Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?
Answer(s): C
https://mortgage.nationwidelicensingsystem.org/NMLS%20Document%20Library/FAQs%20S.2155%20Temporary%20Authority%20to%20Operate.pdf
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?
Answer(s): D
https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/tila-respa-integrated-disclosures/tila-respa-integrated-disclosure-faqs/
The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?
https://blog.bankerscompliance.com/en/appraisal/valuation-independence
Which of the following fees is a finance charge?
Answer(s): B
https://www.investopedia.com/terms/f/finance_charge.asp
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?
Answer(s): A
https://www.ftc.gov/business-guidance/resources/using-consumer-reports-credit-decisions-what-know-about-adverse-action-risk-based-pricing-notices
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