predatory lending practices by setting high-cost loan thresholds and requiring additional disclosures for high-cost mortgages?

Under the Home Affordable Modification Program (HAMP), which is NOT a criterion for eligibility?

What provision does the Fair Housing Act 'FHA' include to prevent discrimination in housing-related activities?

Under the Dodd-Frank Act, which entity is primarily responsible for enforcing compliance with consumer financial protection laws?

Which law introduced Loan Originator Compensation rules to prevent steering and conflicts of interest in the mortgage industry?

What does the requirement for an appraisal independence safeguard under the Truth in Lending Act 'TILA' aim to prevent?

Under RESPA, what is a lender required to do within three business days of receiving a mortgage loan application?

Which component of the Dodd-Frank Act requires lenders to retain a portion of the credit risk of the mortgages they securitize?

What does the term "redlining" refer to in the context of the Fair Housing Act 'FHA' and the Equal Credit Opportunity Act 'ECOA'?

Under the Homeowners Protection Act 'HPA', when can a borrower request the cancellation of Private Mortgage Insurance (PMI)?

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) enhances consumer protection by:

What does the Annual Percentage Rate (APR) represent in a mortgage loan disclosure under the Truth in Lending Act 'TILA'?