The SAFE Act defines a nontraditional mortgage as all of the following except:

• A.A 30-year fixed rate mortgage with a 25% down payment.
• B.A payment option ARM with a down payment of 5%.
• C.15-year mortgage with an interest rate of 10%.
• D.An interest-only mortgage.

Comment: *

Name: *

Email: *

Verification: *

Which of the following factors is considered when determining the interest rate for a subprime mortgage?

• A.The term of the loan
• B.The property location
• C.The sales price of the property
• D.The credit score of the applicants]

Comment: *

Name: *

Email: *

Verification: *

Which of the following practices is a prudent and reasonable cybersecurity precaution regarding laptop computers?

• A.A laptop should never be taken out of the office.
• B.A laptop should be shared by no more than five people.
• C.Passwords should only be shared with a direct supervisor.
• D.A laptop should automatically shut down and require a new login if not used for a period of time.

Comment: *

Name: *

Email: *

Verification: *

Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

• A.7 business days
• B.15 business days
• C.30 business days
• D.45 calendar days

Comment: *

Name: *

Email: *

Verification: *

A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

• A.Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
• B.[Consider the issue to be a private family matter and proceed with the next steps in the application process
• C.Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
• D.Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf

Comment: *

Name: *

Email: *

Verification: *