Which of the following documents must be provided to the borrower when they request a change in loan product?

• A.Loan Estimate
• B.Service provider list
• C.Home counseling list
• D.Amortization schedule

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In a loan transaction subject to the TILA-RESPA Integrated Disclosure rule (TRID), the creditor must ensure that the consumer receives a Closing Disclosure reflecting the actual terms of the transaction:

• A.Within three business days of the loan application date.
• B.No later than one business day before consummation.
• C.No later than three business days before consummation.
• D.No later than seven business days before consummation.

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If a borrower only receives commission pay for 18 months, which of the following actions should a mortgage loan originator (MLO) take?

• A.Take the application but tell the borrower that they will need a cosigner
• B.Take the application because positive factors may offset the short income history
• C.Tell the borrower they need a steady income and not one that fluctuates
• D.Tell the borrower to come back in 6 months when they will have 24 months of commission pay

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What is the maximum APR that will qualify as a Safe Harbor qualified mortgage?

• A.An APR equal to or less than the average prime offer rate (APOR)
• B.An APR less than the APOR + 1.0%
• C.An APR less than the APOR + 1.5%
• D.An APR less than the APOR + 2.5%

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Which of the following components of an ARM adjusts periodically?

• A.Index and margin only
• B.Index and interest rate only
• C.Margin and interest rate only
• D.Margin, Index and interest rate

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