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National GCA Forums News Headline for April 30, 2025

Political and Governmental News

Trump’s Rating Numbers Are At An All-Time Low

As noted by Decision Desk HQ, President Trump’s approval rating has now dropped to an astonishing 44%. This is the lowest rating since his second term inauguration. Such a rating also signifies growing public discontent regarding Trump’s economic and immigration policies, alongside the public discontent fueled by Trump’s policies. The ABC News/Washington Post/Ipsos poll adds to the narrative by suggesting that only 34% of Americans consider the economy favorable, while 37% strengthen the fear side of the equation. This indicates a divided sentiment among citizens.

Federal Layoff Lawsuit Grows Stronger

A group comprising unions, non-profit organizations, and municipal governing bodies is pursuing legal action against President Trump, Elon Musk, and the heads of almost two dozen federal agencies over an inter-federal employment freeze to defend against proposed mass layoffs. This legal push, which was made public on April 29, reflects the anxieties surrounding the potential disruption of government services and economic decline. Conversations on X suggest a lot of public concern about the magnitude and implications of these layoffs.

Stricter Immigration Policies Created

Maintaining the administration’s focus remains the immigration deportation policy, with border cop Tom Homan sounding self-deportation. The backlash has been sparked over some recent deportations, such as the ones involving families who have legal ties residing in the US. The public debate is further fueled by the publicized Colorado Springs raid, wherein over a hundred immigrants were detained at an underground nightclub. Active duty military was reportedly part of the detaining soldiers. Mixed sentiment can be seen in public X, where some people support more enforcement, while others argue about these policies from a humanitarian perspective.

Worries Concerning the Economy

• The Works Project Fears a Recession Only Worse Due to Policies On Tariffs.
• The US economy faced a contraction during the first quarter of 2025, with the reasoning falling on the abovementioned Trump-incurred tariffs, including Canada.
• The NPR report showcases interruptions in trade, including the Ambassador Bridge traffic between Windsor, Ontario, and Detroit, Michigan.
• To soften the inflation outburst, huge companies such as Amazon and Walmart have committed to not shifting the cost of the tariffs onto consumers.

How Project 2025 Affects Policies

• The more leftist Plan was Project 2025, focusing on altering Trump’s policy structure.
• This plan took the conservative action plan stated in Project 2025, which Policy spearheaded.
• The Project by journalist David Graham highlights a heavy restructuring of the Fed, which faces all public and political scrutiny.

Public Safety and Unexpected Happenings

• Ventura County Wildfire Wreaks Havoc on the Communities.
• The Mountain Fire in California’s Ventura County started on Wednesday morning and has strained resources.
• It has injured a couple of people while burning over 10,000 acres of land and houses, and has destroyed several homes.
• However, firefighters can control and manage the fire with the assistance of air tankers.
• This incident highlights the unending problems associated with wildfires and climate resilience.

Charges of Attack Suspect in Vancouver

• Lo Adam Kai Ji, the suspected charger facing trial for the Vancouver festival car ramming incident on April 28, comes out facing eight charges of second-degree murder.
• While this still undergoes trial, the event has shocked the world, claiming 11 victims, one of whom was an infant alongside her parents, leading to widespread mourning.
• This has incited additional conversations around public safety policies.

Illinois and Florida Crashes

• The Chatham, Illinois, after-school camp van crash incident that took the lives of four young people is still being investigated.
• Authorities are currently sifting through video footage as well.
• In very much the same fashion, five victims lost their lives in the Florida Turnpike van crash, which occurred in Osceola County.
• While road safety problems persist, these events have become the center of conversation locally and globally on future structures and how to avoid accidents.

Social and Cultural News

Entertainment Highlights

• Television highlights focus on Pat Sajak’s final season of Celebrity Wheel of Fortune as Good American Family wraps up its season.
• Coverage from TVLine emphasized robust interest from audiences in tune with the unfolding entertainment happenings.

Universal Orlando’s Epic Universe Buzz

• The preview phase for Epic Universe, Universal Orlando’s theme park, continues to draw attention.
• The park includes attractions such as SUPER NINTENDO WORLD.
• Although some ticket dates are already sold out, it is a cultural landmark.
• The excitement buzz is ongoing until May 19.

Betsy Arakawa’s Death

• Betsy Arakawa, wife of Gene Hackman, remains an iconic figure in the public eye with her poignant story sparked by confirmation of her death due to hantavirus pulmonary syndrome.
• With Hackman’s star status, the story continues to garner interest alongside officials illuminating the extent of underpublicized health issues.

Legal and Judicial Updates

Social Media Lawsuit Grows

• The lawsuit that involves the Indian River County School District in a national campaign against social media platforms is gaining interest.
• This lawsuit argues that social media platforms have a damaging impact on students’ mental health, exposing wider concerns about technology, education, and social wellness.

AI in Law

• The remaining portion of this case is the remedy phase, and its new area of focus is AI.
• NPR also mentions that AI chatbots like Grok and ChatGPT are integral to innovation and market competition, which shows AI’s legal and economic importance.

Public Sentiment and Trends

Economic Factors

• Public sentiment shifts via X posts indicate growing divisiveness.
• Economic pessimism reigns supreme.
• According to polls, 29% of Americans feel a negative sentiment toward the economy.
• Trump’s tariff and immigration policies are extremely polarizing,
• Some adore them for their boldness, yet they are criticized for potential economic and social damage.

Cultural Engagement

• With the more lighthearted cultural moments, the most talked about is the fourth episode of the Leap Day series, which is praised for its emotional resonances.
• Fans of the game character Anaxa, who is set to debut soon, also look forward to her release.
• Alongside this heavy news, these trends suggest that the public is seeking escapism.

Health and Safety Considerations

• Concerns have surfaced regarding posts on X about Tom Dwan’s purported injury while at a mental hospital in London.
• Some people, however, dispute the credibility of his account.
• This story, although international in scope, reverberates locally due to the discourse on mental health and safety.

On April 30, 2025, GCA Forums News headlines focus on a nation divided by aggressive politics, a faltering economy, and chaotic events like the Ventura County wildfire. President Trump’s reign continues, with viciously low approval ratings alongside policy blunders. Celebrity Wheel of Fortune and Epic Universe serve as pop culture highlights. Juxtaposed to this content are legal skirmishes over federal layoffs, the social media landscape, and the role of AI in courts, pointing to shifting priorities within society. Readers of GCA Forums News are motivated by these stories that portray an interplay of challenges and resilience in navigating the US terrain.

The Utah Department of Real Estate is the regulatory body responsible for overseeing real estate activities within the state of Utah. This department plays a crucial role in licensing real estate professionals, enforcing real estate laws and regulations, and ensuring consumer protection in real estate transactions.

If you’re interested in obtaining a license related to real estate in Utah or if you have inquiries regarding real estate regulations, it’s recommended to directly contact the Utah Department of Real Estate for accurate and up-to-date information. They can provide guidance on licensing requirements, exams, continuing education, and other important aspects of practicing real estate in Utah.

You can typically find contact information, forms, and additional resources on their official website or by reaching out to them via phone or email. It’s always a good idea to refer to official sources for any regulatory or licensing-related inquiries to ensure compliance with state regulations.

Apply for a Lending Manager (PLM, ALM, BLM) License

You must become a licensed Lending Manager to serve as a Principal Lending Manager for an entity or dba or a Branch Lending Manager for a branch. You can also obtain a Lending Manager license and leave it in an Associate Lending Manager status if you are not currently serving as either a Principal Lending Manager or a Branch Lending Manager for an entity. On NMLS your license will show only as a Lending Manager and the status will be determined by your position and tracked on the Division’s records.

To become a Lending Manager you must meet the following requirements:

Meet the minimum statutory licensing qualifications as outlined for a Mortgage Loan Originator. Carefully review qualifications to obtain the license as outlined by rule before proceeding to take the education and test.* You will need to validate this experience on the Lending Manager Experience Documentation form at the time of application. Experience Documentation Form: There are three options to demonstrate your proficiency to pursue this license. Follow the requirements for the option you choose on the Lending Manager Qualification Application. Click to download form *It’s the applicant’s responsibility to review and verify their ability to meet the experience criteria to qualify for the Lending Manager license BEFORE proceeding to take the qualifying education and test. Applicant assumes all financial responsibility for the test and education and will subsequently need to have their Lending Manager experience verified by the Utah DRE, before qualifying for the license. ALL fees are non-refundable.

Take 40 hours of approved education from a certified Mortgage Pre-license School. Completion of your pre-licensing education must be verified by the provider on your Candidate Certifying Document and you must present the original document to the Pearson Vue Testing Center at the time of test administration.

Take and pass the Lending Manager exam (and the NMLS national exam with UST component, if not already passed). The exam is given by Pearson Vue. You may contact Pearson Vue once you have completed your education to schedule your exam by calling 1-800-274-7292 or visit their website at home.pearsonvue.com/test-takers. Please see the Utah Lending Manager handbook for useful information on testing.

Request licensure through NMLS and pay associated fees within 5 days of passing the Lending Manager exam. Note: The Lending Manager exam score is good for 90 days, it can take more that 60 days to review and issue the license. Compile and submit the following information to the Division within 5 days of passing the exam:

Completed Lending Manager checklist. (all documentation)

Complete, sign, notarize and submit to the Division all required elements of the Lending Manager Experience Documentation Form

Original 2 page application with a passing score on the Lending Manager exam and social security verification forms provided by testing center.

Copy of paid invoice from NMLS showing proof of payment of Lending Manager license fee.

Signed and stamped Education Certifying Document issued by education provider.

Supporting documentation to any “YES” answers from the MU4 Form in NMLS. Incomplete submissions will be returned to the applicant. The key to passing the Utah PLM Exam is to do as much practice test questions as possible. Below are questions and answers for our viewers who are planning on taking the Utah Principal Lending Manager state examination:

QUESTION # 1: While performing a post-closing audit, the internal auditor discovers an error in the fees charged in excess to the borrower. How long do you have to notify the borrower of the changes and how long do you have to refund the money to the borrower? 30 days to notify and 60 days to refund is the answer.

QUESTION # 2: Which of the following formulas describes the cost approach to value on an appraisal? THE ANSWER IS TOTAL VALUE= LAND VALUE + COST OF CONSTRUCTION – DEPRECIATION

QUESTION # 3: Which of the following is the Federal law that requires a mortgage lender to clearly disclose to the consumer in the form of an affiliate business agreement when referring clients to another settlement service provider in which they have at least a 1% ownership interest in that other business entity? The answer is RESPA SECTION 8

QUESTION # 4 : If the current PLM leaves, dies, or is terminated, how must the mortgage company proceed to remain in compliance with Utah law? THE ANSWER IS THE MORTGAGE COMPANY NEEDS TO CEASE ALL OPERATIONS UNTIL THE MORTGAGE COMPANY HAS APPOINTED A NEW UTAH PRINCIPAL LENDING MANAGER.

QUESTION # 5: Which of the following definitions best describes a consumer and a customer, according to GLBA? A CONSUMER IS JUST SHOPPING BY CHECKING YOUR WEBSITE, AND A CUSTOMER COMPLETES A MORTGAGE LOAN APPLICATION, GETS APPROVED, AND CLOSES THE MORTGAGE LOAN WITH THE LENDER.

QUESTION # 6: On a conventional mortgage loan, what is the timeline in which the borrower agrees to live in the property as the primary home? THE BORROWER HAS 60 DAYS TO OCCUPY THE HOME, AND NEEDS TO OCCUPY THE HOUSE FOR AT LEAST 12 MONTHS.

QUESTION # 7: Which of the following can reduce the premium for mortgage insurance? THE ANSWER IS THE FICO SCORE

QUESTION # 8: As a mortgage loan originator, you have been working with a client for the past 30 days on a large cash-out refinance transaction and you are nearly ready to close the loan. The co-borrower asks if her husband can e-sign the closing documents. You explain that the creditor does not allow these final documents to be e-signed and they will need to be signed in person. The co-borrower then asks if she can use a power of attorney and sign the documents. You inquire further why her husband is not able to make the closing, and she explains that her husband has been deployed for the past six months. You also find out that she has been signing into his email account to e-sign all the documents already signed in the loan file. What do you do next? THE ANSWER IS NOTIFY THE CREDITOR AND FILE A SAR.

QUESTION # 9: When a loan file provides a DU approval code for “lower-cost MI with a loan level price adjustment,” how will that impact the loan and what does it mean? THE ANSWER IS DUE TO THE BORROWER’S CREDIT SCORES, THE BORROWER HAS THE OPTION FOR A LOWER MORTGAGE INSURANCE COVERAGE, BUT THE FNMA WILL PAY LESS FOR THE LOAN.

QUESTION # 10: Which of the following could describe an employer’s maximum allowable time off and in what increments can the employee take their leave time under the Family Medical Leave Act? 12 WEEKS / 15 MINUTES AT A TIME.

QUESTION # 11: When a property goes into foreclosure, the lien priorities will determine who gets paid first and who may not get paid, if there is not enough money from the sale proceeds. Which of the following liens would have the highest priority? THE ANSWER TO THIS PROPERTY TAX LIEN ON THE PROPERTY WHERE THE PROPERTY IS LOCATED.

QUESTION # 12: The State of Utah Department of Financial Institutions is investigating a fraud ring in the area and there is reason to believe the fraudsters are targeting lending instructions. Utah DFI requests records from all financial institutions within that suspected area to provide information for investigative purposes. The PLM is certain that there has been no fraud within his organization. Which of the following statements represents how the PLM needs to respond to the DFI? THE ANSWER IS THE UTAH PRINCIPAL LENDING MANAGER HAS TEN BUSINESS DAYS TO PROVIDE INFORMATION AND DATA REQUESTED BY THE UTAH DIVISION OF FINANCIAL INSTITUTIONS (UTAH DFI)

QUESTION # 13: The seller is an active property flipper. If the buyer (borrower) is getting an FHA loan, how should you advise your borrower in regard to getting an FHA loan and how this property may impact their ability to obtain an FHA loan? THE ANSWER IS IF THE PROPERTY IS A PROPERTY FLIP AND IS LESS THAN 90 DAYS OLD SINCE THE ACQUISITION, IT IS NOT AVAILABLE FOR AN FHA LOAN.

QUESTION # 14: Shirley is refinancing her primary home with cash-out to pay off her high interest credit cards. She closes on the loan on September 1st with no prepaid interest. When will the first mortgage loan payment be due? THE ANSWER IS SHIRLEY’S FIRST MORTGAGE PAYMENT IS DUE ON OCTOBER 1ST.

QUESTION # 15: How often is the Utah Residential Mortgage Regulatory Commission Board of Directors required to meet to conduct business on behalf of the commission? THE UTAH RESIDENTIAL MORTGAGE REGULATORY COMMISSION BOARD OF DIRECTORS ARE REQUIRED TO MEET QUARTERLY.

QUESTION # 16: Which of the following statements reflect what is considered a valid change circumstance? THE ANSWER IS THERE WAS A HURRICANE AND THE MORTGAGE UNDERWRITER WAS REQUIRED FOR AN ADDITIONAL INSPECTION.

QUESTION # 17: When residents of Utah hold title as community property, which of the following statements reflects how the title is conveyed? THE ANSWER IS JOINT TENANTS.

QUESTION # 18: When using child support as income, which of the following is required to verify the income for an FHA loan? THE ANSWER IS THE FINAL DIVORCE DECREE, LEGAL SEPARATION AGREEMENT, COURT ORDER, PROOF OF THE CHILD SUPPORT PAYMENTS FOR THE PAST THREE MONTHS.

QUESTION # 19: When a mortgage has a large portion of the borrowed principal due prior to the fully amortized period of time, what type of loan is it? THE ANSWER IS BALLOON MORTGAGE

QUESTION # 20: Which of the following loan types would not be subject to RESPA Regulation X? THE ANSWER IS CONSTRUCTION LOAN

QUESTION # 21: Larry and Donna refinance their primary home with a cash-out mortgage transaction. Both Larry and Donna attend the closing and sign all the closing documents. On day two, Donna decides she does not want the new mortgage loan because Larry has run off and left her with the new mortgage payment. Does Donna have the right to rescind the loan by herself without Larry’s consent or signature? THE ANSWER IS DONNA CAN CANCEL THE MORTGAGE ON BEHALF OF LARRY AND HERSELF AND DOES NOT NEED LARRY.

QUESTION # 22: According to Fannie Mae/Freddie Mac Uniform Instrument (Utah Deed of Trust Form 3045), the borrower must occupy the property as their primary residence within ______ days of executing the Security Instrument. THE ANSWER IS 60 DAYS.

QUESTION # 23: Which of the following would not be considered non-public private information, or NPI? THE ANSWER IS THE BORROWER’S HOME ADDRESS AND EMPLOYER ADDRESS.

QUESTION # 24: Which of the following statements reflects what is considered an HPML? THE ANSWER IS IF THE APR IS HIGHER BY 1.5% OF THE APOR.

QUESTION # 25: In the state of Utah, who is responsible for the destruction of records and what is the proper way to dispose of the records? THE ANSWER IS BY THE PRINCIPAL LENDING MANAGER SHREDDING THEM THROUGH A SHREDDER AND MAKING SURE THE INFORMATION IS NOT DECIPHEABLE.

QUESTION # 26: When advertising mortgage related products and services, the consumer has the right to understand the terms and conditions associated with the offering. Which of the following are considered trigger terms according to TILA? THE ANSWER IS , BALANCE, TERM, PAYMENT, AND APR.

QUESTION # 27: George is paid a monthly salary and makes $5,000.00 gross income each pay period. How much income does George make on an annual basis? THE ANSWER TO THIS QUESTION IS GEORGE MAKES $60,000 PER YEAR.

QUESTION # 28: Which of the following is not included in the employment rights under Title VII? THE ANSWER IS PROHIBITS PRAYER IN THE WORKPLACE.

QUESTION # 29: When a consumer signs up for the Do Not Call Registry, how long will they remain on the DNC registry list? THE ANSWER IS FOREVER.

QUESTION # 30: The borrower is at 77% LTV and elects not to escrow for the taxes and insurance. Which of the following statements is correct in regard to the flood insurance premium? THE ANSWER TO THIS QUESTION IS EVEN IF THE BORROWER DOES NOT ESCROW FLOOD INSURANCE NEEDS TO BE ESCROWED FOR THE TERM OF THE MORTGAGE LOAN.

QUESTION # 31: To qualify for the PLM, which of the following optional experiences may provide the equivalency of experience required to take the PLM exam? THE ANSWER IS A SECOND LIEN RESIDENTIAL MORTGAGE LOAN ORIGINATOR.

QUESTION # 32: To qualify for the PLM, which of the following optional experiences may provide the equivalency of experience required to take the PLM exam? THE ANSWER IS MORTGAGE LOAN ORIGINATORS AND MORTGAGE COMPANIES.

QUESTION # 33: A mortgage loan processor was told by the mortgage loan originator that she would get part of his commission on a loan file when the loan closed. The mortgage company refused to pay her because she is not a licensed mortgage originator. What option does she have to obtain the compensation she has been promised? THE ANSWER IS SHE IS FUCKED BECAUSE UTAH MORTGAGE REGULATION MANDATES UNLICENSED NMLS PEOPLE CANNOT GET PAID FOR LOAN ORIGINATION.

QUESTION # 34: Which of the following federal laws requires a company to provide their clients the opportunity to opt-out and not share the NPI details with other nonaffiliated businesses? THE ANSWER IS THE GLBA ACT.

QUESTION # 35: Which of the following statements represents the intent of HPA? TO PROTECT THE CONSUMER ON HAVING THE RIGHT TO REMOVE PRIVATE MORTGAGE INSURANCE ONCE THE LOAN-TO-VALUE FALLS UNDER 80% LTV.

QUESTION # 36: Which of the following loan programs requires a termite inspection on property located in Utah? THE ANSWER IS VA LOANS.

QUESTION # 37: Which of the following is not true of the Family Medical Leave Act (FMLA)? THE ANSWER IS THE LEAVE TIME ESTABLISHED UNDER THE FMLA IS ONCE EVERY THREE YEARS.

QUESTION # 38: If the amount in an escrow account is short, all of the following options are available to the lender, except: THE ANSWER IS THE LENDER COULD CALL THE LOAN IMMEDIATELY IF THE ESCROW SHORTAGE IS NOT COVER BY THE NEXT MONTHLY MORTGAGE PAYMENT DUE.

QUESTION # 39: Which of the following identifies the five sections of an owner’s title insurance policy? THE ANSWER TO THIS QUESTION IS COVERED RISKS, THE EXCLUSIONS FROM COVERAGE, SCHEDULE A, SCHEDULE B, AND THE EXCLUSIONS.

QUESTION # 40: If a mortgage loan originator is not required to renew their mortgage license in their first year of licensure, will they need to complete any CE that year to maintain their mortgage license? THE ANSWER IS CE ONLY BE REQUIRED ONLY IF THE MORTGAGE LOAN ORIGINATOR COMPLETED THE NATIONAL PRE-LICENSING EDUCATION DURING THE PREVIOUS CALENDAR YEAR.

QUESTION # 41: Two business partners refinance a commercial property in which they both have an investment interest. Under TILA, who should receive the right of rescission notice? THE ANSWER IS NO RECISSION IS REQUIRED ON COMMERCIAL LOANS.

QUESTION # 42: Two business partners refinance a commercial property in which they both have an investment interest. Under TILA, who should receive the right of rescission notice? THE ANSWER IS 18 MONTHS.

QUESTION # 43: Under Utah law, which of the following statements demonstrates an act of discrimination or prohibited employment practices? THE ANSWER IS THE EMPLOYER AS THE SAME QUESTIONS TO THE FEMALE AND MALE JOB APPLICANTS, B0TH WITH THE SAME QUALIFICATIONS, BUT THE MALE JOB APPLICANT IS OFFERED 20% MORE THAN THE FEMALE BECAUSE THE MALE HAS A CHILD TO TAKE CARE OF.

QUESTION # 44: Which of the following laws created the Consumer Financial Protection Bureau (CFPB)? THE ANSWER IS THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.

QUESTION # 45: A husband and wife are living in the property, and hold joint tenancy. Which of the following statements would best describe the survivor rights of one of the individuals in the State of Utah? THE ANSWER IS IF ONE OF THE PROPERTY OWNER DIES, THE PROPERTY GOES TO THE OTHER JOINT TENANCY.

QUESTION # 46: When an entity or mortgage originator is issued and served a cease-and-desist order, how long will they have to request a hearing from the Director of the Utah DRE? THE ANSWER IS WITHIN TEN DAYS.

QUESTION # 47: RESPA has defined settlement service providers that must be included in the initial disclosures and the final disclosure with established tolerances. Which of the following is not consider a settlement service? THE ANSWER IS HAZARD INSURANCE.

QUESTION # 48: XYZ Mortgage Company offered a referral promotion to title companies and real estate agents in which XYZ Mortgage would provide a $500 gift card each time the title company or real estate agent referred a new client to XYZ Mortgage and the person referred closed on a mortgage loan. Which of the follow mortgage laws has been violated with this referral practice? THE ANSWER IS RESPA SECTION 8

QUESTION # 49: How many hours of pre-licensing education are required to become a mortgage loan originator in Utah? THE ANSWER IS 20 HOUR PRE-LICENSING NMLS EDUCATION PLUS 15 HOURS OF UTAH RELATED CE.

QUESTION # 50: In the mortgage industry, “consummation” is generally defined as which of the following? THE ANSWER IS THE TIME WHEN THE CONSUMER TAKES THE CREDIT OFFER OF THE LENDER.

QUESTION #51 Matt has obtained a 30-year 3/1 ARM mortgage loan for $150,000 on a beautiful four-bedroom two bath home in the suburbs. The start rate was 3%. The rate caps are 4/2/8. The margin is 3%. The index was 4% at the start of the loan, 4.25% at the end of year three, and 6.5% at the end of year four. Which of the following rates would reflect the interest rate that will begin in year number five? THE ANSWER IS 9.0%***************************************************************

QUESTION #52 Which of the following is not consider a flood zone, according to FEMA? THE ANSWER IS ZONE Z.

QUESTION #53 A non-warrantable condo is not financeable by Fannie Mae or Freddie Mac. Which of the following criteria is not one of the reasons a condo would be considered a non-warrantable condo? THE ANSWER IS THE CONDO PROJECT HAS BEEN COMPLETED AND CONTROL OF THE HOA HAS BEEN TURNED OVER TO THE OWNERS.

UTAH PLM PRACTICE EXAM # 2

QUESTION # 1: How much title insurance coverage is required on a reverse mortgage loan transaction? THE ANSWER IS 150%

QUESTION # 2: Where would a “due on sale clause” be found on the mortgage loan documents and what does it mean to the consumer? THE ANSWER IS DEED, IF THE PROPERTY IS SOLD THE TOTAL UNPAID LOAN BALANCE IS DUE TO THE LENDER.

QUESTION # 3: If a mortgage loan originator experiences a conviction of any offense, or pleads in abeyance for any offense, how long do they have to notify the State of Utah? THE ANSWER IS TEN DAYS.

QUESTION # 4: Which of the following is not considered non-public information and therefore does not have to meet the GLBA guidelines for privacy? THE ANSWER IS LAND TITLE RECORDS.

QUESTION # 5: When a consumer exercises their right to rescind a refinance transaction, which of the following statements reflects the creditor’s responsibility in dealing with the rescission? THE ANSWER IS WITHING 20 CALENDER DAYS, THE CREDITOR MUST RETURN ANY MONEY OR PROPERTY THAT HAS BEEN GIVEN TO ANYONE IN CONNECTION WITH THE TRANSACTION AND MUST TAKE ANY ACTION NECESSARY TO REFLECT THE TERMINATION OF THE SECURITY INTEREST AND REFUND ANY MONIES NECESSARY.

QUESTION # 6: Mortgage origination can be classified based on how the creditor takes the applications and provides mortgage products to the consumer. Which of the following are considered to be mortgage origination channels? MORTGAGE BROKER, MORTGAGE BANKER, OR INDEPENDENT CONTRACTOR.

QUESTION # 7: In Utah, on a high-cost mortgage loan, what is the maximum that you can charge in points and fees, including charges to the lender and any third party without providing additional disclosures to the borrower? THE ANSWER IS 8.0%

QUESTION # 8: The Utah Residential Mortgage Regulatory Commission consists of ______ members. THE ANSWER IS FOUR MEMBERS WITH THREE YEARS OF EXPERIENCE IN MORTGAGE INDUSTRY ORIGINATING LOANS AND ONE MEMBER OF THE GENERAL PUBLIC.

QUESTION # 9: When a borrower is getting an FHA loan and is using a down payment assistance program, which of the following items can be paid from the funds provided by the down payment assistance program? THE ANSWER IS THE DOWN PAYMENT

QUESTION # 10: In a purchase transaction when the borrower chooses to use two loan programs, such as a home equity line of credit, to avoid private mortgage insurance, which of the following describes this type of loan product? THE ANSWER IS PIGGYBACK LOAN.

QUESTION # 11: If a mortgage loan originator fails to renew their license by December 31st, how would they reinstate their license without having to reapply for a new mortgage originator license? THE ANSWER IS THE INDIVIDUAL HAS UNTIL FEBRUARY 28TH, TO TAKE LATE CE, UPDATE THEIR MU4, AND PROVIDE EVIDENCE OF HONESTY, INTEGRITY, AND TRUTHFULNESS, AS REQUIRED FOR INITIAL LICENSURE TO REINSTATE THEIR MORTGAGE LOAN ORIGINATOR LICENSE.

QUESTION # 12: When a mortgage lender and a real estate agent who have no business affiliation create an affiliated business agreement to share in the commission of both the mortgage loan transaction and the real estate transaction, how would that relationship be described? THE ANSWER IS A SHAM AFFILIATED BUSINESS AGREEMENT.

QUESTION # 13: The company’s receptionist is being harassed on a daily basis by the delivery driver. What are your options for correcting this on-going sexual harassment within the work place? THE ANSWER IS TO ASK THE DRIVER TO STOP THE HARRASSMENT IMMEDIATELY AND REPORT THE HARRASSMENT TO THE DRIVER’S EMPLOYER IMMEDIATELY.

QUESTION # 14: The State of Utah has a primary residential exemption allowing for a lower assessed value in which the taxes will be assessed and taxed. Which of the following reflects the exemption amount that someone’s primary residence may receive? THE ANSWER IS 45%.

QUESTION # 15: In Utah, joint tenancy is also synonymous with which of the following statements? THE ANSWER IS WITH THE RIGHTS OF SURVIVORSHIP TO THE SURVIVOR OF THEM.

QUESTION # 16: Terre is purchasing a second home in Florida, and already owns a primary home in Arizona. The purchase price of the second home is $629,300 and Terre is putting down 20% for a down payment. How many months of PITIA reserves will need to be verified to qualify for a conventional mortgage loan? THE ANSWER IS TWO MONTHS.

QUESTION # 17: Debra is getting an adjustable-rate mortgage (ARM). The initial rate is 3.25% for 360 months with a payment of $1,414.42 which is scheduled to adjust in five years. When the loan closed, the loan amount was $325,000. At the time of adjustment, the balance of the loan will be $290,246. What is the base loan amount that the new interest rate will be applied to in order to calculate the new monthly mortgage payment? THE ANSWER IS $290,246.

QUESTION # 18: For a licensed mortgage loan originator in Utah to remain in compliance and maintain a current mortgage license they would need to take _____ hours of CE annually. THE ANSWER IS 10 HOURS.

QUESTION # 19: Which of the following would be considered an acceptable donor for a conventional mortgage loan when receiving gift funds to cover all or part of the down payment, closing costs, or financial reserves? THE ANSWER IS GODPARENT.

QUESTION # 20: The Residential Mortgage Loan Education, Research, and Recovery Fund was established to assist residents who have been impacted by fraud, misrepresentation, or deceit in a residential mortgage transaction and the mortgage originator is unable to pay, and final judgement has been obtained from the courts. Which of the following statements reflects the maximum payment eligible under the fund account? THE ANSWER TO THIS QUESTION IS REGARDLESS TO THE NUMBER OF CLAIMANTS OR NUMBER OF LOANS INVOLVED, THE LIABILITY OF FUNDS MAY NOT EXCEED $15,000 FOR A SINGLE TRANSACTION, OR $45,000 FOR AN INDIVIDUAL LICENSEE, OR AN ENTITY.

QUESTION # 21: Which of the following appraisers would be qualified to conduct an appraisal that is greater than one million dollars? THE ANSWER IS CERTIFIED RESIDENTIAL APPRAISER OR CERTIFIED GENERAL APPRAISER.

QUESTION # 22: As the PLM for a small mortgage company, you have a couple of great mortgage loan originators. One of these mortgage loan originators, Daniel, has been with the company for 15 plus years. Daniel is going through a really nasty divorce and has had to file for bankruptcy to settle the looming debts that have resulted from the extensive court battle during the divorce proceedings. Which of the following statements reflects the best option that Daniel has to keep his mortgage loan originator license? THE ANSWER TO THIS QUESTION IS HE NEEDS TO WAIT THREE YEARS AND REAPPLY FOR A NEW MORTGAGE LOAN ORIGINATION LICENSE.

QUESTION # 23: Which of the following is a tool that can be used to track and examine the performance of loans originated, underwritten, and serviced by FHA-approved lenders? THE ANSWER IS NEIGHBORHOOD WATCH.

QUESTION # 24: When does the borrower have the right to cancel the flood insurance on their property? THE ANSWER IS NEVER. THE FLOOD INSURANCE IS REQUIRED THROUGHOUT THE TERM OF THE MORTGAGE LOAN.

QUESTION # 25: Does FHA allow for non-related, non-family members to be a non-occupying co-borrower on a purchase loan transaction? THE ANSWER IS YES. HOWEVER, THE LOAN-TO-VALUE IS CAPPED AT A MAXIMUM 75% LOAN-TO-VALUE.

QUESTION # 26: Which if the following statements most accurately states how a lender is permitted to set up an initial escrow account for settlement and consummation of the mortgage loan? THE ANSWER TO THIS QUESTION IS THE INITIAL ESCROW ACCOUNT CAN BE SET UP WITH A CUSHION OF 1/6 OF THE ESTIMATED ANNUAL PAYMENTS TO COVER THE ESCROWED ITEMS.

QUESTION # 27: Which of the following is not a TRID provision and therefore not subject to Regulation Z? THE ANSWER TO THIS QUESTION IS REGULATING COMPENSATION FOR COMMERCIAL LOAN OFFICERS. A new loan officer is hired on by the mortgage company, as an independent contractor. At the end of the year, how will you report his income to the IRS? 1099-NEC.

QUESTION # 28: Which of the following statements reflects how a mortgage loan originator must advertise in the state of Utah? SOLELY UNDER THE MLO’s SPONSORING ENTITY.

QUESTION # 29: When a previous client asks the mortgage company to stop calling post-closing, how long does the mortgage company have to remove this client from their current call list? THE LOAN OFFICER HAS 30 DAYS TO GET THEM OFF THE DO NOT CALL LIST AND PLACE THEM IN A DO NOT CALL REGISTRY.

QUESTION # 30: If a mortgage loan originator experiences a conviction of any offense, or pleads in abeyance for any offense, how long do they have to notify the State of Utah? TEN BUSINESS DAYS.

QUESTION # 31: Regina has applied for a conventional loan and is on Social Security income and receives $1,250 monthly with an additional $365 already deducted to cover her Medicare insurance payments. How much annual income can you use to qualify Regina for a mortgage loan? $24,225.

QUESTION # 32: A non-warrantable condo is not financeable by Fannie Mae or Freddie Mac. Which of the following criteria is not one of the reasons a condo would be considered a non-warrantable condo? THE CONDO PROJECT HAS BEEN COMPLETED AND THE CONTROL OF THE HOA HAS BEEN TRANSFERRED TO THE OWNERS. ********

QUESTION # 33: In the state of Utah, which of the following entities is responsible for diligently and ethically investigating and prosecuting mortgage fraud activities? THE MORTGAGE AND FINANCIAL FRAUD UNIT.

QUESTION # 34: Which of the following organizations are exempt from the National Do Not Call rules? POLITICAL ORGANIZATION.

QUESTION # 35: The borrower is closing on the loan. At closing, you realize that the APR is wrong on the closing documents. The borrower has already signed the majority of the closing documents; what do you need to do at this point? STOP THE CLOSING, REDISCLOSE, WAIT THREE BUSINESS DAYS, GET THE DOCUMENTS REDONE CORRECTLY, AND START THE CLOSING ALL OVER AGAIN.

QUESTION # 36: Matt has obtained a 30-year 3/1 ARM mortgage loan for $150,000 on a beautiful four-bedroom two bath home in the suburbs. The start rate was 3%. The rate caps are 4/2/8. The margin is 3%. The index was 4% at the start of the loan, 4.25% at the end of year three, and 6.5% at the end of year four. Which of the following rates would reflect the interest rate that will begin in year number five? THE ANSWER IS 9.0%***************************************

QUESTION # 37: Which of the following would not be considered a settlement service, according to RESPA? THE ANSWER IS HOME INSPECTION

QUESTION # 38: Debra is getting an adjustable-rate mortgage (ARM). The initial rate is 3.25% for 360 months with a payment of $1,414.42 which is scheduled to adjust in five years. When the loan closed, the loan amount was $325,000. At the time of adjustment, the balance of the loan will be $290,246. What is the base loan amount that the new interest rate will be applied to in order to calculate the new monthly mortgage payment? $290,246.

QUESTION # 39: Nancy is refinancing her primary home with a rate-term refinance to lower her monthly mortgage obligations and take advantage of the lower interest rates. The loan amount is $246,000 at a 6.125% interest rate. She consummates the loan on Thursday, September 8th. What is the amount of prepaid interest that the lender will need to collect at closing? Calculate based on a 365-day calendar year. $743.04

QUESTION # 40: As the PLM for a small mortgage company, you have a couple of great mortgage loan originators. One of these mortgage loan originators, Daniel, has been with the company for 15 plus years. Daniel is going through a really nasty divorce and has had to file for bankruptcy to settle the looming debts that have resulted from the extensive court battle during the divorce proceedings. Which of the following statements reflects the best option that Daniel has to keep his mortgage loan originator license? HE NEEDS TO WAIT THREE YEARS AND APPLY FOR A NEW MORTGAGE LICENSE.

QUESTION # 41: If a mortgage loan originator fails to renew their license by December 31st, how would they reinstate their license without having to reapply for a new mortgage originator license? YOU HAVE UNTIL FEBRUARY 28TH TO TAKE THE LATE CE, UPDATE THEIR MU4, AND PROVIDE EVIDENCE OF HONESTY, INTEGRITY, AND TRUTHFULNESS AS REQUIRED FOR INITIAL LICENSURE TO REINSTATE THEIR MORTGAGE LOAN ORIGINATOR LICENSE.

QUESTION # 42: If a mortgage loan originator experiences a conviction of any offense, or pleads in abeyance for any offense, how long do they have to notify the State of Utah? THE ANSWER IS 10 DAYS.

QUESTION # 43: When a financial institution provides the consumer the opportunity to opt-out of their information being shared, how long does the consumer have to consider and respond to the request by the financial institution to make the election to opt-out or not to opt-out? THE ANSWER IS 30 DAYS.

QUESTION # 44: Mortgage origination can be classified based on how the creditor takes the applications and provides mortgage products to the consumer. Which of the following are considered to be mortgage origination channels? MORTGAGE BROKER, MORTGAGE BANKERS, INDEPENDENT CONTRACTOR

QUESTION # 45: Which if the following statements most accurately states how a lender is permitted to set up an initial escrow account for settlement and consummation of the mortgage loan? AN INITIAL ESCROW CAN BE SET UP WITH AN INITIAL ESCROW 1/6 CUSHION OF THE ESTIMATED ANNUAL PAYMENTS TO COVER THE ESCROWED ITEMS.

QUESTION # 46: Terre is purchasing a second home in Florida, and already owns a primary home in Arizona. The purchase price of the second home is $629,300 and Terre is putting down 20% for a down payment. How many months of PITIA reserves will need to be verified to qualify for a conventional mortgage loan? THE ANSWER TWO MONTHS

QUESTION # 47: Which of the following would be considered an acceptable donor for a conventional mortgage loan when receiving gift funds to cover all or part of the down payment, closing costs, or financial reserves? GODPARENT.

QUESTION # 48: Which of the following would not be considered a settlement service, according to RESPA? HOME INSPECTION.

QUESTION # 49: Which of the following is not considered non-public information and therefore does not have to meet the GLBA guidelines for privacy?

LAND TITLE RECORDS

QUESTION # 50: Mortgage servicers are required by law to notify a consumer if their mortgage loan will be transferred to a new servicer. Which of the following statements reflects the required delivery of the Notice of Transfer to the borrower prior to the effective date of the servicing transfer? 15 DAYS

UTAH PLM PRACTICE TESTS # 3

QUESTION # 1: A non-warrantable condo is not financeable by Fannie Mae or Freddie Mac. Which of the following criteria is not one of the reasons a condo would be considered a non-warrantable condo? ANSWER IS THE DEVELOPERS HAVE NOT TURN CONTROL OF THE HOA TO THE OWNERS. ************************

QUESTION # 2: For a licensed mortgage loan originator in Utah to remain in compliance and maintain a current mortgage license they would need to take _____ hours of CE annually. 10 HOURS

QUESTION # 3: A potential borrower contacts the mortgage company for a loan inquiry. How long will you be able to contact this consumer based on a proposed business relationship? THE ANSWER IS 18 MONTHS.

QUESTION # 4: When providing a borrower with an Adjustable-Rate Mortgage (ARM) how would you describe the period of time prior to the adjustments of the mortgage program? THE ANSWER IS THE RATE IS FIXED FOR THE FIRST FIVE YEARS OF THE LOAN

QUESTION # 5: Which agency regulates and enforces the Fair Housing Act? THE ANSWER IS HUD

QUESTION # 6: A borrower has poured concrete for new home construction and now needs additional money to complete the home building process and the lender requires title insurance on the property. How will the title insurer provide title insurance? THE ANSWER IS AN INDEMIFICATION AGREEMENT IS REQUIRED.

QUESTION # 7: Under which of the following circumstances will a lender allow a principal residence to be vacant and still be considered their primary residence? THE ANSWER IS A MEMBER OF THE U.S. MILITARY ON ACTIVE DUTY.

QUESTION # 8: Understanding the real estate transaction includes understanding how the land is conveyed to the property owner and in some cases, they do not actually own the land in which the home is located. Identify the type of property in which the owner would typically own the land under the home.THE ANSWER IS D.

QUESTION # 9: The Utah Department of Financial Institutions has authority over which of these mortgage entities? THE ANSWER IS MORTGAGE SERVICERS AND WHOLESALERS

QUESTION # 10: Which of the following statements is true for the mortgage loan originator license renewal deadline for newly licensed originators? THE ANSWER IS IF THE MORTGAGE LOAN ORIGINATOR HAS A MORTGAGE LOAN ORIGINATOR LICENSE AS OF OCTOBER 31ST, THEY MUST RENEW THEIR MLO LICENSE BY DECEMBER 31ST OF THE FOLLOWING YEAR.

QUESTION # 11: Which of the following loan programs increases the loan limits annually based on the state and county, creating a standard baseline and a high baseline limit based on the location of the property? THE ANSWER IS FHA.

QUESTION # 12: According to TILA Regulation Z, which of the following statements is true when counting business days? THE ANSWER IS ANY DAY THE CREDITOR’S OFFICE IS OFFICE FOR BUSINESS WITH THE EXCEPTION OF AND LEGAL PUBLIC HOLIDAYS.

QUESTION # 13: Which of the following items does not appear on a Trust Deed? THE ANSWER IS LOAN AMOUNT (IT DOES STATE THE ORIGINAL AMOUNT OF THE NOTE)

QUESTION # 14: You have been working with a borrower on an FHA loan and the appraisal came in and the borrower is not happy with the value. He wants to switch lenders. Which of the following statements reflects your responsibility in regard to transferring the case number and the appraisal information to the new lender? THE ANSWER IS AT THE REQUEST OF THE BORROWER, YOU ARE OBLIGATED TO TRANSFER THE FHA CASE CASE NUMBER AND THE APPRAISAL TO THE NEW LENDER WITHIN FIVE BUSINESS DAYS.

QUESTION # 15: The State of Utah requires that mortgage loan files be audited. Which of the following statements most accurately describes the requirements for auditing mortgage loan files? THE ANSWER IS AT 10% OF THE PRE-CLOSING AND POST CLOSING FILES MUST BE AUDITED AND CORRECTIVE ACTION MUST BE TAKEN FOR ANY PROBLEMS IDENTIFIED THROUGH THE AUDIT PROCESS.

QUESTION # 16: A borrower started a mortgage loan application at the local branch and did not have all the information to complete the application. Which of the following statements reflects the most correct steps that the lender could do to be in compliance with Regulation B adverse action notification? THE ANSWER IS WITHIN 30 DAYS OF THE INITIAL APPLICATION, NOTIFIY THE BORROWERS THAT THE LOAN APPLICATION IS NOT COMPLETE, AND PROVIDE THEM THE LIST OF ITEMS THAT IS MISSING AND IF NOT PROVIDED, THE LOAN APPLICATION WITH NOT BE REVIEWED.

QUESTION # 17: HMDA is collected on each loan application and is reported by lenders to demonstrate their home mortgage lending activities. Which of the following is the true description of the HMDA acronym? THE ANSWER IS HOME MORTGAGE DISCLOSURE ACT.

QUESTION # 18: Which of the following activities would be considered affirmative duties of a PLM in Utah? THE ANSWER IS ESTABLISH AND ENFORCE THE WRITTEN POLICIES AND PROCEDURES IN REGARD TO UNDERWRITING, CONSUMER COMPLAINTS, QUALITY CONTROL, AND AUDIT PROCEDURES.

QUESTION # 19: A pastor of the local Utah community church was recently hired to help the parishioners of the church understand credit and financial obligations and help them obtain mortgage financing in an effort to increase the support services provided by the church. It is clearly stated in the employment contract that this is part of his job and included in his salary. Will this paster need to obtain a mortgage license to be in compliance? THE ANSWER IS YES, ALL MORTGAGE LOAN ORIGINATION ACTIVITIES A PERSON IS COMPENSATED ON REQUIRES A MORTGAGE LICENSE.

QUESTION # 20: How much is the current (2022) penalty for companies that violate the Do Not Call (DNC) requirements? THE ANSWER IS $43,792 PER CALL.

QUESTION # 21: A mortgage loan originator is found guilty of fraud because there were three incidents in which important debt obligations were omitted from the loan application so that the borrowers would qualify for the mortgage loan. These three loans were all over $300,000 and the creditor later determined that fraud was committed by the mortgage loan originator. Which of the following statement reflects the consequences of these actions by the mortgage loan originator? THE ANSWER IS THERE WILL BE THREE COUNTS OF SECOND DEGREE FELONY CHARGED AGAINST THE MORTGAGE LOAN ORIGINATOR.

QUESTION # 22: Under which of the following circumstances will a lender allow a principal residence to be vacant and still be considered their primary residence? THE ANSWER IS ONLY IN THE EVENT THE HOMEOWNER IS A VETERAN ON ACTIVE SERVICE

QUESTION # 23: Under the ability-to-repay rule which of the following items must be documented and included in the lender’s analysis of the borrower’s ability to repay the loan? THE ANSWER IS INCOME, ASSETS, EMPLOYMENT, CREDIT HISTORY, AND MONTHLY OBLIGATION *****************************************

QUESTION # 24: For a high-cost mortgage loan in Utah, which of the following is not prohibited from being included in the terms and conditions of the loan agreement? THE ANSWER IS ENCOURAGING DEFAULT OR NON-PAYMENT.

QUESTION # 25: When providing a borrower with an Adjustable-Rate Mortgage (ARM) how would you describe the period of time prior to the adjustments of the mortgage program? THE ANSWER IS THE RATE WILL REMAIN THE SAME FOR THE FIRST FIVE YEARS.

QUESTION # 26: In the state of Utah, how often is the property assessed with a complete detailed review to determine the assessed value at which the property tax will be calculated based on current characteristics of the property? THE ANSWER IS FIVE YEARS.

QUESTION # 27: A sole proprietor has applied for a commercial loan; as the lender, will you still need to provide the owner a privacy notice? THE ANSWER IS NO, COMMERCIAL LOANS ARE NOT REQUIRED

QUESTION # 28: Which agency regulates and enforces the Fair Housing Act? THE ANSWER IS HUD

QUESTION # 29: Which of the following loan programs have an assumable clause, allowing the mortgage loan to be assumed by a new borrower? THE ANSWER IS VA AND SOME FHA.

QUESTION # 30: The responsibility of the PLM is to ensure that all office staff, including the mortgage loan originators, adhere to all state and federal laws associated with mortgage lending. Which of the following statements would require the PLM to discipline a mortgage loan originator or staff member because of a violation of the law? ALL OF THE ABOVE

QUESTION # 31: In the state of Utah, how much time does a licensee have to notify the Commission of any changes to their criminal history? THE ANSWER IS WITHING 10 BUSINESS DAYS.

QUESTION # 32: Fannie Mae requires which of the following title endorsements for a manufactured home? THE ANSWER IS ALTA 7.

QUESTION # 33: When does the borrower have the right to cancel the flood insurance on their property? THE ANSWER IS NEVER. FLOOD INSURANCE NEED TO REMAIN AS LONG AS THERE IS A MORTGAGE ON THE PROPERTY.

QUESTION # 34: In Utah, on a high-cost mortgage loan, what is the maximum that you can charge in points and fees, including charges to the lender and any third party without providing additional disclosures to the borrower? THE ANSWER IS 8.0%

QUESTION # 35: Which of the following organizations are exempt from the National Do Not Call rules? THE ANSWER IS POLITICAL ORGANIZATION.

QUESTION # 36: Which of the following is not a TRID provision and therefore not subject to Regulation Z? REGULATING COMPENSATION FOR COMMERCIAL LOAN OFFICERS.

QUESTION # 37: Does FHA allow for non-related, non-family members to be a non-occupying co-borrower on a purchase loan transaction? YES, HOWEVER MAXIMUM LTV IS 75%.

QUESTION # 38: Your best friend is moving to Utah and in the middle of completing a real estate contract asks you, as a mortgage professional, to help with the REPC addendum, which seems like a reasonable request since you are working on the loan transaction anyway. How should you respond to the request? THE ANSWER IS EXPLAIN YOU ARE NOT A REAL ESTATE AGENT AND YOU CANNOT HELP WITH THE REAL ESTATE ASPECT AND ONLY LOAN ORIGINATION ASPECT.

QUESTION # 39: Which of the following is not considered non-public information and therefore does not have to meet the GLBA guidelines for privacy? THE ANSWER IS LAND TITLE RECORDS.

QUESTION # 40: When a previous client asks the mortgage company to stop calling post-closing, how long does the mortgage company have to remove this client from their current call list? THEY HAVE 30 DAYS TO REMOVE THE CONTACT AND PLACE THEM ON THE DO NOT CALL LIST OF THE COMPANY.

QUESTION # 41: Which of the following is a tool that can be used to track and examine the performance of loans originated, underwritten, and serviced by FHA-approved lenders? THE ANSWER IS THE NEIGHBORHOOD WATCH.

QUESTION # 42: Which of the following appraisal types uses the Marshalls and Swift cost calculations to determine the property value? THE ANSWER IS THE COST APPROACH.

QUESTION # 43: In the state of Utah, how much time does a licensee have to notify the Commission of any changes to their criminal history? THE ANSWER IS 10 BUSINESS DAYS.

QUESTION # 44: Who administers the Utah Residential Mortgage Regulatory Commission? THE ANSWER IS THE DIRECTOR.

QUESTION # 45: Which of the following statements reflects the minimum amount of flood insurance coverage that is needed by the lender for a property located in a flood zone? THE ANSWER IS 100% OF THE REPLACEMENT COSTS OF THE INSURABLE VALUEABLE OF THE IMPROVEMENTS.

QUESTION # 46: According to RESPA’s mortgage servicing transfer disclosure requirements, which of the following would not be included in the transfer disclosure notice? THE ANSWER IS THE BORROWER’S NEW PAYMENT AMOUNT.

QUESTION # 47: Understanding the real estate transaction includes understanding how the land is conveyed to the property owner and in some cases, they do not actually own the land in which the home is located. Identify the type of property in which the owner would typically own the land under the home. THE ANSWER IS PUD.

QUESTION # 48: Which of the following loan programs have an assumable clause, allowing the mortgage loan to be assumed by a new borrower? VA and SOME FHA LOANS.

QUESTION # 49: How much is the current (2022) penalty for companies that violate the Do Not Call (DNC) requirements? $46,792 PER VIOLATION.

QUESTION # 50: How many years will a borrower who has previously experienced a foreclosure need to wait to obtain a conventional mortgage loan? 7 YEARS FROM THE RECORDED DATE OF FORECLOSURE.

BELOW ARE 500 UTAH PRINCIPAL LENDING MANAGER QUESTIONS AND ANSWERS:

QUESTION # 1. In lieu of meeting either five-year experience requirement provided under Utah law, a lending manager license applicant may meet the experience standard for licensure if he or she has, during the _____________ period prior to application, at least ________________ of full-time experience in a supervisory role as a loan manager in the mortgage industry. ANSWER IS A

a. 12-year; ten years

b. Good Faith ; Estimate

c. Settlement ; Cost Information Booklet

d. Mortgage ; Servicing

QUESTION # 2. Which term refers to a form of property ownership that involves the guaranteed right of occupancy and use of a specific property for a specific portion of each year for either a fixed number of years or forever? ANSWER IS D

a. ECOA

b. FACTA

c. CIP

d. Timesharing

QUESTION # 3. Which of the following is true about a void contract? ANSWER IS A

a. A void contract has no force or effect in law

b. If the violations are related to HOEPA, there is a indefinite time limit

c. He can no longer rescind

d. He has up to three years after selling the home

QUESTION # 4. Seven years ago, Joy was convicted of a Class B misdemeanor involving moral turpitude. Which of the following is true? ANSWER IS D

a. Lender rebate, which is derived from charging a higher interest rate to enable the borrower to secure funds for closing costs

b. Fees a broker is permitted to charge a borrower for more difficult loans

c. A fee paid directly to the broker by the borrower

d. As long as she is eligible, Joy may still be able to obtain a license, since the limit on convictions of a Class B misdemeanor involving moral turpitude is five years

QUESTION # 5. If a consumer wishes to dispute a billing error on a credit card, he/she must send a letter to the credit card issuer within _____ days after the first bill containing the error was mailed. ANSWER IS A

a. 60

b. 344

c. 54

d. 34

QUESTION # 6. As identified by the Red Flags Rule, which is not one of the four steps for implementing an identity theft prevention program? ANSWER IS D

a. Fraud for profit

b, Agency fraud

c. Broker fraud

d. Implementing annual training

QUESTION # 7. A mortgage loan originator advertises in conjunction with a real estate brokerage. The advertisement features contact information for both entities, the role of the brokerage in transactions, and the services the MLO may provide. Which of the following is true? ANSWER IS A

a. This is legal and in compliance with Utah law

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. Payment amount may change based on interest rate changes

QUESTION # 8. What is money laundering? ANSWER IS D

a. Successfully pass federal and state components of a test with a least a 75% score

b. Registered MLOs complete a 20 hours of pre-licensing education

c. Use of a unique identifier on all advertising material

d. The use of financial transactions to distance illegally obtained funds from their original criminal source

QUESTION # 9. A person who commits a first violation of the prohibition against acting as a loan originator without a license may be punished by: ANSWER IS D

a. Complete a least 10 hours of continuing education annually

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. Imprisonment for up to one year and a fine of up to $2,500

QUESTION # 10. Which of the following is not a license type offered by the Division of Real Estate? ANSWER IS A

a. Mortgage servicer

b. Up to eight

c. Zero

d. Up to four

QUESTION # 11. Which of the following is not an affirmative duty of a principal lending manager? ANSWER IS A

a. Ensuring that licensees do not offer high-cost mortgage loans

b. It has an APR that exceeds the average prime offer rate by 1.5 percentage points for a loan secured by a first lien on the home.

c. It has an APR that exceeds the average prime offer rate by 3.5 percentage points for a loan secured by a subordinate lien on the home

d, It is secured by the borrower’s principal dwelling

QUESTION # 12. Utah’s predatory lending law is: ANSWER IS D

a. when the lender informs him/her that it is terminating PMI

b. As soon as the five-year required minimum is met

c. As soon as his/her equity

d. The Utah High Cost Home Loan Act

QUESTION # 13. The required record retention period for mortgage originators is: ANSWER IS A

a. Four years from closing

b. Home equity lines of credit

c. Reverse mortgages

d. Refinances

QUESTION # 14. The regulatory body in Utah which oversees the activities of certain types of mortgage professionals, such as mortgage servicers and second mortgage lenders, is the: ANSWER IS D

a. Fair Housing Act

b. GLB Safeguards Rule

c. FTC Red Flags Rule

d. Department of Financial Institutions

QUESTION # 15. Which of the following is not one of HUD’s 11 Tips on Being a Smart Consumer? ANSWER IS A

a. Listen to all instructions from the lender, even if they seem suspicious

b. Experian releasing a credit report containing disputed information without marking it as such

c. An auto finance company knowingly reporting a borrower late when the payment was accepted on time

d. Allowing FBI access to a borrower’s file for an investigation

QUESTION # 16. A person against whom action is taken under the law may seek judicial review by the: ANSWER IS D

a. Loan servicers

b. Assignees

c. Creditors

d. Director

QUESTION # 17. Which of the following is not true in relation to condominiums? ANSWER IS B

a. The land is divided among unit owners, with each owning a separate portion

b. Restart the seven-business-day waiting period after the new disclosure has been made

c. Provide disclosure of the corrected discrepancy and wait three business days before closing

d. Adjust the APR and close the loan as schedule

QUESTION # 18. Which of the following does not describe a statutory basis for denial or revocation of a license? ANSWER IS C

a. Only a portion of interest that is charged is excess of $10,000 annually is deductible from income taxes

b. Interest on the portion of the credit that exceeds market value is deductible at 50% of its normal value

c. The borrower should consult a tax adviser regarding

d. As a PLM, failing to secure a $100,000 surety bond

QUESTION # 19. Who is responsible for carrying out the purposes of the Mortgage and Financial Fraud Unit? THE ANSWER IS A

a. The Attorney General

b. HUD’s Settlement Cost Booklet

c. HUD-1A

d. HUD-1

QUESTION # 20. Daisy has committed an act of mortgage fraud in the amount of $4,500. Which of the following is true? ANSWER IS D

a. GFE, TIL, Settlement Cost Booklet, Servicing Disclosure Statement

b. GFE, Settlement Cost Booklet, Mortgage Servicing Disclosure Statement

c. GFE, Settlement Cost Booklet, Servicing Transfer Statement

d. Daisy has committed a third degree felony, and her license will automatically be revoked

QUESTION # 21. Reggie is a mortgage loan originator completing his continuing education for the year. He takes one hour of education on mortgage origination, three hours of education on ethics, three hours of federal law and regulations, and one hour of lending standards in the nontraditional mortgage product marketplace. Which of the following is true? THE ANSWER IS A

a. He needs one more hour on lending standards in the nontraditional mortgage product marketplace

b. If the borrower needs to have a co-signer apply with him/her because his/her credit score is a little low

c. Discouragement is never permitted

d. The borrower will need to save 12 months or more for a down payment

QUESTION #22. A person found guilty of mortgage fraud in Utah is subject to a ___________ when the value involved exceeds $5,000. ANSWER IS A

a. Second degree felony

b. HUD-1 prep fee

c. Rate lock fee

d. Mortgage broker fee

QUESTION #23. Which of the following is most likely to be excluded from a home warranty plan? THE ANSWER IS D

a. HUD

b. Federal Reserve

c. TILA

d. Pool

QUESTION #24. Which of the following is responsible for making licensing decisions for mortgage professionals in the state of Utah? THE ANSWER IS A

a. The Division of Real Estate

b, Specific disclosure documents

c. Acronyms related to the FCRA

d. Disclosures to inform consumers of their rights when applying for credit

QUESTION #25. A purchase and sale agreement is considered which type of contract? THE ANSWER IS D

a. ECOA

b. RESPA

c. TILA

d. Bilateral

QUESTION #26. Which of the following accurately describes Utah’s policy on playing dual roles in the same transaction? THE ANSWER IS A

a. Originators cannot also serve as the escrow agent, real estate agent, or appraiser in the same transaction

b. Consumer protection triggered by high-cost loan scenarios

c. Licensing standards placed in effect by the Housing and Economic Recovery Act

d. The interactions between mortgage professionals and real estate agents

QUESTION #27. A loan originator who has filed for personal bankruptcy must notify the DRE within: THE ANSWER IS D

a. Conventional loans

b. FHA loans

c. Non-conforming loans

d. Ten business days

QUESTION #28. In Utah, mortgage professionals are mostly under the supervision of: THE ANSWER IS A

a. The Division of Real Estate

b. Locked cabinets

c. Reasonable methods

d. Extraordinary measures

QUESTION #29. Which of the following is not an accurate statement regarding the NMLS? THE ANSWER IS D

a. An ARM with a interest rate adjustment that adjust monthly

b. An FHA loan originated prior to January 1, 2015 with a 30-day look-back period

c. A VA loan originated prior to January 1, 2015 with a 15-day look-back period

d. It is a regulatory agency for mortgage professionals nationwide

QUESTION #30. Which of the tests for fixtures deals with determining who will own the trade fixtures and any other fixtures installed by the tenant? ANSWER IS A

a. NOT Intention of the Annexor

b, Subordinate liens

c. Neither first nor subordinate liens

d. First lien

QUESTION #Q.31. During an investigation, failure to respond to a subpoena is: THE ANSWER IS D

a. The creditor disburses all of the funds at closing and demands repayment within a specified period of time

b. The creditor makes a loan anticipating that the borrower will not ask for a refinance during the first five years of the loan term

c. The creditor provides a specified amount of credit, and the borrower may make repeat request for an advance up to the credit limit

d. Considered a separate violation and can result in additional penalties

QUESTION #32. Betty is a mortgage loan originator in Utah. She is undergoing some hard times financially in her personal life. Unfortunately, Betty is forced to file for personal bankruptcy. Which of the following is true? THE ANSWER IS C.

a. Mail fraud can be charged even if a violator did not complete the mailing

b. FTC, HUD, and IRS conduct investigations and refer to the Department of Justice

c. Betty must notify the DRE within ten business days

d. Making false statements on a loan application can lead to 30 years in jail and up to a $1 million fine

QUESTION #33. Which of the following is not included in the list of records required to be kept by licensees? ANSWER IS B

a. Correspondence with the DFI

b. Threatening to arrest a borrower if he/she does not pay a bill

c. Placing calls before 8:00 am or after 9:00 pm

d. Making misleading statements

QUESTION #34. An individual is entitled to obtain a free copy of his/her credit report once every: ANSWER IS B

A. 3 months

B. 12 months

C. 8 months

D. 11 months

QUESTION #35. Utah mortgage professionals should be familiar with the advertising restrictions set forth in which of the following: ANSWER IS D

a. ECOA

b. FACTA

c. CIP

d. TILA

QUESTION #36. Which Act, signed into law in 2005, increased the penalties for engaging in identity theft in order to discourage participants? ANSWER IS C

a. He can rescind only if the lawyer can prove intent to mislead

b. If the violations are related to HOEPA, there is a indefinite time limit

c. NOT The Consumer Protection and Identity Theft Prevention Act

d. He can no longer rescind

QUESTION #37. Due diligence consists of review and approval of the contents of the seller disclosures, and any other tests, evaluations, and verifications he/she believes are necessary relating to all of the following, except: ANSWER IS D

a. Lender rebate, which is derived from charging a higher interest rate to enable the borrower to secure funds for closing costs

b. Fees a broker is permitted to charge a borrower for more difficult loans

c. A fee paid directly to the broker by the borrower

d. The average climate of the geographic area in which the property is located

QUESTION #38. Sadie wants to become licensed as a principal lending manager. She has three years of experience as a full-time mortgage loan originator, and she has taken 40 hours of Utah-specific lending manager pre-licensing education. Which of the following is true? THE ANSWER IS B

a. Sadie rebate, which is derived from charging a higher interest rate to enable the borrower to secure funds for closing costs

b. NOT Sadie must have at least four year of experience as an MLO; she should see if she has other experience that fits into the equivalency calculation

c. Sadie fee paid directly to the broker by the borrower

d. Fees a broker is permitted to charge a borrower for more difficult loans

QUESTION #39: Who has the authority, during an investigation, to administer oaths, issue subpoenas, and inspect out-of-state records? ANSWER IS A

a. Not Any control person

b. Mortgage insurance companies

c. Lenders

d. Loan servicer

QUESTION #40. Which of the following actions is beyond the authority of the Division of Real Estate? THE ANSWER IS D

a. Complete a least 10 hours of continuing education annually

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. Issuing a temporary restraining order against a mortgage broker

QUESTION #41. Which of the following transactions would require a Utah mortgage license for the participating loan officer? THE ANSWER IS A

a. A first mortgage on a Utah four-plex to be used as an investment

b. Make sure credit is available to all creditworthy applicants

c. Prevent denial of credit due to a potential borrower’s past credit history

d. Make credit available to borrowers who are less than qualified

QUESTION #42: How often must a mortgage license be renewed? THE ANSWER IS A

a. Every year

b. Only one year

c. Second year

d. Fifth year

QUESTION #43: Which of the following types of transactions would NOT be covered by the Utah Residential Mortgage Practice and Licensing Act? ANSWER IS A

a. An 80% HELOC used to purchase an owner-occupied primary residence

b. Interest on the portion of the credit that exceeds market value is deductible at 50% of its normal value

c. The borrower should consult a tax adviser regarding deductibility of interest

d. The borrower may no longer deduct interest on a home equity line of credit

QUESTION #44: Which of the following individuals would not need a license in order to participate in a mortgage transaction? THE ANSWER IS D

a. Only state-licensed originators carry a unique identifier

b. State-licensed originators are only allowed to originate in the states in which they hold license, while registered originatorsmay conduct business anywhere

c. Unlike stated-licensed originators, registered originators are exempt form licensing requirements.

d. Individual originating mortgages for a state-chartered credit union

QUESTION #45: How long should a lender keep copies of conversation logs on a certain transaction? ANSWER IS A.

a. Four years from the time the loan closed

b. All income sources, whether direct or indirect

c. Information about the company’s net worth

d. Any affiliation that exist with a settlement service provider

QUESTION 46. When renewing a license, what is most true concerning the continuing education requirement? THE ANSWER IS D.

a. If the borrower has been at his/her job less than two years.

b. If the borrower needs to have a co-signer apply with him/her because his/her credit score is a little low

c. Discouragement is never permitted

d. The licensee must complete ten hours each year, including three hours of federal law, two hours of non-traditional mortgage product training, and two hours of Utah law

QUESTION # 47. Once an applicant for a PLM license passes the PLM exam, how long do they have to submit for a license before the exam score expires? THE ANSWER IS C.

a. 30 days

b. 60 days

c. 90 days

d. 120 days

QUESTION # 48. If the Division of Real Estate receives a complaint against a licensee, which of the following could the Division call due immediately? B.

a. Closed-end ARM secured by the borrower’s principal residence

b. Schedule a hearing for the licensee

c. Interest-only ARMs

d. All ARMs secured by a dwelling

QUESTION # 49. If a licensee’s license has been expired for 20 days, which of the following is most correct? D.

a. The borrower must have an escrow account for taxes and insurance

b. The loan cannot include prepayment penalties

c. The loan cannot include prepayment penalties after the first two years of the loan term

d. The licensee can renew by submitting evidence of 14 hours of continuing education, licensing fees, and a late fee

QUESTION #50. What is the maximum fine the Division can impose upon a licensee? A.

a. $5,000 or the amount of compensation received on the transaction

b. Consumer protection triggered by high-cost loan scenarios

c. Licensing standards placed in effect by the Housing and Economic Recovery Act

d. The interactions between mortgage professionals and real estate agents

QUESTION #51. If an applicant moves or changes their address, when must they notify the Division of the change? A.

a. Ten days

b. Twenty days

c. Thirty days

d. Forty days

QUESTION #52. Which of the following individuals would need a mortgage license? A.

a. An individual working for a Nevada-based company who telephones Utah property owners soliciting only refinances

b. FTC, HUD, and IRS conduct investigations and refer to the Department of Justice

c. Making false statements on a loan application can lead to 30 years in jail and up to a $1 million fine

d. Federal laws have been amended to specifically address

QUESTION #53. Which of the following would not be considered unprofessional conduct as defined in state code and/or rule? B.

a. Threatening to arrest a borrower if he/she does not pay a bill

b. Failure to communicate with a borrower

c. Placing calls before 8:00 am or after 9:00 pm

d. Making misleading statements

QUESTION #54. What is the minimum amount of experience required in order to obtain a principal lending manager license? C.

A. One years

B. Two years

C. Three years

D. Four years

QUESTION #55. Which of the following roles would not require a license under the Utah Residential Mortgage Practices and Licensing Act? D.

a. Good Faith Estimate

b. Settlement Cost Information Booklet

c. Mortgage Servicing Disclosure Statement

d. Wholesale account manager

QUESTION #56. Which of the following is true concerning the mailing address given to the Division of Real Estate by a licensee? A.

a. Any address may be the mailing address

b. Provide borrowers with adequate time to make financial arrangements to prepare for larger monthly payments

c. Encourage borrowers to take advantage of loan modification programs

d. Encourage borrowers to refinance with a fixed-rate loan

QUESTION #57. Which of the following would be allowed under the Utah Residential Mortgage Practices and Licensing Act? C.

a. Is required for all purchase transactions if the borrower is a first-time homebuyer

b. Can be duplicated and given to married borrowers

c. Individual processing loans or performing clerical functions for three companies at the same time

d. Individual to be disclosed at least three business days prior to settlement

QUESTION #58. If a company were to lose their principal lending manager, which of the following is most true? D.

a. Provides consumers access to information about originators.

b. Encourage responsible behavior through licensing standards.

c. Allows consumers a full refund if the originator is found to have engaged in unethical acts.

d. All licensees affiliated with the company would be placed on inactive status

QUESTION #59. Which of the following is not required as part of an entity license application? A.

a. A list of all licensees

b. All credit other than government loans

c. Business, commercial, and agricultural loans.

d. Residential, business, commercial, and agricultural loans.

QUESTION #60. Which of the following is not true concerning branch offices? D.

a. Whether a business relationship exists between settlement service providers

b. The amount of escrow payment made

c. A borrower’s notice if/when the loan servicing is to change hands

d. They must be registered with the Utah Secretary of State

QUESTION #61. Which of the following actions could cause a licensee to lose their license? A.

a. Accepting an appraisal fee deposit without a written agreement regarding the refundability of the deposit

b. Fees a broker is permitted to charge a borrower for more difficult loans

c. A fee paid directly to the broker by the borrower

d. The illegal use of a yield spread premium

Q.62. Which of the following is not true regarding assumed business names? A.

a. Assumed business names are not allowed

b. Registered MLOs complete a 20 hours of pre-licensing education

c. Use of a unique identifier on all advertising material

d. Registration with the NMLS

QUESTION #63. Within what period of time must a mortgage loan originator license applicant complete the required 20 hours of pre-licensing education prior to submitting the application? A.

a. 12 months

b. 23 months

c. 54 months

d. 56 months

QUESTION #64. How long after a lending manager license candidate completes their education requirements must they pass the pre-licensing exam? A.

a. One year

b. Mortgage insurance companies

c. Lenders

d. Loan servicer

QUESTION #65. Which of the following would not be used by the Division of Real Estate in evaluating an applicant’s moral character? A.

a. Complete a least 10 hours of continuing education annually

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. Credit report of applicant

QUESTION #66. Which of the following would not be used by the Division of Real Estate in evaluating an applicant’s moral character? A.

a. Personal bankruptcy

b. Up to eight

c. Zero

d. Up to four

QUESTION #67. According to Division rule, which of the following would not be used by the Division of Real Estate in evaluating an applicant’s competency? D.

a. when the lender informs him/her that it is terminating PMI

b. As soon as the five-year required minimum is met

c. As soon as his/her equity position reaches at least 22%

d. Borrower’s complaints regarding the individual

QUESTION #68. According to Utah rule, which of the following would not be used by the Division of Real Estate in evaluating an applicant’s competency? A.

a. Criminal record for the previous 15 years

b. Home equity lines of credit

c. Reverse mortgages

d. Refinances

QUESTION #69. According to Utah rule, which of the following is correct with regards to an applicant’s criminal history? D.

a. Releasing a credit report without written permission

b. Experian releasing a credit report containing disputed information without marking it as such

c. An auto finance company knowingly reporting a borrower late when the payment was accepted on time

d. Any convictions involving moral turpitude in the ten years prior to the license application could prohibit the applicant from obtaining a license

QUESTION #70. If a license application fails to disclose a criminal conviction which is discovered in the background check, which of the following is most true? A.

a. The Division will automatically and immediately revoke the individual’s license

b. Ilegal, since HOPEA prohibits payment caps in high-cost mortgage transactions.

c. Legal, if HUD-approved housing counselor reviewed the term of the agreement with Sam and warned him of its risks

d. Illegal, since it results in negative amortization, which is prohibited under HOEPA

QUESTION #71. Which of the following will not be treated as a conviction for purposes of licensure? A.

a. Resolution by discharge

b. Assignees

c. Creditors

d. Mortgage Broker

QUESTION #72. The initial escrow statement is typically provided: A.

a. At settlement

b. All income sources, whether direct or indirect

c. Information about the company’s net worth

d. Any affiliation that exist with a settlement service provider

QUESTION #73. Which of the following individuals would need a mortgage license? D.

a. GFE, TIL, Settlement Cost Booklet, Servicing Disclosure Statement

b. GFE, Settlement Cost Booklet, Mortgage Servicing Disclosure Statement

c. GFE, Settlement Cost Booklet, Servicing Transfer Statement

d. An employee of a mortgage banker who performs clerical functions and speaks with borrowers and lenders regarding interest rates in conjunction with the origination and processing of a mortgage loan

QUESTION #74. If an applicant is denied a license, which of the following is most true? A.

a. The applicant may appeal, but must do so within 30 days

b. If the borrower needs to have a co-signer apply with him/her because his/her credit score is a little low

c. Discouragement is never permitted

d. The borrower will need to save 12 months or more for a down payment

QUESTION # 75. Which of the following would not need to be submitted as documentation of criminal convictions or previous licensing problems? A.

a. Discharge document

b. HUD-1 prep fee

c. Rate lock fee

d. Mortgage broker fee

QUESTION # 76. An applicant submits a license application to the Division of Real Estate for a mortgage officer license. The application is incomplete. The applicant’s exam scores are about to expire. The DRE may extend the validity of the applicant’s scores for up to how long? D.

a. 42 days

b. 54 days

c. 57 days

d. 30 days

QUESTION # 77. Which of the following would satisfy the continuing education requirement for license renewal? D.

a. Disclosures to inform consumers of the terms and costs of credit

b, Specific disclosure documents

c. Acronyms related to the FCRA

d. Three hours of federal law, two hours of ethics, two hours of non-traditional mortgage products, one hour elective, and two hours of Utah law

QUESTION # 78. If a licensee renews online, how long must they retain documentation of continuing education? A.

a. 24 months

b. 43months

c. 56 months

d. 66 months

QUESTION # 79. If a licensee makes a misrepresentation on a license renewal application, which of the following is most correct? A.

a. The licensee could be subject to disciplinary action

b. Lender charges, service release premium, government insurance charges, prepaids

c. Lender charges, title fees, prepaids, deposits

d. Lender charges, title charges, government charges, prepaid items, deposits

QUESTION # 80. When must a lending manager license be renewed in order for the renewal to be considered timely? D.

a. The amount a borrower should expect to be charged as an annual percentage rate

b. Consumer protection triggered by high-cost loan scenarios

c. Licensing standards placed in effect by the Housing and Economic Recovery Act

d. Every year between November 1 and December 31

Q.81. If a licensee attempts to renew seven months after the licensee’s expiration date, which of the following is most true? A.

a. The applicant will be required to complete the entire licensing process again, including pre-license education and passing the pre-licensing exam

b. Tickets to a pro football game

c. A weekend stay for two at a spa

d. A notepad imprinted with the title company’s information

Q.82. Which of the following best describes the definition of one continuing education hour? D.

a The lender no longer has security interest in the property, and the borrower is liable for any finance charges and appraisal costs.

b. The lender no longer has security interest in the property, and the borrower is refunded any and all charges paid during the loan process

c. The rescission may be challenged by the lender a long as it is within seven business days

d. 50 minutes of instruction, ten-minute break

QUESTION #83. Which of the following individuals would be exempt from licensure? B ****************************************

a. Seller offering seller financing on the sale of their home

b. Mortgage Professionalism and Accountability Act

c. Mortgage Disclosure Improvement Act

d. Secure and Fair Enforcement for Mortgage Licensing Act

QUESTION #84. Which of the following is not a requirement for entity license renewal? D.

a. Conventional loans

b. FHA loans

c. Non-conforming loans

d. List of licensees affiliated with the entity

QUESTION #85. Which of the following best describes the effective date of a change card? A.

a. The date on which the card is received by the Division of Real Estate

b. No sooner than five days after she receives her TIL disclosure

c. At any time since she is a prime borrower

d. No sooner than three business days after she receives her TIL Disclosure

QUESTION #86. How long does a licensee have to notify the Division of Real Estate of a criminal conviction? D.

a. Third-party certified disposal

b. Locked cabinets

c. Reasonable methods

d. Within ten days of the conviction

QUESTION #87. If a licensee changes their employment from one entity to another, which of the following is most true? A.

a. The Division must be notified of the change through the NMLS before the individual begins acting on behalf of the new entity

b. An FHA loan originated prior to January 1, 2015 with a 30-day look-back period

c. A VA loan originated prior to January 1, 2015 with a 15-day look-back period

d. An ARM with a 45-day look back period

QUESTION #88. According to Utah law, which of the following is most true concerning notifying the Division of changes requiring notification? D.

a. A natural person, business, or financial organization that extends a least 15 open-end loans per year

b. A natural person that extends at least 10 open-end loans per calendar year

c. A natural person, business, or financial organization that services mortgage loans

d. If the licensee fails to notify the Division of changes, they may be subject to disciplinary action

QUESTION #89. If a licensee changes their name, which of the following best describes the notification requirement to the Division of Real Estate? A.

a. The applicant must submit written notice and documentation of the name change, such as a marriage certificate

b. A large private lender

c. A larger broker licensed in all 50 states

d. A subsidiary of a federally-regulated bank

QUESTION #90. If a principal lending manager wishes to terminate a licensee who is unavailable, which of the following best describes the required process? D.

a. The creditor disburses all of the funds at closing and demands repayment within a specified period of time

b. The creditor makes a loan anticipating that the borrower will not ask for a refinance during the first five years of the loan term

c. The creditor provides a specified amount of credit, and the borrower may make repeat request for an advance up to the credit limit

d. Terminate the sponsorship through the NMLS

QUESTION #91. Which of the following would not be required in order to obtain a license under the reciprocity rules? A.

a. The applicant’s home state must have a reciprocity agreement with the State of Utah

b. Credit report, surety bond, payment of licensing fees

c. Credit report, net worth, payment of licensing fees to the state

d. Credit report, payment into

QUESTION #92. Minnie is a licensed mortgage loan officer. She is considering expanding her business. According to Utah mortgage law, which of the following roles could Minnie play simultaneously with that of loan officer on the same transaction? D.

a. Good Faith Estimate

b. Settlement Cost Information Booklet

c. Mortgage Servicing Disclosure Statement

d. Insurance agent

QUESTION #93. What is the composition of the Residential Mortgage Regulatory Commission? A.

a. Four licensed individuals, one unlicensed individual

b. 30 days from Notice of Action Taken

c. 30 days if the victim submits a written request, a proof of claim of identity theft, and verifies his identity

d. 90 days from the actual loan application date as long as a written request is submitted

QUESTION #94. Which of the following does not need to be kept in a loan file for record retention purposes? A.

a. Breakdown of commission received by the loan officer on the file

b. Information contained in county-only telephone book is considered protected

c. Stricter standards apply to relationships with consumers over those with customer

d. Brokering loans in not considered a financial activity in the FTC’s definition

QUESTION #95. Which of the following is not a function of the Residential Mortgage Regulatory Commission? D.

a. Discourage subprime lending

b. Discourage the use of inflated appraisal to flip properties

c. Encourage the use of certified and licensed appraiser

d. Issue restraining orders

QUESTION # 96. Which of the following would the Division of Real Estate not be able to investigate? A

a. A state bank engaged in the business of residential mortgage loans

b. The amount of escrow payment made

c. A borrower’s notice if/when the loan servicing is to change hands

d. The timing of the Mortgage Servicing Disclosure Statement

QUESTION #97. Which of the following is not true concerning informal adjudicative hearings? D

a. ECOA

b. FACTA

c. CIP

d. Discovery is allowed

QUESTION #98. If a mortgage licensee is disciplined for a violation of Utah law, which of the following is most likely to be true regarding the management of the company? A

a. If the principal lending manager can show examples of supervision and that the licensee violated written procedures, the manager may be able to mitigate some liability

b. If the violations are related to HOEPA, there is a indefinite time limit

c. He can no longer rescind

d. He has up to three years after selling the home

QUESTION #99. Which of the following is not contained in the statutes or rules as grounds for revocation of a mortgage license? D

a. Fraud for profit

b, Agency fraud

c. Broker fraud

d. Failure to communicate with borrowers

QUESTION #100. Which of the following contains standards or requirements, all of which are considered in evaluating a mortgage licensee? A

a. Competency, licensing history, criminal history, financial responsibility

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. Payment amount may change based on interest rate changes

QUESTION #101. Which of the following would not be considered grounds for license revocation under Utah law? D

a. Successfully pass federal and state components of a test with a least a 75% score

b. Registered MLOs complete a 20 hours of pre-licensing education

c. Use of a unique identifier on all advertising material

d. Failing to give a borrower a copy of the credit report if requested

QUESTION #102. Which of the following is not a form of discipline granted to the Division of Real Estate and the Residential Mortgage Regulatory Commission by the statute? A

a. Seize a company’s trust account

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. Sit for 20 hours of pre-licensure education

QUESTION #103. If a license is revoked, which of the following is true? D

a. Make sure certain credit is not being denied to someone because of a lack of income stability

b. Make sure credit is available to all creditworthy applicants

c. Prevent denial of credit due to a potential borrower’s past credit history

d. The licensee is barred from future mortgage licensure for life

QUESTION #104. What is the maximum amount the Recovery Fund will disburse? A and B

a. $15,000 per occurrence

b. $45,000 per licensee

c. Zero

d. Up to four

QUESTION #105. If a loan application is withdrawn by the borrower, which of the following is most true regarding an entity’s obligation for recordkeeping? D

a. It has an APR that exceeds the rate for Treasury securities with a comparable rate of maturity by 6.5 percentage points

b. It has an APR that exceeds the average prime offer rate by 1.5 percentage points for a loan secured by a first lien on the home.

c. It has an APR that exceeds the average prime offer rate by 3.5 percentage points for a loan secured by a subordinate lien on the home

d. A copy of the file must be kept for four years from the date of last entry in the file

QUESTION #106. When could the Division of Real Estate suspend a license? A

a. Only after a hearing is held

b. Home equity lines of credit

c. Reverse mortgages

d. Refinances

QUESTION #107. Which of the following is not necessary for reimbursement from the Recovery Fund? D

a. Fair Housing Act

b. GLB Safeguards Rule

c. FTC Red Flags Rule

d. Court order requesting payment

QUESTION #108. If funds are disbursed from the Recovery Fund on behalf of a licensee, which of the following is most true? A

a. The licensee’s license is immediately suspended pending repayment of the funds

b. Experian releasing a credit report containing disputed information without marking it as such

c. An auto finance company knowingly reporting a borrower late when the payment was accepted on time

d. Allowing FBI access to a borrower’s file for an investigation

QUESTION #109. The Division of Real Estate regulates all of the following, except: D

a. Loan servicers

b. Assignees

c. Creditors

d. Home inspectors

QUESTION #110. Which of the following would not be considered to evaluate competency for mortgage licensees? A

a. GED or high school diploma

b. This not required by federal law

c. S.A.F.E. Act

d. Mortgage Regulatory Reform (MRR)

QUESTION #111. Under which of the following circumstances could the Division of Real Estate grant a 30-day extension to a deadline? D

a. A Refinance

b. A home equity line of credit used as a second mortgage

c. A purchase of a primary residence

d. Exam scores expire

QUESTION #112. Which of the following is not necessary when attempting to recover from the Recovery Fund? A

a. Sue the Division for payment from the Fund

b. Fees are permitted, but no until a written agreement exist between the consumer and the lender

c. Fees are permitted, but only from the lender

d. Fees are not permitted.

QUESTION #113. Which of the following is not a requirement for online education? D

a. Only state-licensed originators carry a unique identifier

b. State-licensed originators are only allowed to originate in the states in which they hold license, while registered originators may conduct business anywhere

c. Unlike stated-licensed originators, registered originators are exempt

d. Course contains video feed of live instructor

QUESTION #114. If a licensee changes companies, when must they update their information with the NMLS? A

a. Before the licensee begins acting for the new entity

b. All income sources, whether direct or indirect

c. Information about the company’s net worth

d. Any affiliation that exist with a settlement service provider

QUESTION #115. Which of the following could not count as continuing education? D

a. Sexual orientation

b. None are allowable

c. Visa or immigration status

d. Education obtained in a sales meeting

QUESTION #116. Which of the following is not treated the same as a conviction for licensing purposes? A

a. Felony charge

b. FACTA

c. TILA

d. Regulation B

QUESTION #117. Which of the following would not be required to be maintained in a mortgage file on all transactions? A

a. Adverse action notice

b. Open-end home equity plans

c. Interest-only ARMs

d. All ARMs secured by a dwelling

QUESTION #118. The 30-year Treasury rate is currently yielding 4.5%. What is the highest interest rate which could be offered on a 30-year fixed-rate mortgage without the loan being covered

by the Utah High Cost Home Loan Act? D

a. 25436

b. 243243

c. Q3Q3

d. 12.499%

QUESTION #119. A mortgage loan originator’s Utah license expires on December 31. The following January, the originator originates a mortgage loan and earns $10,000. The Division

of Real Estates finds the originator guilty of originating without a license and levies a fine. What is the maximum fine which may be levied? A

a. $10,000

b. 20000

c. 30000

d. 4000

QUESTION #120. Under which of the following circumstances could a person act as a loan originator in a mortgage transaction without a license? D

a. The borrower must have an escrow account for taxes and insurance

b. The loan cannot include prepayment penalties

c. The loan cannot include prepayment penalties after the first two years of the loan term

d. Originating a first mortgage loan on a Utah single-family residence but not receiving any form of compensation

QUESTION #121. If a lending manager candidate is relying solely on originations in order to satisfy the experience requirement for a lending manager license, how many transactions must

the candidate have originated? A

a. 45 transactions within the five years prior to license application

b, Specific disclosure documents

c. Acronyms related to the FCRA

d. Disclosures to inform consumers of their rights when applying for credit

QUESTION #122. Which of the following best describes the time period during which an originator may reinstate an expired LO license? D

a. Title fees, government charges, prepaids, deposits

b. Lender charges, service release premium, government insurance charges, prepaids

c. Lender charges, title fees, prepaids, deposits

d. Between January 1 and the end of February following expiration

QUESTION #123. Which of the following would NOT immediately inactivate an originator’s license? A

a. The Division of Real Estate opens a formal investigation into the actions of a licensee

b. Consumer protection triggered by high-cost loan scenarios

c. Licensing standards placed in effect by the Housing and Economic Recovery Act

d. The interactions between mortgage professionals

QUESTION #124. Which of the following is true regarding a buyer and seller who are not represented by real estate agents? D

a. A $25 gift card for each client referred

b. Tickets to a pro football game

c. A weekend stay for two at a spa

d. The parties may use any form they wish for a sales contract

QUESTION #125. The name of the purchase agreement approved by the Division of Real Estate for use by all real estate licensees is: A

a. Real Estate Purchase Contract

b. Mortgage Professionalism and Accountability Act

c. Mortgage Disclosure Improvement Act

d. Secure and Fair Enforcement for Mortgage Licensing Act

QUESTION #126. Which of the following is true regarding closing, according to the purchase agreement approved by the Utah Division of Real Estate? D

a. No sooner than seven days after she receives her TIL Disclosure

b. No sooner than five days after she receives her TIL disclosure

c. At any time since she is a prime borrower

d. Closing must occur within four calendar days of settlement

QUESTION #127. According to the purchase agreement approved by the Utah Division of Real Estate, the deadline by which the buyer may cancel and receive a refund of their earnest money deposit based on a loan being declined is the: A

a. Financing and appraisal deadline

b. Locked cabinets

c. Reasonable methods

d. Extraordinary measures

QUESTION #128. If a buyer cancels their purchase agreement after the financing and appraisal deadline, which of the following is true according to the purchase agreement approved by the Utah Division of Real Estate? D

a. An ARM with a interest rate adjustment that adjust monthly

b. An FHA loan originated prior to January 1, 2015 with a 30-day look-back period

c. A VA loan originated prior to January 1, 2015 with a 15-day look-back period

d. The buyer’s loss will be limited to their earnest money deposit

QUESTION #129. Which of the following would the Division not be able to do in disciplining a licensee? A

a. Issue a restraining order

b. The TIL

c. The HUD-1

d. The GFE

QUESTION #130. According to Utah statute, making or originating a mortgage loan with ANSWER IS C and D.

a. both first and subordinate liens

b. Subordinate liens

c. the expectation of compensation is considered:

d. The business of residential mortgage loans

QUESTION #131. In Utah, a loan originator who originates a closed end, first mortgage loan on a Utah property is regulated primarily by THE ANSWER IS A.

a. DRE (the Division of Real Estate)

b. A large private lender

c. A larger broker licensed in all 50 states

d. A subsidiary of a federally

QUESTION #132. In Utah, a mortgage loan originator who originates a line of credit secured by a residential Utah property is primarily regulated by THE ANSWER IS D

a. Good Faith Estimate

b. Settlement Cost Information Booklet

c. Mortgage Servicing

d. DFI (the Department of Finance)

QUESTION #133. According to the Utah Residential Mortgage Practices and Licensing Act, which of the following would be considered a residential mortgage loan? A

a. A first mortgage loan on a duplex which is occupied in part by the borrower

b. 30 days from Notice of Action Taken

c. 30 days if the victim submits a written request, a proof of claim of identity theft, and verifies his identity

d. 90 days from the actual loan application date as long as a written request is submitted.

QUESTION #134. According to the Utah Residential Mortgage Practices and Licensing Act, an owner of a licensed mortgage entity needs to be licensed when? A,B, C

a. They need to be licensed

b. only if acting as a mortgage loan

c. Originator

d. Minority stunting

QUESTION #135. Entities which are covered by the Utah Consumer Credit Code must file a notification with who? A

a. Department of Financial Institutions

b. If the violations are related to HOEPA, there is a indefinite time limit

c. He can no longer rescind

d. He has up to three years after selling the home

QUESTION #136. A transaction of a second mortgage to an individual for household purposes would be covered by who (outside of DFI)? D

a. Property flipping

b. Reverse redlining

c. Steering

d. The Utah Consumer Credit Code

QUESTION #137. According to the Utah Consumer Credit Code, prepayment penalties are allowed when? A

a. Under certain circumstances, but the borrower must be given an option without a prepayment penalty.

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. Payment amount may change based on interest rate changes

QUESTION #138. Entities which have previously filed a notification as required under the Utah Consumer Credit Code must refile by what date? A

a. Annually on or before January 31 of each year

b. Mortgage insurance companies

c. Lenders

d. Loan servicer

QUESTION #139. According to the SAFE Act, a non-traditional mortgage is defined as which of the following? D

a. Complete a least 10 hours of continuing education annually

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifie

d. Any loan which is not a 30 year fixed loan

QUESTION # 140. Communicating with a borrower to obtain information necessary for the processing of a loan is considered THE ANSWER IS A.

a. a clerical duty

b. Up to eight

c. Zero

d. Up to four

QUESTION # 141. Who is required to be bonded in the State of Utah? D

a. Loans to purchase a home

b. Home equity lines of credit

c. Reverse mortgages

d. Individuals licensed through the DFI

QUESTION # 142. A loan originator fails the SAFE exam on their fourth attempt. When is the earliest time that the mortgage loan originator may retake the exam? A

a. In 6 months

b. 5months

c. 7 months

d. 9 months

QUESTION #143. What is the required bond amount for a business entity if their annual origination volume for the entity is over $30 million? A

a. $100,000

b. 323000

c. 1——

d. 323—-

QUESTION #144. A mortgage loan originator fails the SAFE exam on their first attempt. When is the earliest that the mortgage loan originator applicant may retake the exam? D

a. 32 days

b. 34 days

c. 11 days

d. In 30 days

QUESTION #145. If the Department of Finance issues an order to a lender to immediately stop making loans to consumers without a hearing, the Department must hold a hearing within ___ days upon request of the lender THE ANSWER IS A

a. 30

b. 21

c. 34

d. 12

QUESTION #146. Entities which are covered by the Utah Consumer Credit Code must file a notification with the proper agency ___ days before doing business in Utah. A

a. 30

b. 6

c. 45

d. 43

QUESTION #147. A closed end mortgage recorded in second position on a Utah property would be regulated by which of the following agencies? D.

a. Loans to purchase a home

b. Home equity lines of credit

c. Reverse mortgages

d. Department of Financial Institutions

QUESTION #148. What is the required bond amount for a mortgage loan originator if their annual origination volume is less than $5 million? A

a. $12,500

b. 120000

c. 129978

d. 120098

QUESTION #149. According to Utah statute, an individual who takes a residential mortgage loan application for compensation is known as THE ANSWER IS D

a. Fair Housing Act

b. GLB Safeguards Rule

c. FTC Red Flags Rule

d. a mortgage loan originator

QUESTION #150. According to Utah statute, offering or negotiating the terms of a mortgage THE ANSWER IS A.

a. loan for the expectation of compensation is considered acting as a loan originator

b. Experian releasing a credit report containing disputed information without marking it as such

c. An auto finance company knowingly reporting a borrower late when the payment was accepted on time

d. Allowing FBI access to a borrower’s file for an investigation

QUESTION # 151. An individual mortgage loan originator employed by a depository institution must be REGISTERED under: D

a. Loan servicers

b. Assignees

c. Creditors

d. The NMLS

QUESTION # 152. If a licensee feels an agency has entered incorrect information into the NMLS database concerning the licensee: A

a. the licensee may challenge the information in writing to the agency

b. Restart the seven-business-day waiting period after the new disclosure has been made

c. Provide disclosure of the corrected discrepancy and wait three business days before closing

d. Adjust the APR and close the loan as schedule

QUESTION # 153. An individual plead guilty to a felony involving a breach of trust 6 years ago and now applies for a mortgage loan originator’s license. Which of the following is true? D

a. Only a portion of interest that is charged is excess of $10,000 annually is deductible from income taxes

b. Interest on the portion of the credit that exceeds market value

is deductible at 50% of its normal value

c. The borrower should consult a tax adviser regarding deductibility of interest

d. The individual will never be eligible for licensure

QUESTION # 154. An individual mortgage loan originator employed by a depository institution THE ANSWER IS A.

a. must be registered under the NMLS

b. This not required by federal law

c. S.A.F.E. Act

d. Mortgage Regulatory Reform (MRR)

QUESTION # 155. The document which lists which party receives what money out of a closing is referred to as a THE ANSWER IS D.

a. AD

b. SAD

c. DHJ

d. HUD-1

QUESTION # 156. Which of the following requests would be proper for an appraiser according to USPAP? A

a. “Please give me a list of sales in a certain area“

b. Fees are permitted, but no until a written agreement exist between the consumer and the lender

c. Fees are permitted, but only from the lender

d. Fees are not permitted.

QUESTION # 157. A mortgage broker is asked to originate a mortgage for a borrower. The mortgage broker knows the borrower will not occupy the property as their primary residence, but the borrower insists on stating they will owner occupy the property. Which of the following represents the best course of action for the loan officer? D

a. Only state-licensed originators carry a unique identifier

b. State-licensed originators are only allowed to originate in the states in which they hold license, while registered originators may conduct business anywhere

c. Unlike stated-licensed originators, registered originators are exempt

d. Refuse to originate the loan as an owner occupied transaction

QUESTION # 158. A borrower wants to refinance their mortgage. The loan officer knows the borrower has debt which is not being disclosed and the borrower refuses to disclose it. Which of

the following describes the best course of action for the loan officer? A

a. Refuse to originate the loan

b. All income sources, whether direct or indirect

c. Information about the company’s net worth

d. Any affiliation that exist

QUESTION #159. According to the Utah approved Real Estate Purchase Contract, what is the latest a buyer may cancel based on the property failing to appraise for the purchase price and still be entitled to a refund of the earnest money deposit? D

a. URAR

b. HUD’s Settlement Cost Booklet

c. HUD-1A

d. Appraisal deadline

QUESTION #160. A contingency in a purchase contract THE ANSWER IS A.

a. allows the buyer or seller to cancel the contract under certain circumstances

b. GFE, Settlement Cost Booklet, Mortgage Servicing Disclosure Statement

c. GFE, Settlement Cost Booklet, Servicing Transfer Statement

d. GFE, HUD-1, Servicing Transfer Statement

QUESTION #161. According to the Utah approved Real Estate Purchase Contract, settlement refers to. A

a. signing of the closing documents

b. Open-end home equity plans

c. Interest-only ARMs

d. All ARMs secured by a dwelling

QUESTION #162. According to the Utah approved Real Estate Purchase Contract, closing refers to THE ANSWER IS D.

a. Credit report fee

b. HUD-1 prep fee

c. Rate lock fee

d. loan funding and recording

QUESTION #163. According to the Utah approved Real Estate Purchase Contract, what is the latest a buyer may cancel based upon their inability to obtain financing and still be entitled to a refund of the earnest money deposit? A

a. Financing and Appraisal Deadline

b, Specific disclosure documents

c. Acronyms related to the FCRA

d. Disclosures to inform consumers

QUESTION #164. A contingency in a purchase contract THE ANSWER IS A

a. allows the buyer or seller to cancel the contract under certain circumstances

b. Lender charges, service release premium, government insurance charges, prepaids

c. Lender charges, title fees, prepaids, deposits

d. Lender charges, title charges, government charges, prepaid items, deposits

QUESTION #165. On the standard Utah Real Estate Purchase Contract, where would the amount of the buyer’s down payment be found? A

a. In the purchase price section

b. Mortgage Professionalism and Accountability Act

c. Mortgage Disclosure Improvement Act

d. Secure and Fair Enforcement for Mortgage

QUESTION # 166. According to the Utah approved Real Estate Purchase Contract, what remedies are available to the seller if a buyer cancels the contract based upon an inability to qualify for financing after the Financing Deadline? D

a. Conventional loans

b. FHA loans

c. Non-conforming loans

d. Liquidated damages

QUESTION # 167. According to the Utah approved Real Estate Purchase Contract, possession is based upon THE ANSWER IS A.

a. Closing

b. Locked cabinets

c. Reasonable methods

d. Extraordinary measures

QUESTION # 168. According to the Utah approved Real Estate Purchase Contract, what happens to the earnest money deposit if the buyer cancels the contract after the Loan Qualification Deadline based upon an inability to qualify for financing? D

a. An ARM with a interest rate adjustment that adjust monthly

b. An FHA loan originated prior to January 1, 2015 with a 30-day look-back period

c. A VA loan originated prior to January 1, 2015 with a 15-day look-back period

d. The buyer may lose their earnest money deposit

QUESTION # 169. If an individual wishes to change their affiliation from one entity to another, they must notify the Division of Real Estate when? A

a. Before the effective date of the change

b. The TIL

c. The HUD-1

d. The GFE

QUESTION # 170. If an licensed mortgage loan originator licensed with the Division of Real Estate is convicted of a criminal offense, the licensee must THE ANSWER IS A

a. Notify the Division of Real Estate within 10 days

b. A natural person that extends at least 10 open-end loans per calendar year

c. A natural person, business, or financial organization that services mortgage loans

d. A natural person, business, or financial organization that regularly extends credit to consumers

QUESTION #171. Under which of the following circumstances could a mortgage loan originator be involved in the preparation of a real estate purchase contract? D

a. Both first and subordinate liens

b, Subordinate liens

c. Neither first nor subordinate liens

d. Only if specific provisions of the contract affect the loan transaction

QUESTION #172. If a licensee licensed with the Division of Real Estate changes their mailing address, they must: D

a. A small private lender

b. A large private lender

c. A larger broker licensed

d. Notify the Division of Real Estate within 10 days

QUESTION #173. A mortgage loan originator orders an appraisal, but fails to pay the appraiser for the service. Which of the following is most true? A

a. The mortgage loan originator may be disciplined if a court has determined they owe the money or if the money was collected from the borrower

b. Restart the seven-business-day waiting period after the new disclosure has been made

c. Provide disclosure of the corrected discrepancy and wait three business days before closing

d. Adjust the APR and close the loan as schedule

QUESTION #174. A mortgage loan originator wishes to provide fliers for a real estate agent to assist in the advertising of the property. The mortgage loan originator wishes to include information about the property as well as financing information, which will include contact information for the mortgage loan originator. Which of the following is true? A

a. This is allowed as long as the flier clearly indicates that the mortgage loan originator may only provide financing information

b. Threatening to arrest a borrower if he/she does not pay a bill

c. Placing calls before 8:00 am or after 9:00 pm

d. Making misleading statements

QUESTION #175. According to Utah law, a quality control plan is evidence of what? On the part of who? D

a. Good Faith Estimate

b. Settlement Cost Information Booklet

c. Mortgage Servicing

d. Reasonable supervision on the part of a PLM

QUESTION #176. Which of the following is not specifically prohibited in Utah rules? A

a. Paying an appraiser to rush an appraisal fee?

b. Information contained in county-only telephone book is considered protected

c. Stricter standards apply to relationships with consumers over those with customer

d. Brokering loans in not considered a financial activity in the FTC’s definition

QUESTION #177. Which of the following is not listed as a reason a mortgage loan originator could lose their Utah license? D

a. Steering

b. Redlining

c. Reverse redlining

d. Being accused of a felony

QUESTION #178. A mortgage loan originator wishes to provide signs for placement by sellers who wish to offer their properties “for sale by owner.” Which of the following is true? A

a. This is allowed as long as it is clear that those interested in the property must contact the owner

b. If the violations are related to HOEPA, there is a indefinite time limit

c. He can no longer rescind

d. He has up to three years after selling the home

QUESTION #179. With regards to Utah mortgage license law, the acronym “PLM” refers to a. D

a. RESPA

b. TILA

c. FTC

d. principal lending manager

QUESTION #180. Which of the following is an accurate statement of the address requirements of a licensed mortgage entity in Utah? A

a. Each entity must provide the Division with a physical street address

b. Fees a broker is permitted to charge a borrower for more difficult loans

c. A fee paid directly to the broker by the borrower

d. The illegal use of a yield spread premium

QUESTION #181. Assume a mortgage loan originator violates Utah statute. Which of the following best describes the liability of the PLM responsible for supervising the mortgage loan originator? D.

a, Termination of PMI is automatic at the midpoint of the amortization schedule as long as the borrower is current on his/her payments.

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. The PLM may be disciplined unless they are able to prove reasonable supervision

QUESTION #182. A PLM is responsible for the supervision of THE ANSWER IS A.

a. licensed and unlicensed staff

b. Mortgage insurance companies

c. Lenders

d. Loan servicer

QUESTION #183. In order to qualify for a PLM license, an applicant must complete how many hours of approved education? A

a. 40

b. 23

c. 34

d. 54

QUESTION #184. Assume a company is applying for a mortgage entity license in Utah. The vice president of the company had their individual mortgage license revoked in another state 2 years prior to the license application. Which of the following is true? D.

a. Complete a least 10 hours of continuing education annually

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. The entity may not be eligible for licensure in Utah.

QUESTION #185. A Utah licensed mortgage loan originator may receive compensation on a Utah transaction from which of the following? A.

a. The PLM with whom the licensee is affiliated ONLY

b. Make sure credit is available to all creditworthy applicants

c. Prevent denial of credit due to a potential borrower’s past credit history

d. Make credit available to borrowers who are less than qualified

QUESTION #186. If a company were to lose their Principal Lending Manager, what happens with the other licensees? D.

a. A selection of indices the borrower can choose from for the loan

b. A statement that the borrower will not be responsible for principal during the initial fixed period

c. A statement that the rate, payment, or the loan terms can change

d. All licensees affiliated with the company would be placed on inactive status

QUESTION #187. What is the minimum number of hours which must be devoted to federal law in the NMLS required pre- licensing education? A.

a. 3

b. 4

c. 6

d. 8

QUESTION #188. Utah rule allows the Division to consider the individual’s training, education, and experience in the mortgage loan business when evaluating an applicant’s _______? A.

a. Competency

b. Up to eight

c. Zero

d. Up to four

QUESTION #189. For a timely renewal, a licensed mortgage loan originator may renew their license:

a. It has an APR that exceeds the rate for Treasury securities with a comparable rate of maturity by 6.5 percentage points

b. It has an APR that exceeds the average prime offer rate by 1.5 percentage points for a loan secured by a first lien on the home.

c. It has an APR that exceeds the average prime offer rate by 3.5 percentage points

d. Only between November 1 and December 31 each year

QUESTION #190. A registered mortgage loan originator for a bank wishes to originate nonbank loans on the side for a mortgage broker. Is this ok? A.

a. This is not allowed under Utah mortgage licensing law

b. As soon as the five-year required minimum is met

c. As soon as his/her equity position reaches at least 22%

d. As soon as his/her equity position is 20%or greater

QUESTION #191. An applicant for a Utah loan originator’s license from the Division of Real Estate has a history of drug abuse. The drug abuse may be used as evidence of ? A.

a. The applicant’s competence

b. Home equity lines of credit

c. Reverse mortgages

d. Refinances

QUESTION #192. Which of the following best describes the Utah education requirements for licensure with the Division of Real Estate? D.

a. Releasing a credit report without written permission

b. Experian releasing a credit report containing disputed information without marking it as such

c. An auto finance company knowingly reporting a borrower late when the payment was accepted on time

d. 15 hours of Utah approved education and 20 hours of NMLS approved education

QUESTION #193. An applicant applies for a loan originator’s license through the Division of Real Estate who previously owned a mortgage company. Former employees won a lawsuit against the individual for non-payment of commissions due. The lawsuit may be used as evidence of ? A.

a. The applicant’s competence

b. Users of consumer reports and lenders regulated by RESPA and TILA

c. CRA, Experian, and FHA

d. CRAs, furnishers of information to CRAs, and users of consumer reports

QUESTION #194. According to Utah Residential Mortgage Practices and Licensing Act, the ability to operate honestly, fairly, and efficiently is required to demonstrate: D.

a. Keep records of the discrepancy for three years

b. Restart the seven-business-day waiting period after the new disclosure has been made

c. Provide disclosure of the corrected discrepancy

d. Competence to transact the business of mortgage loans

QUESTION #195. An individual who is behind on child support applies for a Utah mortgage loan originator’s license from the Division of Real Estate. The child support arrearage may be used as evidence of ? A.

a. Moral character

b. HUD’s Settlement Cost Booklet

c. HUD-1A

d. HUD-1

QUESTION #196. Which of the following best describes the continuing education requirements for a mortgage loan originator? D.

a. Sexual orientation

b. None are allowable

c. Visa or immigration status

d. 8 hours every year, including 3 hours of federal mortgage law

QUESTION #197. If a mortgage loan originator fails to renew their license on time, how long do they have to license before they may be required to begin the licensing process again? A.

a. February 28

b. FACTA

c. TILA

d. Regulation B

QUESTION #198. According to the Utah Residential Mortgage Practices and Licensing Act, competence to transact the business of mortgage loans includes THE ANSWER IS D.

a. If the borrower has been at his/her job less than two years.

b. If the borrower needs to have a co-signer apply with him/her because his/her credit score is a little low

c. Discouragement is never permitted

d. The ability to command the confidence of the community

QUESTION #199. An applicant for a loan originator’s license entered a no contest plea for a felony drug charge 8 years prior to the license application. Will that effect their licensure? A.

a. The plea will not necessarily prevent the applicant from licensure

b. Open-end home equity plans

c. Interest-only ARMs

d. All ARMs secured by a dwelling

QUESTION # 200. For a timely renewal, a licensed mortgage loan originator may renew their license: D.

a. Disclosures to inform consumers of the terms and costs of credit

b, Specific disclosure documents

c. Acronyms related to the FCRA

d. only between November 1 and December 31 each year

QUESTION # 201. A mortgage loan originator working for company A refers a loan to a mortgage loan originator working for company B. What is true regarding compensation on the transaction? A, B, C.

a. Company B may pay

b. Company A for any

c. services rendered on the file

d. There is no requirement

QUESTION #202. If a buyer defaults on a contract and the seller asks the court to force the buyer to close on the home, the seller is asking for: A.

a. Specific performance

b. FHA loans

c. Non-conforming loans

d. Loans with market rates

QUESTION # 203. If a buyer defaults on a contract and the seller asks the court to force the buyer to reimburse them for the costs incurred by the seller as a result of the default, the seller is asking for THE ANSWER IS D.

a. Third-party certified disposal

b. Locked cabinets

c. Reasonable methods

d. Actual damages

QUESTION # 204. Which of the following best describes the standard set forth in the Utah approved Real Estate Purchase Contract for the condition of the property at the time of possession by the buyer? A, B, and C.

a. Property must be in the same

b. condition it was in when the

c. offer was accepted

d. Extraordinary measures

QUESTION # 205. According to the Utah approved Real Estate Purchase Contract, if the seller defaults, and the buyer chooses to accept liquidated damages, which of the following describes the money they buyer will receive? D.

a. An ARM with a interest rate adjustment that adjust monthly

b. An FHA loan originated prior to January 1, 2015 with a 30-day look-back period

c. A VA loan originated prior to January 1, 2015

d. Return of the earnest money as well as damages from the seller in the amount of the earnest money deposit

QUESTION # 206. Which of the following is a requirement for all notices THE ANSWER IS C and D.

a. A natural person, business, or financial organization that extends a least 15 open-end loans per year

b. A natural person that extends at least 10 open-end loans per calendar year

c. required under the Utah standard Real Estate Purchase Contract

d. Return of the earnest money as well as damages from the seller in the amount of the earnest money deposit

QUESTION # 207. Which of the following is a requirement for all notices required under the Utah standard Real Estate Purchase Contract? A.

a. They must be in writing

b, Subordinate liens

c. Neither first nor subordinate liens

d. First lien

QUESTION # 208. According to the Utah approved Real Estate Purchase Contract, who is responsible for any damage caused by a tenant moving out of the property before possession by the buyer? D.

a. ECOA

b. FACTA

c. CIP

d. Seller

QUESTION # 209. According to the Utah approved Real Estate Purchase Contract, the earnest money deposit may serve as THE ANSWER IS A.

a. Liquidated damages

b. Redlining

c. Reverse redlining

d. Minority stunting

QUESTION # 210. According to the Utah approved Real Estate Purchase Contract, if the buyer defaults and the seller decides to sue for actual damages, what happens with the earnest money? A.

a. The buyer is entitled to a refund of the earnest money deposit

b. If the violations are related to HOEPA, there is a indefinite time limit

c. He can no longer rescind

d. He has up to three years after selling the home

QUESTION # 211. According to the Utah approved Real Estate Purchase Contract, once the seller accepts an offer, can they take out a draw on a current second mortgage on the property? A.

a. Yes

b. No

QUESTION # 212. According to the Utah approved Real Estate Purchase Contract, what is the standard used for the cleanliness of the property at the time of possession by the buyer? D.

a. RESPA

b. TILA

c. FTC

d. Broom clean

QUESTION # 213. If a buyer defaults on a contract and the seller asks the court to force the buyer to close on the home, the seller is asking for THE ANSWER IS A.

a. specific performance

b, Agency fraud

c. Broker fraud

d. Fraud for housing

QUESTION # 214. According to the Utah approved Real Estate Purchase Contract, if the seller defaults, and the buyer chooses to accept liquidated damages, which of the following describes the money they buyer will receive? A, B, C, D.

a. Return of the earnest money

b. as well as damages from the

c. seller in the amount of the

d. earnest money deposit

e. Equity stripping

QUESTION # 215. If a buyer asks a licensee to prepare an offer but does not have their checkbook so is unable to present the earnest money funds, which of the following describes the licensee’s best course of action? A.

a. Draft the offer and disclose the absence of the earnest money funds

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. Payment amount may change based on interest rate changes

QUESTION # 216. According to the Utah approved Real Estate Purchase Contract, what is the latest a buyer may cancel based upon their inability to obtain financing and still be entitled to a refund of the earnest money deposit? A.

a. Financing and Appraisal Deadline

b. Mortgage insurance companies

c. Lenders

d. Loan servicer

QUESTION # 217. According to the Utah approved Real Estate Purchase Contract, possession is based upon THE ANSWER IS D.

a. Up to sixteen

b. Up to eight

c. Zero

d. Closing

QUESTION #218. If a buyer defaults on a contract and the seller asks the court to force the buyer to reimburse them for the costs incurred by the seller as a result of the default, the seller is asking for: A.

a. Actual damages

b. Home equity lines of credit

c. Reverse mortgages

d. Refinances

QUESTION #219. A swing set permanently attached in the back yard of THE ANSWER IS D.

a home would be considered

a. Fair Housing Act

b. GLB Safeguards Rule

c. FTC Red Flags Rule

d. appurtenant

QUESTION #220. According to the Utah approved Real Estate purchase Contract, the earnest money funds be deposited within ___calendar days of acceptance and receipt. A.

a. 4

b. 5

c. 7

d. 9

QUESTION #221. According to the Utah approved ________ Contract, all leases affecting a property subject to a purchase contract must be disclosed THE ANSWER IS A.

a. Real Estate Purchase Contract

b. Assignees

c. Creditors

d. Mortgage Broker

QUESTION #222. The earnest money deposit serves as: D.

a. Waive if they complete a printed form

b. Waive if they notify the creditor at the time of the loan application that they wish to do so

c. Not waive

d. Serve as liquidated damages

QUESTION #223. According to the Utah approved Real Estate Purchase Contract, closing refers to: A.

a. loan funding and recording

b. This not required by federal law

c. S.A.F.E. Act

d. Mortgage Regulatory Reform (MRR)

QUESTION #224. The REPC requires the seller purchase for the buyer an ______Homeowner’s Policy, if available THE ANSWER IS A.

a. ALTA Homeowner’s Policy

b. A home equity line of credit used as a second mortgage

c. A purchase of a primary residence

d. An interest-only ARM used to purchase new construction

QUESTION #225. What best describes the minimum information on which the Division of Real Estate may issue a cease and desist order? D.

a. Fees are permitted up front, but only if full disclosure are made to the client

b. Fees are permitted, but no until a written agreement exist between the consumer and the lender

c. Fees are permitted, but only from the lender

d. Reasonable belief that a violation is occurring

QUESTION #226. The members of the Utah Residential Mortgage Regulatory Commission are appointed by THE ANSWER IS A.

a. The Executive Director of the Department of Commerce

b. All income sources, whether direct or indirect

c. Information about the company’s net worth

d. Any affiliation that exist with a settlement service provider

QUESTION #227. The maximum amount of any fine levied against a licensee is THE ANSWER IS D.

a. 21200

b. 31300

c. 3300

d. $5,000 per violation

QUESTION #228. A licensee who is licensed with the Division of Real Estate maintains an office outside of the state of Utah where they have their records stored. If the Division wishes to inspect the records, the licensee must reimburse the Division for? A.

a. All travel costs associated with inspecting the records

b. None are allowable

c. Visa or immigration status

d. Marital Status

QUESTION #229. The Utah Residential Mortgage Regulatory Commission consists of: D.

a. Closed-end ARM secured by the borrower’s principal residence

b. Open-end home equity plans

c. Interest-only ARMs

d. 5 members, 4 of which must hold mortgage licenses

QUESTION #230. A licensed mortgage loan originator sends an advertisement which is intended to convince the borrower that the letter is from a government agency. Which of the following is true? A.

a. This type of advertising would potentially violate Utah rules, because it could be misleading

b. The loan cannot include prepayment penalties

c. The loan cannot include prepayment penalties after the first two years of the loan term

d. Consideration of repayment ability must include verification of income using document such as IRS W-2 forms

QUESTION #231. A mortgage loan originator is unable to close a loan application. Therefore, the loan originator sends the file to another mortgage company, who is able to close the transaction. What is true regarding the compensation which may be paid to the first loan originator? D.

a. Disclosures to inform consumers of the terms and costs of credit

b, Specific disclosure documents

c. Acronyms related to the FCRA

d. The first loan originator may be paid for services actually rendered, as long as the payment goes through the loan originator’s PLM

QUESTION #232. If an individual wishes to change their affiliation from one entity to another, they must notify the Division of Real Estate: A.

a. Before the effective date of the change

b. Lender charges, service release premium, government insurance charges, prepaids

c. Lender charges, title fees, prepaids, deposits

d. Lender charges, title charges, government charges, prepaid items, deposits

QUESTION #233. A mortgage loan originator discards a file which has been closed for five years by simply depositing the file in a dumpster. Which of the following is true? D.

a. The amount a borrower should expect to be charged as an annual percentage rate

b. Consumer protection triggered by high-cost loan scenarios

c. Licensing standards placed in effect by the Housing and Economic Recovery Act

d. The mortgage loan originator may be subject to discipline based on the method of disposal of the record

QUESTION #234. Under what circumstances would a licensee be allowed to require a borrower to sign a blank document? A.

a. If the form is a verification of employment and the blanks are for the employer to complete

b. Tickets to a pro football game

c. A weekend stay for two at a spa

d. A notepad imprinted with the title company’s information

QUESTION #235. A loan originator takes a loan application online, when must they get signatures from the borrower? D.

a The lender no longer has security interest in the property, and the borrower is liable for any finance charges and appraisal costs.

b. The lender no longer has security interest in the property, and the borrower is refunded any and all charges paid during the loan process

c. The rescission may be challenged by the lender a long as it is within seven business days

d. The loan originator must obtain signatures from the borrower as soon as possible

QUESTION #236. According to Division of Real Estate rule, an advertisement must include THE ANSWER IS A.

a. The name of the licensed entity

b. Mortgage Professionalism and Accountability Act

c. Mortgage Disclosure Improvement Act

d. Secure and Fair Enforcement for Mortgage Licensing Act

QUESTION #237. A loan originator commits fraud on a mortgage transaction on which the originator earns $10,000. What is the maximum amount the Division of Real Estate could fine the licensee? D.

a. 2100

b. 3000

c. 4000

d. $10,000

QUESTION #238. An applicant for a loan originator license with the Division of Real Estate is denied licensure based on misconduct in a professional capacity related to mortgage

lending. The applicant will be eligible for licensure. A.

a. In 5 years

b. 4 years

c. 6 years

d. 9 years

QUESTION #239. If the Department of Finance issues an order to a lender to immediately stop making loans to consumers without a hearing, the Department: A and B.

a. must hold a hearing within 30

b. days upon request of the lender

c. Non-conforming loans

d. Loans with market rates

QUESTION #240. Entities which have previously filed a notification as required under the Utah Consumer Credit Code must refile annually on or before ______ of each year THE ANSWER IS A.

a. January 31

b. Locked cabinets

c. Reasonable methods

d. Extraordinary measures

QUESTION #241. Which of the following best describes the limitations on payments from the Division of Real Estate’s Recovery Fund? C and D.

a. The Good Faith Addendum

b. The TIL

c. $15,000 per violation, $45,000

d. per licensee

QUESTION #242. In Utah, a mortgage advertisement would not need to include which of the following The NMLS ID of the mortgage. A.

a. loan originator

b, Subordinate liens

c. Neither first nor subordinate liens

d. First lien

QUESTION #243. According to Utah rule, which of the following is responsible for proper destruction of records? A.

a. The licensed entity

b, Agency fraud

c. Broker fraud

d. Fraud for housing

QUESTION #244. The Financial Institution Mortgage Financing Regulation Act would not apply to THE ANSWER IS A.

a. an entity originating only closed end first mortgages regulated by the Division of Real Estate

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. Payment amount may change based on interest rate changes

QUESTION #245. Which situation would the Principal Lending Manager of an entity NOT be responsible for maintenance of the records of the entity? D.

a. Appraisers

b. Mortgage insurance companies

c. Lenders

d. The entity has closed

QUESTION #246. According to Division of Real Estate rule, record keeping is the responsibility of the a mortgage loan originator’s. THE ANSWER IS A.

a. sponsoring entity

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. Sit for 20 hours of pre-licensure education

QUESTION #247. The maximum amount of any fine levied against a licensee by the Department of Finance is? D.

a. 3300

b. 3400

c. 76600

d. $2,500 per licensee

QUESTION #248. Once a cease and desist order is issued by the Division of Real Estate, a licensee against whom the order is issued may request a hearing if they wish to challenge the order, within. THE ANSWER IS D.

a. 34 days

b. 65 days

c. 68 days

d. 30 days

QUESTION #249. As part of the license application for a license with the Division of Real Estate, an applicant must provide. THE ANSWER IS A.

a. a home address and a business or mailing address

b. Make sure credit is available to all creditworthy applicants

c. Prevent denial of credit due to a potential borrower’s past credit history

d. Make credit available to borrowers who are less than qualified

QUESTION #250. When advertising, a loan originator may include their individual name as long as. THE ANSWER IS D.

a. A selection of indices the borrower can choose from for the loan

b. A statement that the borrower will not be responsible for principal during the initial fixed period

c. A statement that the rate, payment,

d. The name of the originator’s sponsoring entity is included

QUESTION #251. According to Utah law, what is the maximum fee which may be charged to a borrower for compliance with a request for a copy of their appraisal? A.

a. $0

b. $2

c. $5

d. $9

QUESTION #252. What is an associate lending manager’s relationship to a PLM? D.

a. Transmitting a telephone number so that it can be read by a call recipient’s caller ID

b. Threatening to arrest a borrower if he/she does not pay a bill

c. Placing calls before 8:00 am or after 9:00 pm

d. They may assist a PLM in performing their required duties

QUESTION #253. In Utah, a mortgage loan originator who originates a line of credit secured by a residential Utah property is primarily regulated by THE ANSWER IS A.

a. The Department of Finance

b. Threatening to arrest a borrower if he/she does not pay a bill

c. Placing calls before 8:00 am or after 9:00 pm

d. Making misleading statements

QUESTION #254. If a licensee feels an agency has entered incorrect information into the NMLS database concerning the licensee, the licensee may challenge the information by: D.

a. Stricter standards apply to relationships with customers over those with consumer

b. Information contained in county-only telephone book is considered protected

c. Stricter standards apply to relationships with consumers over those with customer

d. The licensee may challenge the information in writing to the agency

QUESTION #255. The mortgage industry in the state of Utah is regulated by (2)? C.

a. Allow borrowers time to determine if they want to exercise a right to rescind the loan

b. Provide borrowers with adequate time to make financial arrangements to prepare for larger monthly payments

c. The Division of Real Estate and the Department of Financial Institutions

d. Encourage borrowers to take advantage of loan modification programs

QUESTION #256. According to Division of Real Estate rule, records must be disposed using: A and B.

a. Reasonable measures to

b. Safeguard personal information

c. Mortgage Servicing Disclosure Statement

d. Affiliated Business Arrangement Disclosure

QUESTION #257. Which of the following is an accurate statement of the disposal requirements set forth in Utah law and rule? D.

a. All documents assuming the victim provides a proof of claim and verification of identity

b. All documents from Notice of Action Taken

c. All documents the victim submits a written request, a proof of claim of identity theft, and verifies his identity

d. All documents must be destroyed using appropriate methods for the entity

QUESTION #258. According to Utah rule, a loan originator must give a borrower a copy of their appraisal when? A

a. Within 90 days of the borrower’s request if the borrower has paid for the appraisal

b. 30 days from Notice of Action Taken

c. 30 days if the victim submits a written request, a proof of claim of identity theft, and verifies his identity

d. 90 days from the actual loan application date as long as a written request is submitted.

QUESTION #259. An applicant for a loan originator’s license entered a no contest plea for a felony drug charge 8 years prior to the license application. Which of the following is true? C.

a. Stricter standards apply to relationships with customers over those with consumer

b. Information contained in county-only telephone book is considered protected

c. The plea will not necessarily prevent the applicant from licensure.

d. Stricter standards apply to relationships with consumers over those with customer

QUESTION #260. A licensed mortgage loan originator accepts a deposit for an appraisal fee from a borrower. Which of the following best describes the mortgage loan originator’s responsibilities regarding the fee? D.

a. Allow borrowers time to determine if they want to exercise a right to rescind the loan

b. Provide borrowers with adequate time to make financial arrangements to prepare for larger monthly payments

c. Encourage borrowers to take advantage of loan modification programs

d. The mortgage loan originator must give the borrower a written statement explaining when the fee is refundable

QUESTION #261. Which of the following best describes the period during which a mortgage loan originator’s license must be renewed? B.

a. Between January 1 and December 31 every year

b. Between November 1 and December 31 every year

c. Between June 1 and March 31 every year

d. Between October 1 and December 31 every year

QUESTION #262. While conducting an investigation, the Division of Real Estate could do all of the following except THE ANSWER IS A.

a. Hold a licensee in contempt for failing to conduct an interview

b. Encourage responsible behavior through licensing standards.

c. Allows consumers a full refund if the originator is found to have engaged in unethical acts.

d. Facilitates collection and distribution of consumer complaints between regulator

QUESTION #263. According to Division of Real Estate Rule, who is responsible regarding the retention and disposition of records? D.

a. Whether a business relationship exists between settlement service providers

b. The amount of escrow payment made

c. A borrower’s notice if/when the loan servicing is to change hands

d. For active entities, the principal lending manager (PLM) is responsible for proper retention and disposition of records

QUESTION #264. A loan application is taken on March 1 by a mortgage loan originator licensed with the Division of Real Estate. The loan is declined on July 15. Which of the following is true regarding the record retention requirements for the loan file? A.

a. The file must be retained for 4 years from the date the loan was declined.

b. Fees a broker is permitted to charge a borrower for more difficult loans

c. A fee paid directly to the broker by the borrower

d. The illegal use of a yield spread premium

QUESTION #265. What is the required bond amount for a business entity licensed through the DFI if their annual origination volume for the entity is under $5 million? $5 to 15 million? 15 to 30 million? Over 30 million? A, B, C, D.

a. up to $5 million, the required bond amount is $12,500; or

b. $5 to $15 million, the required bond amount is $25,000; or

c. over $15 million, the required bond amount is $50,000.

d. over 30 mill $100k

e. over $37 million, the required bond amount is $9,000.

QUESTION #266. If a loan originator, potentially subject to disciplinary action by the Division of Real Estate, fails to appear for a properly scheduled hearing, the hearing officer may enter an order of _____? THE ANSWER IS D.

a, Termination of PMI is automatic at the midpoint of the amortization schedule as long as the borrower is current on his/her payments.

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. The hearing officer may enter an order of default against the loan originator

QUESTION #267. A mortgage loan originator orders an appraisal, but fails to pay the appraiser for the service. Which of the following is most true? C.

a. A selection of indices the borrower can choose from for the loan

b. A statement that the borrower will not be responsible for principal during the initial fixed period

c. The mortgage loan originator may be disciplined if a court has determined they owe the money or if the money was collected from the borrower

d. Example to show the borrower how quickly (or slowly) loan balances can be paid based on interest changes

QUESTION #268. All of the following would automatically prevent an application from obtaining a loan originator’s license in Utah from either the Division of Real Estate or the Department of Finance except THE ANSWER IS B, C, and D.

a. Loans to purchase a home

b. A class B misdemeanor

c. involving fraud five years

d. prior to the application

QUESTION #269. Which of the following activities, when done by a loan originator, would be acceptable under Utah mortgage law? D.

a. Releasing a credit report without written permission

b. Experian releasing a credit report containing disputed information without marking it as such

c. An auto finance company knowingly reporting a borrower late when the payment was accepted on time

d. Acting as a home inspector and a loan originator on the same transaction

QUESTION #270. If a licensed mortgage loan originator licensed with the Division of Real Estate is convicted of a criminal offense, the licensee must notify who? In how many days? A.

a. Notify the Division of Real Estate within 10 days

b. Users of consumer reports and lenders regulated by RESPA and TILA

c. CRA, Experian, and FHA

d. CRAs, furnishers of information to CRAs, and users of consumer reports

QUESTION #271. Which of the following would be considered a third party provider? C.

a. Loan servicers

b. Assignees

c. Title company

d. Creditors

QUESTION #272. Continuing education certificates must be retained for __ years from the date of license renewal THE ANSWER IS A.

a. 2

b. 4

c. 6

d. 8

QUESTION #273. A licensed mortgage loan originator fails to timely renew their license. Which of the following is most accurate regarding their renewal options? A.

a. The licensee may renew with a late fee until February 28, after which the licensee may need to begin the licensing process again

b. Interest on the portion of the credit that exceeds market value is deductible at 50% of its normal value

c. The borrower should consult a tax adviser regarding deductibility of interest

d. The borrower may no longer deduct interest on a home equity line of credit

QUESTION #274. The Division of Real Estate would have the authority to discipline all of the following individuals except THE ANSWER IS A.

a. A registered loan originator

b. This not required by federal law

c. S.A.F.E. Act

d. Mortgage Regulatory Reform (MRR)

QUESTION #275. A loan originator is assisting a borrower who is purchasing a home being offered for sale by the seller, rather than through a licensed real estate agent. Which of the following communications with the seller would be appropriate? D.

a. Any business in which the broker engages

b. All income sources, whether direct or indirect

c. Information about the company’s net worth

d. The loan originator may contact the seller to obtain property access information for the purpose of the appraisal

QUESTION #276. Which of the following would not be regulated by either the Utah Division of Real Estate or the Utah Department of Finance? C.

a. Sexual orientation

b. None are allowable

c. Commercial loan

d. Marital Status

QUESTION #277. Which office is most likely to be involved in the REGULATION of the mortgage industry in Utah? D.

a. Closed-end ARM secured by the borrower’s principal residence

b. Open-end home equity plans

c. Interest-only ARMs

d. Attorney General’s office

QUESTION #278. If the Commission and the Division issue an order revoking the license of a licensee, how long does the licensee have to appeal the decision? C.

a. 10 days

b. 20 days

c. 30 days

d. 40 days

QUESTION #279. A loan originator receives notice of an investigation by the Division of Real Estate into their origination practices. In order to avoid an investigation, the loan originator may? A.

a. There is nothing which would allow the loan originator to avoid the investigation

b. Specific disclosure documents

c. Acronyms related to the FCRA

d. Disclosures to inform consumers of their rights when applying for credit

QUESTION #280. What would be necessary in order to convert a mobile home to real property? D.

a. Third-party certified disposal

b. Locked cabinets

c. Reasonable methods

d. Receipt of surrender

QUESTION #281. Which of the following would not be considered a power of the Department of Financial Institutions? D.

a. Mail fraud can be charged even if a violator did not complete the mailing

b. FTC, HUD, and IRS conduct investigations and refer to the Department of Justice

c. Making false statements on a loan application can lead to 30 years in jail and up to a $1 million fine

d. Adopting rules necessary to enforce the Utah Residential Mortgage Practices and Licensing Act

QUESTION #282. An individual applies for a Utah mortgage loan originator’s license from the Division of Real Estate who is behind on child support. The child support arrearage may be used as evidence of ? C.

a. Good Faith Estimate

b. Settlement Cost Information Booklet

c. Moral character

d. Affiliated Business Arrangement Disclosure

QUESTION #283. While conducting an investigation, the Division of Real Estate could do all of the following except THE ANSWER IS D.

a. Good Faith Estimate

b. Settlement Cost Information Booklet

c. Moral character

d. compel testimony

QUESTION #284. An applicant for a Utah loan originators license from the Division of Real Estate has a history of drug abuse. The drug abuse may be used as? D.

a. Stricter standards apply to relationships with customers over those with consumer

b. Information contained in county-only telephone book is considered protected

c. Stricter standards apply to relationships with consumers over those with customer

d. Evidence of the applicant’s competence.

QUESTION #285. Which of the following best describes the limitations on payments from the Division of Real Estate’s Recovery Fund? A and B.

A. $15,000 per violation

B. $45,000 per licensee

C. $54,000 per relationships

D. $23,000 per consumer

QUESTION #286. The maximum daily fine for failing to renew a loan originator license is. A.

a. $0 as Utah does not have a per day fine

b. Can be duplicated and given to married borrowers

c. Is required for all purchase transactions within three business days of application

d. Is required to be disclosed at least three business days prior to settlement

QUESTION #287. A mortgage loan originator working for company A refers a loan to a mortgage loan originator working for company B. Which of the following is true regarding compensation on the transaction? D.

a. Provides consumers access to information about originators.

b. Encourage responsible behavior through licensing standards.

c. Allows consumers a full refund if the originator is found to have engaged in unethical acts.

d. Company B may pay Company A for any services rendered on the file.

QUESTION #288. A Colorado licensed loan originator takes a loan application over the internet for a Colorado borrower on a Utah property, for which they expect to receive compensation. Which of the following is true? D.

a. The borrower must have an escrow account for taxes and insurance

b. The loan cannot include prepayment penalties

c. The loan cannot include prepayment penalties after the first two years of the loan term

d. The loan originator has violated Utah law because of their license status.

QUESTION #289. A loan originator refuses to pay an appraiser on a report which did not conform with accepted appraisal standards, is this a violation of Utah law? B.

a. Yes

b. No

QUESTION #290. Which of the following is the Utah Residential Mortgage Regulatory Commission consist? D.

a. Disclosures to inform consumers of the terms and costs of credit

b, Specific disclosure documents

c. Acronyms related to the FCRA

D. 5 members, 4 of which must hold mortgage licenses

QUESTION #291. According to Utah law, which of the following best describes the maximum fee which may be charged on a reverse mortgage? A.

a. No limit

b. 58,300

c. 29,000

d. 10,500

QUESTION #292. A Utah resident purchases a mobile home and has it permanently installed on a building lot. If the resident wishes to have the home considered real property, which of the following must be filed with the county recorder? A.

a. Affidavit of affixture

b. Locked cabinets

c. Reasonable methods

d. Extraordinary measures

QUESTION #293. Assume a mortgage loan originator violates Utah statute. Which of the following best describes the liability of the PLM responsible for supervising the mortgage loan originator? D.

a. Mail fraud can be charged even if a violator did not complete the mailing

b. FTC, HUD, and IRS conduct investigations and refer to the Department of Justice

c. Making false statements on a loan application can lead to 30 years in jail and up to a $1 million fine

d. The PLM may be disciplined unless they are able to prove reasonable supervision

QUESTION #294. An applicant’s score on the principal lending manager (PLM) exam is good for THE ANSWER IS C.

a. 30 days

b. 60 days

c. 90 days

d. 120 days

QUESTION #295. The maximum fine which may be assessed against a loan originator for violation of statute enforced by the Department of Financial institutions is THE ANSWER IS B.

a. $1,000 per violation

b. $2,500 per violation

c. $3,500 per violation

d. $4,000 per violation

QUESTION #296. When disciplining a licensee, the Division of Real Estate would be able to do all of the following except THE ANSWER IS A.

a. Levy a civil money penalty

b, Subordinate liens

c. Neither first nor subordinate liens

d. First lien

QUESTION # 297. An applicant applies for a loan originators license through the Division of Real Estate who previously owned a mortgage company. Former employees won a lawsuit against the individual for non-payment of commissions due. The lawsuit may be used as evidence of ? A.

a. The applicant’s competence.

b. Restart the seven-business-day waiting period after the new disclosure has been made

c. Provide disclosure of the corrected discrepancy and wait three business days before closing

d. Adjust the APR and close the loan as schedule

QUESTION # 298. A party against whom a cease and desist order is issued requesting a hearing ? A.

a. 10 days of the service of the order

b. 20 days of the service of the order

c. 30 days of the service of the order

d. 40 days of the service of the order

QUESTION # 299. Which of the following is true regarding assisting a borrower with a loan modification in on a Utah property? D.

a. Mail fraud can be charged even if a violator did not complete the mailing

b. FTC, HUD, and IRS conduct investigations and refer to the Department of Justice

c. Making false statements on a loan application can lead to 30 years in jail and up to a $1 million fine

d. This activity requires a mortgage license

QUESTION #300. A loan originator receives a loan application which was completed on the loan originator’s website. Which of the following is true? A.

a. The loan originator will be required to obtain signatures from the borrower

b. The loan cannot include prepayment penalties

c. The loan cannot include prepayment penalties after the first two years of the loan term

d. The loan originator has violated Utah law because of their license status.

QUESTION #301. Which of the following most accurately represents the maximum fine which may be levied against a licensee for violating rules or regulations is THE ANSWER IS A.

a. $5,000 per violation or the amount of compensation received on the transaction

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. Sit for 20 hours of pre-licensure education

QUESTION #302. Who is required to be bonded in the State of Utah? A.

a. Individuals licensed through the DFI

b. Within three business days after the referral

c. At the time of the referral

d. It is not necessary, because MZ Mortgage owns less than 25% of the title company

QUESTION #303. Assume an entity with only one location wishes to license in Utah. They must have an individual who is licensed as a _____. THE ANSWER IS D.

a. Loan servicers

b. Assignees

c. Creditors

d. PLM

QUESTION #304. According to Utah law, what is the maximum fee which may be assessed to an individual licensee for the recovery fund administered by the Division of Real Estate? B.

a. $32

b. $18

c. $43

d. $5

QUESTION #305. An individual guilty for the first time of violating Utah mortgage law is guilty of a? A.

a. Class A misdemeanor

b. Class B misdemeanor

c. Class C misdemeanor

d. Class D misdemeanor

QUESTION #306. According to Utah law, who is required to attend the closing of a mortgage loan? A.

a. No mortgage licensee is required to attend the closing

b. Restart the seven-business-day waiting period after the new disclosure has been made

c. Provide disclosure of the corrected discrepancy and wait three business days before closing

d. Adjust the APR and close the loan as schedule

QUESTION #307. Which of the following would be acceptable when assisting a consumer with a loan modification? When can a fee be charged? D.

a. Only state-licensed originators carry a unique identifier

b. State-licensed originators are only allowed to originate in the states in which they hold license, while registered originators may conduct business anywhere

c. Unlike stated-licensed originators, registered originators are exempt form licensing requirements.

d. Charging a fee once the borrower has signed a written modification offer but before the modification documents are recorded

QUESTION #308. According to Division of Real Estate rules, how long does a licensee have to respond to a request for information from the Division? A.

a. 10 days

b. 20 days

c. 30 days

d. 40 days

QUESTION #309. Which of the following is most accurate concerning restrictions on hazard insurance coverage as outlined in Utah law? D.

a. If the borrower has been at his/her job less than two years.

b. If the borrower needs to have a co-signer apply with him/her because his/her credit score is a little low

c. Discouragement is never permitted’

d. Utah law does not regulate insurance coverage amount

QUESTION #310. A disciplinary order rendered by the Division of Real Estate is effective __days after the order THE ANSWER IS A.

a. 10

b. 20

c. 30

d. 40

QUESTION #311. Any loan modification agreement between a licensee and borrower must include a ____ day cancellation provision. THE ANSWER IS C.

a. 1

b. 2

c. 3

d. 4

QUESTION #312. What other positions, when done by a loan originator, would be acceptable to do on the same transaction under Utah mortgage law? D.

a. The borrower must have an escrow account for taxes and insurance

b. The loan cannot include prepayment penalties

c. The loan cannot include prepayment penalties after the first two years of the loan term

d. Acting as a home inspector OR Hazard insurance agent and a loan originator on the same transaction

QUESTION #313. Which of the following would not be considered a power of the Department of Financial Institutions? A.

a. Adopting rules necessary to enforce the Utah Residential Mortgage Practices and Licensing Act

b. Specific disclosure documents

c. Acronyms related to the FCRA

d. Disclosures to inform consumers of their rights when applying for credit

QUESTION #314. A loan originator attempts to originate a mortgage loan on behalf of a borrower. Due to no fault of the borrower, the loan does not close by the agreed upon date. According to Utah mortgage law, what is the loan originator’s monetary liability to the borrower resulting from the missed closing? D.

a. The amount a borrower should expect to be charged as an annual percentage rate

b. Consumer protection triggered by high-cost loan scenarios

c. Licensing standards placed in effect by the Housing and Economic Recovery Act

d. The originator has no monetary liability according to Utah mortgage law

QUESTION #315. A licensed mortgage loan originator accepts a deposit for an appraisal fee from a borrower. The mortgage loan originator must give the borrower a written statement explaining? D.

a The lender no longer has security interest in the property, and the borrower is liable for any finance charges and appraisal costs.

b. The lender no longer has security interest in the property, and the borrower is refunded any and all charges paid during the loan process

c. The rescission may be challenged by the lender a long as it is within seven business days

d. The mortgage loan originator must give the borrower a written statement explaining when the fee is refundable

QUESTION #316. Which of the following is most accurate concerning Restrictions on hazard insurance coverage as outlined in Utah law? B.

a. If the borrower needs to have a co-signer apply with him/her because his/her credit score is a little low

b. Utah law does not regulate insurance coverage amount

c. Discouragement is never permitted’

d. Utah law does not regulate insurance coverage amount

QUESTION #317. If a licensee fails to comply with applicable Utah law, the Division of Real Estate or the Department of Finance may impose a daily fine of up to. A.

a. $0

b. $2

c. $5

d. $9

QUESTION #318. At what point in the process may a licensee charge a borrower for modification services? A.

a. Once a written modification offer is received and accepted by the borrower

b. No sooner than five days after she receives her TIL disclosure

c. At any time since she is a prime borrower

d. No sooner than three business days after she receives her TIL Disclosure

QUESTION #319. The Division of Real Estate wishes to take action against a licensee before holding a hearing. The Division may: D.

a. Third-party certified disposal

b. Locked cabinets

c. Reasonable methods

d. Issue a cease-and-desist order

QUESTION #320. Which of the following would be acceptable advise to a borrower regarding a loan modification? D.

a. Both first and subordinate liens

b. Subordinate liens

c. Neither first nor subordinate liens

d. Contact their servicer

QUESTION #321. A loan application is denied. The borrower asks for the return of all of the documents associated with the loan application. Which of the following is true? A.

a. The documents may be returned to the borrower as long as copies are maintained by the entity and/or the PLM.

b. FTC, HUD, and IRS conduct investigations and refer to the Department of Justice

c. Making false statements on a loan application can lead to 30 years in jail and up to a $1 million fine

d. Federal laws have been amended to specifically address

QUESTION #322. Which of the following convictions would NOT prevent an applicant from licensure with the Division of Real Estate? D.

a. Keep records of the discrepancy for three years

b. Restart the seven-business-day waiting period after the new disclosure has been made

c. Provide disclosure of the corrected discrepancy and wait three business days before closing

d. A class B misdemeanor conviction involving moral turpitude 6 years prior to the application

QUESTION #323. According to Division of Real Estate rules, soliciting business in a name other than the originator’s sponsoring entity would be considered: A.

a. Unprofessional conduct

b. Settlement Cost Information Booklet

c. Mortgage Servicing Disclosure Statement

d. Affiliated Business Arrangement Disclosure

QUESTION #324. According to Utah rules, a mortgage loan originator may lose their license for all of the following reasons except: D.

a. 60 days assuming the victim provides a proof of claim and verification of identity

b. 30 days from Notice of Action Taken

c. 30 days if the victim submits a written request, a proof of claim of identity theft, and verifies his identity

d. Violating the mortgage loan originator’s fiduciary duty to the borrower

QUESTION #325. An applicant applies for a loan originators license through the Division of Real Estate who previously owned a mortgage company. Former employees won a lawsuit against the individual for non-payment of commissions due. The lawsuit may be used as evidence of ? A.

a. The applicant’s competence.

b. Can be duplicated and given to married borrowers

c. Is required for all purchase transactions within three business days of application

d. Is required to be disclosed at least three business days prior to settlement

QUESTION #326. Which of the following most accurately represents the maximum fine which may be levied against a licensee for violating rules or regulations is. A.

a. $5,000 per violation or the amount of compensation received on the transaction

b. Can be duplicated and given to married borrowers

c. Is required for all purchase transactions within three business days of application

d. Is required to be disclosed at least three business days prior to settlement

QUESTION #327. How many hours of education will be required for licensure in Utah with the Division of Real Estate if the Utah license applicant has not completed any mortgage education for Utah or any other state? C.

a. 15

b. 25

c. 35

d. 45

QUESTION #328. According to the Utah Consumer Credit Code, late fees may not exceed the greater of. D.

a. Whether a business relationship exists between settlement service providers

b. The amount of escrow payment made

c. A borrower’s notice if/when the loan servicing is to change hands

d. $30 or 5% of the delinquent amount of the installment

QUESTION #329. A licensed mortgage entity ceases operations. Who becomes responsible for maintaining the records of the entity? A.

a. The owner of the entity

b. Reverse redlining

c. Steering

d. Equity stripping

QUESTION #330. According to Utah rule administered by the Division of Real Estate, the amount of time that has passed since an individual’s last criminal conviction may be used to evaluate an applicant’s: A.

a. Moral character

b, Agency fraud

c. Broker fraud

d. Fraud for housing

QUESTION #331. An applicant for a loan originator license with the Division of Real Estate is denied licensure based on misconduct in a professional capacit related to mortgage lending. The applicant will be eligible for licensure in: C.

a. 3 year

b. 6 year

c. 5 year

d. 9 year

QUESTION #332. According to Utah law, the maximum number of units which may be included in a residential property is THE ANSWER IS D.

a. 1

b. 2

c. 3

d. 4

QUESTION #333. Adopting rules necessary to enforce the Utah Residential Mortgage Practices and Licensing Act, is a power of the Department of ? A.

a. Department of Financial Institutions

b. Department of Commerce

c. Department of Justice

d. Department of Finance

QUESTION #334. Which of the following has some jurisdiction over the mortgage industry in Utah? B.

a. Department of Financial Institutions

b. Department of Commerce

c. Department of Justice

d. Department of Finance

QUESTION #335. If a loan originator, potentially subject to disciplinary action by the Division of Real Estate, fails to appear for a properly scheduled hearing, which of the following is most accurate? D.

a, Termination of PMI is automatic at the midpoint of the amortization schedule as long as the borrower is current on his/her payments.

b. The loan is considered a high-cost loan because it trips thresholds related to title insurance fees

c. There may be a loan more suited for the borrower that is much less expensive

d. The hearing officer may enter an order of default against the loan originator

QUESTION 336. According to Utah rules, cancellation fees are allowed if: A

a. The fee is reasonable

b. Registered MLOs complete a 20 hours of pre-licensing education

c. Use of a unique identifier on all advertising material

d. Registration with the NMLS

QUESTION #337. According to Utah law, what is the maximum fee which may be assessed to an individual licensee for the recovery fund administered by the Division of Real Estate? C.

a. $6

b. $12

c. $18

d. $24

QUESTION #338. All of the following have jurisidiction over at least part of the mortgage industry EXCEPT ? A.

a. Division of Professional Licensing

b. Pass a written exam with a least a score of 70%

c. Obtain a unique identifier

d. Sit for 20 hours of pre-licensure education

QUESTION #339. The ___________________ was created to detect, investigate, prosecute, and deter mortgage fraud and other major financial fraud crimes in Utah. A.

a. Mortgage and Financial Fraud Unit

b. Make sure credit is available to all creditworthy applicants

c. Prevent denial of credit due to a potential borrower’s past credit history

d. Make credit available to borrowers who are less than qualified

QUESTION #340. Which of the following is an example of open-ended credit? B.

a. DKDK

b. HELOC

c. SJOW

d. SFOLC

QUESTION #341. An affiliated business arrangement established for the illegal purpose of collecting excessive fees from consumers and splitting them among participants is known as: A.

a. A sham affiliated business arrangement

b. Within three business days after the referral

c. At the time of the referral

d. It is not necessary, because MZ Mortgage owns less than 25% of the title company

QUESTION #342. USDA loans are primarily for properties located in: D.

a. Appraisers

b. Mortgage insurance companies

c. Lenders

d. Rural areas

QUESTION #343. The amount of income left over after debt is subtracted is called: D.

a. Fair Housing Act

b. GLB Safeguards Rule

c. FTC Red Flags Rule

d. Residual income

QUESTION #344. A person who qualifies as a PLM and works by or on behalf of another PLM in transacting mortgage business is: D.

a. Nationwide Mortgage Licensing System & Registry

b. This not required by federal law

c. S.A.F.E. Act

d. An associate lending manager

QUESTION #345. With regard to qualified mortgages, the Veterans Administration has stated that VA-insured or -guaranteed loans are: A.

a. Safe harbor qualified mortgages

b. A home equity line of credit used as a second mortgage

c. A purchase of a primary residence

d. An interest-only ARM used to purchase new construction

QUESTION #346. Which threshold CANNOT be used to identify high-cost loans according to federal law? A.

a. PMI threshold

b. This not required by federal law

c. S.A.F.E. Act

d. Mortgage Regulatory Reform (MRR)

QUESTION #347. Which of the following is not an affirmative duty of a principal lending manager? D.

a. Only state-licensed originators carry a unique identifier

b. State-licensed originators are only allowed to originate in the states in which they hold license, while registered originators may conduct business anywhere

c. Unlike stated-licensed originators, registered originators are exempt form licensing requirements.

d. Ensuring that licensees do not offer high-cost mortgage loans

QUESTION #348. What does “APR” mean? A.

a. Annual percentage rate

b. None are allowable

c. Visa or immigration status

d. Marital Status

QUESTION #349. Who is responsible for reviewing all advertising and marketing materials used by a licensed entity and sponsored mortgage loan originators to ensure compliance? D.

a. If the borrower has been at his/her job less than two years.

b. If the borrower needs to have a co-signer apply with him/her because his/her credit score is a little low

c. Discouragement is never permitted

d. Lending managers and branch managers

QUESTION #350. A person who has had a mortgage loan originator license revoked in another state must wait at least how long before being able to obtain a Utah license? B.

a. Closed-end ARM secured by the borrower’s principal residence

b. A license cannot be obtained

c. Interest-only ARMs

d. All ARMs secured by a dwelling

QUESTION #351. Which prohibits discrimination against people with disabilities? D.

A. Division of professional licensing

B. Pass a written exam with a least a score of 70%

C. Obtain a unique identifier

D. Americans with disabilities act (ADA)

QUESTION #352. Which option is protects workers 40 and over from employment and workplace discrimination in hiring, firing, promotion, layoff, compensation, benefits, job assignments and training? A.

A. Age Discrimination in Employment Act (ADEA)

B. Equal Employment Opportunity Commission (EEOC)

C. Sexual Harassment Employer Responsibility

D. Utah Firing Exception from Utah Labor Commision

QUESTION #353. What is a federal agency designed to regulate and enforce the provisions of Title VII? B.

A. Age Discrimination in Employment Act (ADEA)

B. Equal Employment Opportunity Commission (EEOC)

C. Sexual Harassment Employer Responsibility

D. Utah Firing Exception from Utah Labor Commision

QUESTION #354. Which option is liable for all conducts of sexual harassment in the workplace if known or failed to take immediate action? C.

A. Age Discrimination in Employment Act (ADEA)

B. Equal Employment Opportunity Commission (EEOC)

C. Sexual Harassment Employer Responsibility

D. Utah Firing Exception from Utah Labor Commision

QUESTION #355. Which option is unwelcome sexual advances, requests for sexual favors, verbal or physical conduct of a sexual nature? A.

A. Sexual harassment

B. Preferential Treatment

C. Utah State Hiring/Firing

D. Statutory non-employee

QUESTION #356. Which of the following options are the Title VII Applies? A,B, C.

A. Employers with 15 or more employees

B. All employment agencies

C. Labor unions with 15 or more members

D. Division of Professional Licensing

QUESTION #357. A “person” may not discharge or retaliate against an employee because of: A.

A. Filed complaint, instituted, caused, testified or exercised any right granted by the utah labor law on behalf or employee or others

B. Make sure credit is available to all creditworthy applicants

C. Prevent denial of credit due to a potential borrower’s past credit history

D. Make credit available to borrowers who are less than qualified

QUESTION #358. Which law does not require this for any protected “classes” under anti discrimitory act, or the use of a bonda fide seniority system: B.

A. Sexual harassment

B. Preferential Treatment

C. Utah State Hiring/Firing

D. Statutory non-employee

QUESTION #359. Utah Antidiscrimination Act prohibits hiring/firing/discharge/promotion on the basis of: A,B,C,D.

A. Race

B. Color

C. Sex

D. Pregnancy

E. Credit

QUESTION #360. Which option is employees hired for a specific period of time, termination without cause is a breach of contract? A.

A. Violation of employment contract

B. Affiliated business arrangement

C. Within three business days after the referral

D. At the time of the referral

QUESTION #361. Which cannot fire on the basis of unlawful discrimination, violation of an employment contract, or violation of public policy? D.

A. Age Discrimination in Employment Act (ADEA)

B. Equal Employment Opportunity Commission (EEOC)

C. Sexual Harassment Employer Responsibility

D. Utah Firing Exception from Utah Labor Commision

QUESTION #362. Which employers can fire employee who is hired for an indefinite period of time for any reason or no reason at all? C.

A. Sexual harassment

B. Preferential Treatment

C. Utah State Hiring/Firing

D. Statutory non-employee

QUESTION #363. Which of the following options are the direct Sellers, Licensed Real estate agents and certain companion sitters? D.

A. Sexual harassment

B. Preferential Treatment

C. Utah State Hiring/Firing

D. Statutory non-employee

QUESTION #364. Which are the not independent if services preformed can be controlled by an employer? D.

A. Sexual harassment

B. Preferential Treatment

C. Utah State Hiring/Firing

D. Non independent contractor

QUESTION #365. Which option is entity witholds and pays SSI, Medicare, unemployment taxes on wages? A.

A. Employee

B. The Closing Disclosure

C. The secondary market

D. Caps on ARMs

QUESTION #366. Which option is due and no later than three business days prior to consummation? B.

A. Employee

B. The Closing Disclosure

C. The secondary market

D. Caps on ARMs

QUESTION #367. Mortgage-backed securities (MBSs) are a product of which of the following? C.

A. Employee

B. The Closing Disclosure

C. The secondary market

D. Caps on ARMs

QUESTION #368. A mortgage loan originator in Utah who is sponsored by an entity may advertise: A

A. Under the name of the entity or a registered branch office or trade name

B. Construction loans can’t be used for manufactured homes.

C. Fannie and Freddie both provide construction loan products.

D. If the AUS findings comes back with Refer with Caution, the underwriter can manually underwrite the loan file.

QUESTION #369. Which option is limit the amount the interest rate or payment may change? D

A. Employee

B. The Closing Disclosure

C. The secondary market

D. Caps on ARMs

QUESTION #370. A qualified mortgage is one that meets all of the following standards, except: A

A. An LTV ratio of 65% or less

B. Their license is immediately inactive

C. The DRE must be notified within ten days

D. Does not have a sponsor

QUESTION #371. If a lending manager stops being sponsored by a licensed entity: B

A. An LTV ratio of 65% or less

B. Their license is immediately inactive

C. The DRE must be notified within ten days

D. Does not have a sponsor

QUESTION #372. What is the practice of a mortgage professional guiding potential borrowers toward certain mortgage products in order to increase the amount of compensation the originator will earn? A.

A. Steering

B. Funding Fee

C. The Control Person

D. Judicial foreclosure

QUESTION #373. VA loans require which of the following? B

A. Steering

B. Funding Fee

C. The Control Person

D. Judicial foreclosure

QUESTION #374. A licensed mortgage entity is changing its name. Which of the following is true? C.

A. An LTV ratio of 65% or less

B. Their license is immediately inactive

C. The DRE must be notified within ten days

D. Does not have a sponsor

QUESTION #375. The DRE will not issue a license if the applicant: D

A. An LTV ratio of 65% or less

B. Their license is immediately inactive

C. The DRE must be notified within ten days

D. Does not have a sponsor

QUESTION #376. Which federal law requires the collection of certain data on application forms, though this information may not be considered when making a credit decision? C

A. The Home Mortgage Disclosure Act

B. Home equity conversion mortgage

C. Attempts to conceal damage when learning of a violation

D. Requiring a borrower to pay for third-party services

QUESTION #377. Who is responsible for proper record disposal if an entity ceases to do business in Utah? C

A. Steering

B. Funding Fee

C. The Control Person

D. Judicial foreclosure

QUESTION #378. When a lender is forced to go before a judge to enter an order of foreclosure, it is referred to as THE ANSWER IS D

A. Steering

B. Funding Fee

C. The Control Person

D. Judicial foreclosure

QUESTION #379. The most commonly-used type of reverse mortgage is known as a THE ANSWER IS B.

A. The Home Mortgage Disclosure Act

B. Home equity conversion mortgage

C. Attempts to conceal damage when learning of a violation

D. Requiring a borrower to pay for third-party services

QUESTION #380. A principal lending manager will not be held liable for failing to maintain reasonable supervision if he or she can show evidence of any of the following, except THE ANSWER IS C.

A. The Home Mortgage Disclosure Act

B. Home equity conversion mortgage

C. Attempts to conceal damage when learning of a violation

D. Requiring a borrower to pay for third-party services

QUESTION #381. The Division defines all of the following as unprofessional conduct, except D

A. The Home Mortgage Disclosure Act

B. Home equity conversion mortgage

C. Attempts to conceal damage when learning of a violation

D. Requiring a borrower to pay for third-party services

QUESTION #382. Which option are beneficial because they come with a presumption of compliance that the borrower meets ability to repay standards? A

A. Qualified mortgages

B. Force-placed insurance

C. “Consummation”

D. Rescission

QUESTION #383. A determination of repayment ability must be based on all of the following, except: B

A. The equity the borrower already has in the dwelling

B. Qualified mortgages that are prime mortgages

C. Your Home Loan Toolkit: A Step-by-Step Guide

D. The Office of the Attorney General

QUESTION #384. When a homeowner allows his or her insurance to lapse, what can the lender do to insure the property? B

A. Qualified mortgages

B. Force-placed insurance

C. “Consummation”

D. Rescission

QUESTION #385. A conclusive presumption of compliance applies to: C

A. The equity the borrower already has in the dwelling

B. Qualified mortgages that are prime mortgages

C. Your Home Loan Toolkit: A Step-by-Step Guide

D. The Office of the Attorney General

QUESTION #386. Which option is refers to the time at which a consumer becomes contractually obligated on a credit transaction? C

A. Qualified mortgages

B. Force-placed insurance

C. “Consummation”

D. Rescission

QUESTION #387. Which informational disclosure is due to the consumer no later than three business days after receipt of a completed application for a mortgage loan:? C

A. The equity the borrower already has in the dwelling

B. Qualified mortgages that are prime mortgages

C. Your Home Loan Toolkit: A Step-by-Step Guide

D. The Office of the Attorney General

QUESTION #388. The Mortgage and Financial Fraud Unit exists within: D

A. The equity the borrower already has in the dwelling

B. Qualified mortgages that are prime mortgages

C. Your Home Loan Toolkit: A Step-by-Step Guide

D. The Office of the Attorney General

QUESTION #389. Which option is restores each party in a contract to the position held prior to the transaction? D

A. Qualified mortgages

B. Force-placed insurance

C. “Consummation”

D. Rescission

QUESTION #390. MIP would be used for which of the following? A

A. An FHA loan with a 3.5% down payment

B. They are insured by the federal government

C. Most are overseen by the DRE; some remain under the authority of the DFI.

D. Within three business days after the date of the agreement

QUESTION #391. Why are FHA loans beneficial to lenders? B

A. An FHA loan with a 3.5% down payment

B. They are insured by the federal government

C. Most are overseen by the DRE; some remain under the authority of the DFI.

D. Within three business days after the date of the agreement

QUESTION #392. A wholesale lending arrangement that permits a mortgage broker to originate, close, and fund a loan using a warehouse line of credit is called: A

A. Table funding

B. Mortgage fraud

C. The S.A.F.E. Act

D. The sponsoring entity

QUESTION #393. Which of the following accurately describes supervision of mortgage professionals in Utah? C

A. An FHA loan with a 3.5% down payment

B. They are insured by the federal government

C. Most are overseen by the DRE; some remain under the authority of the DFI.

D. Within three business days after the date of the agreement

QUESTION #394. Engaging in this will result in automatic revocation of the license. B

A. Table funding

B. Mortgage fraud

C. The S.A.F.E. Act

D. The sponsoring entity

QUESTION #395. This subsection of the federal Housing and Economic Recovery Act was established to ensure minimum qualification standards for mortgage professionals. C

A. Table funding

B. Mortgage fraud

C. The S.A.F.E. Act

D. The sponsoring entity

QUESTION #396. Any loan modification agreement must include a provision allowing the borrower the right to cancel: D

A. An FHA loan with a 3.5% down payment

B. They are insured by the federal government

C. Most are overseen by the DRE; some remain under the authority of the DFI.

D. Within three business days after the date of the agreement

QUESTION #397. The required record retention period for mortgage professionals is: D

A. 1 years from closing

B. 2 years from closing

C. 3 years from closing

D. 4 years from closing

QUESTION #398. Mortgage loan originators must solicit and conduct business solely in the name of: D

A. Table funding

B. Mortgage fraud

C. The S.A.F.E. Act

D. The sponsoring entity

QUESTION #399. Principal lending managers have an affirmative duty to: A

A. Supervise all ALMs and BLMs

B. The Truth-in-Lending Act

C. Family and Medial Leave Act

D. Eligible Employee Seasoning for FMLA

QUESTION #400. Which federal law is primarily concerned with disclosures and advertising? B

A. Supervise all ALMs and BLMs

B. The Truth-in-Lending Act

C. Family and Medial Leave Act

D. Eligible Employee Seasoning for FMLA

QUESTION #401. A party who has been served a cease and desist order from the Director may request a hearing within: A

A. 10 days of receiving the order

B. 20 days of receiving the order

C. 30 days of receiving the order

D. 40 days of receiving the order

QUESTION #402. The liability of the Recovery Fund for a single licensee may not exceed: A

A. $45,000.00

B. $12,000.00

C. $32,000.00

D. $43,000.00

QUESTION #403. Which option requires employers to pay equally men and women, (excluding bona vide reason, merit, incentive or seniority)? D

A. Annual percentage rate

B. None are allowable

C. Visa or immigration

D. Equal Pay Act

QUESTION #404. Which option is prohibits decimation on based of citizenship or national origin OR hiring employees who are not authorized to work in U.S.? A

A. Immigration Reform and Control Act of 1986

B. Employers to provide explanation in regards to rights and responsivities of FMLA in handbooks, eligibility, and notify amount of leave deducted from FMLA Entitlement

C. A mortgage loan originator advertises in conjunction with a real estate brokerage. The advertisement features contact information.

D. Prohibition against acting as a loan originator without a license may be punished by

QUESTION #405. What is the Employer Notice FMLA? B

A. Immigration Reform and Control Act of 1986

B. Employers to provide explanation in regards to rights and responsivities of FMLA in handbooks, eligibility, and notify amount of leave deducted from FMLA Entitlement

C. A mortgage loan originator advertises in conjunction with a real estate brokerage. The advertisement features contact information.

D. Prohibition against acting as a loan originator without a license may be punished by

QUESTION #406. Which option is entitled leave of up to 12 weeks (Unpaid) during an 12 month period and health Benefits to be maintained during employees period of leave? A

A. Family and Medial Leave Act

B. Eligible Employee Seasoning for FMLA

C. Fair Labor Standards Act (FLSA)

D. Occupation Safety and Health Act

QUESTION #407. Which breaks up to 7 years for any time working, unless break is due to Uniformed Services Employment and Reemployment Rights Act or Written intent to hire employee? B

A. Family and Medial Leave Act

B. Eligible Employee Seasoning for FMLA

C. Fair Labor Standards Act (FLSA)

D. Occupation Safety and Health Act

QUESTION #408. What is the notice of FMLA Leave? A

A. FMLA leave to be requested 30 days in advance if possible, or notice as soon as applicable dependent under circumstance.

B. Employee must be restored to original occupation with equivalent pay and act

C. Unlike stated-licensed originators, registered originators are exempt form licensing requirements.

D. Ensuring that licensees do not offer high-cost mortgage loans

QUESTION #409. What is the FMLA Return from Leave? B

A. FMLA leave to be requested 30 days in advance if possible, or notice as soon as applicable dependent under circumstance.

B. Employee must be restored to original occupation with equivalent pay and act

C. Unlike stated-licensed originators, registered originators are exempt form licensing requirements.

D. Ensuring that licensees do not offer high-cost mortgage loans

QUESTION #410. Which option is establishes wages and overtime for private and public employment? C

A. Family and Medial Leave Act

B. Eligible Employee Seasoning for FMLA

C. Fair Labor Standards Act (FLSA)

D. Occupation Safety and Health Act

QUESTION #411. Which option is sets forth safety and health conditions? D

A. Family and Medial Leave Act

B. Eligible Employee Seasoning for FMLA

C. Fair Labor Standards Act (FLSA)

D. Occupation Safety and Health Act

QUESTION #412. Which option is works comp programs to cover expenses sush as disability or death for federal employees? A

A. Federal Employees’ Compensation Act

B. Employee Retirement Income Security Act

C. Verterans employment and training service

D. Fair Labors Standards Act (FLSA) Covered Employees

QUESTION #413. Which option regulates remployers pension and welfare benefit plans if offered? B

A. Federal Employees’ Compensation Act

B. Employee Retirement Income Security Act

C. Veterans employment and training service

D. Fair Labors Standards Act (FLSA) Covered Employees

QUESTION #414. What is a type of second mortgage that closes simultaneously with the first mortgage? A

A. Piggyback Loans

B. Executive, Admin and Professional Employees includes outside sales specific financial services

C. Seasonal and Maritime Employees

D. Compensation Limitations

QUESTION #415. Which option is governs rights of veterans for special employment rights? C

A. Federal Employees’ Compensation Act

B. Employee Retirement Income Security Act

C. Veterans employment and training service

D. Fair Labors Standards Act (FLSA) Covered Employees

QUESTION #416. Which option is engaged in interstate commerce, produce goods, handler, sell or work on good or materials moved for interstate commerce? D

A. Federal Employees’ Compensation Act

B. Employee Retirement Income Security Act

C. Veterans employment and training service

D. Fair Labors Standards Act (FLSA) Covered Employees

QUESTION #417. Which of the following options are the Fully Exempt Employees? B

A. Piggyback Loans

B. Executive, Admin and Professional Employees includes outside sales specific financial services

C. Seasonal and Maritime Employees

D. Compensation Limitations

QUESTION #418. Which option prohibits comp on term of a single, multiple transactions or transaction terms? D

A. Piggyback Loans

B. Executive, Admin and Professional Employees includes outside sales specific financial services

C. Seasonal and Maritime Employees

D. Compensation Limitations

QUESTION #419. What are the methods of MLO Comp? A, B, C

A. Loan Volume

B. Long Term Performance

C. Hourly Pay rate

D. Profit Based Comp Plants

QUESTION #420. Which option is prohibited as it leads to steering for Loan officer to receive higher comp? D

A. Loan Volume

B. Long Term Performance

C. Hourly Pay rate

D. Profit Based Comp Plants

QUESTION #421. Which option can be based on company profits and conform with the IRS Provisions? A

A. Tax Adv. Differed Comp

B. Pool Compensation

C. NMLS Registration

D. Safeguard Rules

QUESTION #422. Which option is prohibited from sharing compensation of different structures? B

A. Tax Adv. Differed Comp

B. Pool Compensation

C. NMLS Registration

D. Safeguard Rules

QUESTION #423. Which option provide uniform License application and reporting requirement for loan originators? A

A. Nationwide Multistate Licensing System and Registry

B. Never had a MLO License Revoked

C. May not have any Felony in last 7 years or ever in fraud

D. Complete pre licensing education

QUESTION #424. Which requires loan processor and underwriters who do not work for the public, and engage in residential MLO actives become licensed as MLOS? C

A. Tax Adv. Differed Comp

B. Pool Compensation

C. NMLS Registration

D. Safeguard Rules

QUESTION #425. Which of the following are the safe minimum standard? B,C, D

A. Nationwide Multistate Licensing System and Registry

B. Never had a MLO License Revoked

C. May not have any Felony in last 7 years or ever in fraud

D. Complete pre licensing education

QUESTION #426. Which established under GLB creates affirmative requirements for financial institution to ensure thirst parties are taking appropriate measures? D

A. Tax Adv. Differed Comp

B. Pool Compensation

C. NMLS Registration

D. Safeguard Rules

QUESTION #427. Which maintaining policies and procedure to communite expecations of staff midigating liability from employee unless employer should have know? A

A. Comprehensive Oversight

B. Conditional Refinance Provision

C. Average Prime Offer Rate

D. Consumer Complaints

QUESTION #428. Which option is CFPB process for resolving consumer compaints and recongnizing the lack of consumer knowledge about mortgage lending? D

A. Developing

B. Reverse Mortgages

C. Moves out of home

D. Sells Home

QUESTION #429. Which option is received by CFPB issued back to company named? D

A. Comprehensive Oversight

B. Conditional Refinance Provision

C. Average Prime Offer Rate

D. Consumer Complaints

QUESTION #430. Which option is company Complaint Responses? A

A. Communication with consumer and attempts to resolve complaint follow up action, such as resolutions.

B. A loan used by qualified homeowners age 62 or older to convert equity in the home into a lump sum

C. A line of credit; generally repaid when the last surviving borrower dies

D. Sells the home or ceases to live in the home for 12 consecutive months.

QUESTION #431. Which option is a feature on certain types of balloon mortgages that allows the borrower to continue to make their regular monthly payments if they cannot pay their full principal balance on the call date? B

A. Comprehensive Oversight

B. Conditional Refinance Provision

C. Average Prime Offer Rate

D. Consumer Complaints

QUESTION #432. What is an annual percentage rate that is based on average interest rates, fees, and other terms on mortgages that are offered to qualified borrowers? C

A. Comprehensive Oversight

B. Conditional Refinance Provision

C. Average Prime Offer Rate

D. Consumer Complaints

QUESTION #433. Which are the high cost prohibited loans? A, B, C, D

A. Balloons

B. Neg Am

C. Advance Payments

D. Rate increase after default

E. Fails to pay property taxes

QUESTION #434. Which section of RESPA was created to eliminate the payment of referral fees and kickbacks D

A. Section 2

B. Section 4

C. Section 6

D. Section 8

QUESTION #435. How long must a lender escrow for a higher-priced mortgage? B

A. 3 years

B. 5 years

C. 7 years

D. 9 years

QUESTION #436. Lenders are required to disclose to consumers at least_____ business days before consummation on a high-cost loan. C

A. One business days

B. Two business days

C. Three business days

D. Four business days

QUESTION #437. What is the maximum amount of cushion that can be collected in an escrow account? A

A. 2 months or 1/6

B. 4 months or 1/6

C. 6 months or 1/6

D. 8 months or 1/6

QUESTION #438. The servicer required to submit an annual statement to the borrower for each escrow account within ______ days of completion of the computation year. C

A. 10 days

B. 20 days

C. 30 days

D. 40 days

QUESTION #439. Which of the following would be a zero-tolerance fee? A

A. Transfer taxes

B. Recording fees

C. Prepaid interest

D. Property insurance premiums

QUESTION #440. Per the HOEPA homeownership counseling requirements, a list of housing counselors must be sent to the applicant _____ business days after receiving the application. B

A. 2 business days

B. 3 business days

C. 4 business days

D. 5 business days

QUESTION #441. What is the maximum fine for a RESPA violation? A

A. $10K

B. $20K

C. $30K

D. $40K

QUESTION #442. Which of the following is acceptable under RESPA? A

A. An MLO taking a real estate agent to lunch to introduce themselves and their services

B. An MLO paying for a real estate agent’s CE classes

C. An MLO sending a real estate agent a gift card as a thank you for referring a borrower to them

D. An MLO sending boxes of candy to referring agents as a holiday gift

QUESTION #443. Which of the following would be a non-APR fee? A

A. Owner’s title insurance policy

B. Credit report

C. Prepaid interest

D. Lender’s title insurance policy

QUESTION #444. HOEPA requires pre-loan counseling for all high-cost home loans, full appraisals, and escrows for the first _____years. B

A. 3 years

B. 5 years

C. 7 years

D. 9 years

QUESTION #445. The lender must ensure that the consumer receives the final revised LE no later than _____ business days before closing. B

A. 2 business days

B. 4 business days

C. 6 business days

D. 8 business days

QUESTION #446. Anyone who fails to comply with TILA can be fined up to $______. B

A. $2K

B. $5K

C. $7K

D. $9K

QUESTION #447. Per the ECOA Valuations Rule, how many days from the time of application do you have to notify the applicant that they have the right to receive a copy of the appraisal? A

A. Three days

B. Four days

C. Five days

D. Six days

QUESTION #448. ____________ is ownership in a sole form. A

A. Sole ownership

B. Concurrent ownership

C. Ownership in severalty

D. Ownership in exclusivity

QUESTION #449. Which of the following means that property passes automatically to other co-owners when one co-owner dies? C

A. Tenancy in common

B. Joint tenancy

C. Right to survivorship

D. Tenancy by the entirety

QUESTION #450. Appraisal Independent Requirements (AIR) are part of _______. D

A. Regulation C

B. Regulation G

C. Regulation V

D. Regulation Z

QUESTION #451. _______ is the transfer of property from the owner upon death to someone else. B

A. Jurisprudence

B. Escheat

C. Conveyance

D. Reversion

QUESTION #452. How many hours of appraisal subject matter electives must be taken by a certified general appraiser? D

A. 8 hours

B. 15 hours

C. 20 hours

D. 30 hours

QUESTION #453. How many hours of experience must be completed by certified residential appraiser candidates?

A. 250 hours

B. 300 hours

C. 400 hours

D. 500 hours

QUESTION #454. Earnest money must be deposited into the Brokerage Real Estate Trust Account within _________calendar days. C

A. Two calendar days

B. Three calendar days

C. Four calendar days

D. Five calendar days

QUESTION #455. ___________ is a review of an appraisal which includes a physical inspection of the property. C

A. Desk review

B. Plat review

C. Field review

D. Data review

QUESTION #456. Servicers who service an HECM can charge a monthly servicing fee of up to $_____ if the loan has a fixed interest rate. A

A. $30

B. $35K

C. $12K

D. $56K

QUESTION #457. What is the maximum rehabilitation cost allowed on an FHA 203(k) loan? B

A. $30

B. $35K

C. $12K

D. $56K

QUESTION #458. Documents used in the origination and underwriting of an FHA loan cannot be more than ______ days old at the disbursement date. B

A. 120 days

B. 140 days

C. 160 days

D. 180 days

QUESTION #459. Which Act requires that creditors give an adverse action notice to each consumer whose report was used to deny the application? A

A. FCRA

B. PCRA

C. DCRA

D. GCRA

QUESTION #460. TRUE OR FALSE: According to TRID guidelines, numbers should always be rounded to the nearest dollar on the LE. B

A. True

B. False

QUESTION #461. TRUE OR FALSE: Credit report fees are services that a borrower cannot shop for. A

A. True

B. False

QUESTION #462. TRUE OR FALSE: Prepaid interest is a zero- tolerance fee. B

A. True

B. False

QUESTION #463. TRUE OR FALSE: Right to Receive Copy of Appraisal falls under ECOA. A

A. True

B. False

QUESTION #464. TRUE OR FALSE: The amount of the hazard insurance policy cannot be more than the mortgage amount. B

A. True

B. False

QUESTION #465. TRUE OR FALSE: The interest rate is the cost of the loan over the life of the loan. B

A. True

B. False

QUESTION #466. TRUE OR FALSE: The Comparisons section of the LE gives the borrower the total amount they will have paid in five years versus the amount of principal they will have paid off. A

A. True

B. False

QUESTION #467. TRUE OR FALSE: The borrower must receive the final, revised LE no later than four business days before closing. A

A. True

B. False

QUESTION #468. TRUE OR FALSE: If a fee exceeds a tolerance, the LE can only be redisclosed if there is a changed circumstance. A

A. True

B. False

QUESTION #469. TRUE OR FALSE: You must provide a new, revised LE no later than three business days after the changed circumstances. A

A. True

B. False

QUESTION #470. TRUE OR FALSE: An example of a changed circumstance is if the appraisal comes back higher than expected. B

A. True

B. False

QUESTION #471. TRUE OR FALSE: Converting an ARM to a fixed-rate loan is an example of tangible net benefit. A

A. True

B. False

QUESTION #472. TRUE OR FALSE: The Cash to Close box will always contain a positive number. B

A. True

B. False

QUESTION #473. TRUE OR FALSE: Tangible net benefit applies to all types of mortgage loans. A

A. True

B. False

QUESTION #474. TRUE OR FALSE: Churning occurs when you refinance a loan for a borrower without a tangible net benefit. A

A. True

B. False

QUESTION #475. How long much a borrower with a foreclosure wait to obtain an FHA Loan? B

A. 2 years

B. 3 years

C. 5 years

D. 7 years

QUESTION # 476. Which index used to determine interest rates for ARM loans will be discontinued in 2021? A

A. LIBOR

B. PIBOR

C. CVDBF

D. SFSFS

QUESTION # 477. How many years must a borrowers with a Chapter 7 bankruptcy filing wait to obtain a conventional mortgage? B

A. 2 years

B. 4 years

C. 6 years

D. 8 years

QUESTION # 478. What is the name of the mortgage insurance program for disaster victims? C

A. 201 (h)

B. 202 (h)

C. 203 (h)

D. 204 (h)

QUESTION # 479. Fannie Mae Automated Underwriting System. A

A. DU

B. PU

C. KU

D. HU

QUESTION # 480. Which of the following is a non-APR Fee? C

A. Credit report

B. Prepaid interest

C. Appraisal

D. PMI

QUESTION # 481. Within how many days of passing the Lending Manager Exam must you pay the associated fees? C

A. within 2 days

B. within 4 days

C. within 5 days

D. within 7 days

QUESTION #482. When was the USPAP adopted by Congress? C

A. 1979

B. 1985

C. 1989

D. 1993

QUESTION # 483. The Home Valuation Code of Conduct (HVCC) was developed by all the following, except: B

A. Freddie Mac

B. Fannie Mae

C. FHFA

D. The NY State Attorney General

QUESTION # 484. ___________ means that the worth of a lesser-valued object tends to be enhanced by association with many similar objects of greater value. C

A. Principle of regression

B. Principle of contribution

C. Principle of progression

D. Principle of competition

QUESTION # 485. Which of the following is NOT a type of construction loan? B

A. Construction – to – Permanent

B. Temporary Construction

C. Construction-only

D. Renovation construction

QUESTION # 486. Multi-units with more than ______ units are considered commercial buildings. B

A. Three units

B. Four units

C. Five units

D. Six units

QUESTION # 487. _________ is an appraisal report that is distributed before it is complete. B

A. Preliminary report

B. Draft report

C. Lead-in report

D. Introductory report

QUESTION # 488. ___________ means a listing agreement under which the real estate commission is the difference between the actual selling price of the property and a minimum selling price as set by the seller. A

A. Net listing

B. Gross listing

C. Minimum listing

D. Maximum listing

QUESTION # 489. All the following can fill out an REPC, except: D

A. Real estate licensees

B. Attorneys

C. Buyers and sellers

D. MLOs

QUESTION # 490. Which of the following is not one of the interest-rate adjustment caps for ARM loans? B

A. First Adjustment Cap

B. Second Adjustment Cap

C. Subsequent Adjustment Cap

D. Lifetime Adjustment Cap

QUESTION # 491. An ____________ is a gift given to a buyer or seller as an incentive to use the services of a real estate brokerage. C

A. Incentive gift

B. Services gift

C. Inducement gift

D. Complimentary gift

QUESTION # 492. A ___________ is a form of cluster housing development where the individual dwelling units are placed on separate, platted lots. D

A. Condominium

B. Townhouse

C. Fourplex

D. Zero-lot line

QUESTION #493. _________ holds that maximum value is realized when land uses are compatible, and a reasonable degree of architectural harmony is present. C

A. Principle of change

B. Principle of harmony

C. Principle of conformity

D. Principle of compatibility

QUESTION # 494. What is the maximum flood insurance amount for the property itself ? C

A. $100,000

B. $200,000

C. $250,000

D. $275,000

QUESTION # 495. What is the maximum percentage of required experience hours that can be earned from appraisals of vacant land? C

A. 15%

B. 25%

C. 50%

D. 60%

QUESTION # 496. Which of the following is not an example of a valuation? A

A. Government agency statement of appraised value that is publicly available

B. A broker price opinion prepared by a broker, agent, or salesperson

C. Automated valuation model reports

D. A report approved by the GSEs for describing an estimate

QUESTION # 497. Which of the following would be included in the gross living space on an appraisal? C

A. Garage

B. Unfinished basement

C. Finished attic

D. Finished basement

QUESTION # 498. Scenario #1 – Your borrower, Omar, is looking to purchase his first home. He has indicated that there might be a few credit issues to resolve before the loan can be approved. You assure himthat that’s ok and proceed to pull his credit. His tri-merged middle score is 620 but after reviewing the credit report you notice a few things. The first thing you notice a bankruptcy, what information do you need to obtain from the credit report about this bankruptcy? D

A. When was it discharged

B. What type of bankrtupcy is it

C. Is it completed if it’s a Chapter 7

D. All the above

QUESTION # 499. Scenario #1 – Your borrower, Omar, is looking to purchase his first home. He has indicated that there might be a few credit issues to resolve before the loan can be approved. You assure him that that’s ok and proceed to pull his credit. His tri-merged middle score is 620 but after reviewing the credit report you notice a few things. You ask Omar if he is a veteran, he is not. You look to see whether he can qualify via income and the property he’s looking to purchase for a USDA loan, and he can’t. So, FHA, is the best option.Omar is worried about the cost of mortgage insurance on an FHA loan. As we said earlier in the scenario,Omar has 10% to put down on his new property. He is looking to obtain a 30-year mortgage,his loan amount is $500,000. How long will Omar have to have mortgage insurance on his FHA loan? B

A. 11 years

B. The mortgage term

C. Until he reached 78% LTV

D. None of the above

QUESTION # 500. Your borrower, Omar, is looking to purchase his first home. He has indicated that there might be a few credit issues to resolve before the loan can be approved. You assure him that that’s ok and proceed to pull his credit. His tri-merged middle score is 620 but after reviewing the credit report you notice a few things. You determine that it is a Chapter 13 bankruptcy. Omar is looking to obtain a conventional mortgage, and he has 10% to put down on his new home. How long does that Chapter 13 Does bankruptcy have to be discharged for this borrower to qualify for a conventional home loan? B

A. 4 years

B. 2 years

C. 6 years

D. 3 years

The Utah Division of Financial Institutions is a regulatory body responsible for overseeing financial institutions operating within the state of Utah. This division typically regulates banks, credit unions, trust companies, industrial loan corporations, and other financial entities to ensure compliance with state laws and regulations. Its primary objectives include safeguarding consumer interests, promoting financial stability, and fostering a competitive and transparent financial services sector within Utah.

• This discussion was modified 1 year, 2 months ago by  Gustan Cho.
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realestate.utah.gov

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How can you become a Chicago police officer? What requirements does the city of Chicago require? I remember a while back, the Chicago police department did not require a polygraph exam. Now, they do. What type of questions do they ask on the polygraph exam? What does the written exam consist of? What are the minimum and maximum age requirements? What are the height requirements? Can you have a DUI and still become a Chicago police officer? What is the starting pay? What is the pay structure with years on the job? Please give me a comprehensive overview of becoming a Chicago police officer.

https://www.youtube.com/watch?v=F_9cFhAGJmY

Can you please write a comprehensive overview of the national headline news for GCA Forums News for Monday, May 12, 2025? What is happening with President Trump’s cuts in pharmaceutical prices in the United States? How about the war between India and Pakistan? What is happening with the Dow Jones skyrocketing over 1,000 points and other markets surging? What is the most recent update on housing and mortgage news, and what are the current mortgage rates? How about news on the home front, such as ICE and sanctuary cities and states?

GCA Forums News: Monday, May 12, 2025

You are welcome to the GCA Forums News dated May 12, 2025. Market growth and expansion projections dominate today’s America, and global updates, along with Trump wanting to cut drug prices, the continued fragile ceasefire between India and Pakistan, the significant increase in the Dow Jones and other markets, the housing and mortgage updates, and the tense politics around ICE and sanctuary cities. For today’s primary news highlights, please look at the details below.

Biden’s style tries to cut back on drug prices.

To control the high prescription drug costs, Trump took bold steps by signing a new executive order that aims to slash 30%-80% off drug prices. ER doctors and other medical professionals order drugs from the pharmacy. It becomes mandatory on May 12, 2025, for IT firms over there to do primary care and specialize in easing these burdens. Implementing the order sets up a “most favored nation” pricing scheme whereby US drug prices will be pegged to those of other rich countries, far lower than what is practiced here. The administration’s strategy to bring prices down is to impose economic sanctions on other countries and force the utilization of paid therapies, expecting a reduction in drug prices when prices abroad fall. He says a 59% average cut is possible on paper, but how and when people will feel these savings does not matter.

The change has had effects worldwide, especially in India, the US’s chief producer of generic medication. Indian pharmaceutical stocks dipped 1.6% on Monday because analysts predict that Trump’s plan might lead to a global recalculation of the costs of medications, which would be detrimental to profit margins for Indian companies. Some critics suggest that ambiguity concerning some details of the order might reduce the impact in the short term. At the same time, it is known that pharmaceutical companies traditionally do not implement such pricing changes. But supporters believe that it helps relieve the financial strain on American consumers who pay almost three times more than other countries for numerous drugs.

India and Pakistan: A Fragile Ceasefire Is Established

With an agreement made on May 10, 2025, India and Pakistan have begun to ease their military tensions. They are now poised to disengage from fighting on land, air, and sea. The ceasefire, which President Trump described as a result of “common sense and great intelligence” on Truth Social, occurred after fierce Kashmiri skirmishes along the Line of Control subsided by May 11. Marco Rubio, U.S. Secretary of State, has been very active in the conversations and was previously calling on both sides to urge the need for less tension and more contact between the parties.

Even with the ceasefire, the situation is still risky. India’s air defense systems are on high alert, and civilian air traffic can only resume in Punjab. Income-generating centers such as markets and schools are starting to return to normal. Still, the detention of the Border Security Force constable is concerning. Analysts are warning that these terrorist attacks are going to lead to destructive outcomes like wars. The rest of the world is paying attention to the hateful remarks directed towards the family of Vikram Misri, and bordering curricula directly impact the conflict between India and Pakistan.

US Revises Trade Agreement with China: Dow Soars 1,000 Points

Premarket trading saw significant movement across US stock markets on May 12, 2025. This came after surprising news of improved relations between the US and China. The predictions for the markets were confirmed as the Dow Jones Industrial Average jumped a staggering 1000 points, equivalent to an increase of 2.3%. Furthermore, the S&P grew 2.8%, while the Nasdaq market soared by 3.8%. The root cause of this spike was a new settlement regarding tariffs. China and the United States plan to reduce reciprocal tariffs by more than 100 percentage points, settling at a baseline of 10% for 90 days.

Walking back years of economic fear between the US and China, Treasury Secretary Scott Besset stated, “This is a total reset of the relationship,” declaring that the agreement eliminated fears of an economic trade conflict. The tariff slashing has also been made possible due to the decisions made by President Trump in early April. Trump paused so-called “reciprocal” tariffs on most countries for 90 days, excluding China. Coupled with Trump’s previous policies, the market has been rallying, leading America towards a post-pandemic recovery. However, investors are now worried as Trump considers new tariffs on foreign steel and pharmaceuticals.

The swift rise in stock market signals reflects a sense of global relief, irrespective of the tensions between China and the US. Indices such as MSCI’s world stock gauge exhibited similar behavior.

Housing and Mortgage Updates: Rates Are Steady, Affordability Issues Persist

In the United States, the housing market continues to grapple with affordability challenges. The median price of an existing home was $396,900 in January 2025, a record high for that month and an increase of nearly 5% compared to the previous year. Mortgage rates have stabilized, hovering at the same levels as when President Trump won the election in November 2024. Industry sources, including Bankrate, suggest that the average 30-year fixed mortgage rate has eased to around 6.8%, down from a peak of 7.2% earlier in the year. With this drop comes a modest easing of relief after seven consecutive weeks of declines, which is helpful, although modest, for prospective homebuyers.

High home prices and elevated mortgage rates dampen existing homes’ sales, which were already weaker than expected in the past few months. Economists attribute the sluggish market to Trump’s trade policies, which tend to fuel inflation and economic uncertainty and erode consumer confidence. Potential Federal Reserve rate cuts and looser monetary policy could ease economic strain and provide some relief. However, other analysts caution that these policies might increase construction material prices due to tariffs and home prices. The housing market remains critical while the administration implements its economic policies.

ICE and Sanctuary Cities: The Situation Grows Hotter

Concerning domestic affairs, Trump has been strict with immigration enforcement, which has increased criticism towards sanctuary cities and states. On April 28, 2025, Trump released Executive Order 2025-010, which directed the publication of a federal list of cities and states that do not cooperate with the US Immigration and Customs Enforcement (ICE), alongside a presumption of cutting federal dollars to those regions. That order has extended existing directives, such as penalizing sanctuary cities with federal funding for policies supporting law-evading immigration control.

The fears of immigrants have already been heightened as they now expect law enforcement to act violently, as seen with the recent ICE operations like the Tennessee operation that accounted for over a hundred arrests on May 11, 2025, as part of Trump’s deportation plan. Local leaders have defended these policies, which include local police not inquiring about immigration status or restricting access to state jails by ICE unless through warrants, as key to fostering cooperation with local government. These policies have also faced harsh criticism from Trump, who refers to them as lawless insurrection. Recently, a federal judge has temporarily restrained the decision to cut off funding to sanctuary cities like San Francisco, showing potential for future legal battles. Sanctuary jurisdictions have reported lower crime rates and higher median income, which counters the implicit public safety risks.

Other Significant Changes

U.S.-UK Trade Deal:

President Trump and UK PM Keir Starmer unveiled a game-changing trade deal on May 8, 2025, marking the 80th anniversary of World War II Victory Day. The deal is intended to strengthen economic relations and mitigate the impacts of tariffs.

Hamas Hostage Release:

With the help of the Trump Administration, Hamas agreed to the release of Israeli-American hostage Edan Alexander on May 12, 2025, which was a diplomatic achievement amid the ongoing tensions in the Middle Eastern region.

Economic Outlook:

With the market rallying, concerns over a looming recession persisted, triggered by the Trump administration’s tariffs and spending cuts. Goldman Sachs now predicts significantly slower American growth relative to Europe, with heightened inflation on the horizon.

We encourage you to visit the GCA Forums for ongoing conversations and additional information. In the community threads, tell us how today’s news shapes the world’s economy, society, and international relations!

https://www.youtube.com/watch?v=lXyHNtbtfAg

What states are thinking about eliminating property taxes? I heard Texas, and Florida are two states that are thinking about totalling abolishing property taxes and cover revenues with sales taxes. How true is this, or is it just a conspiracy theory? I would appreciate a comprehensive overview of the states that will be eliminating abolishing property taxes. Property taxes, high homeowners insurance, and high homeowners association dues are making being a homeowner unaffordable and above and beyond being able to buy a house.

I have seen many French Bulldogs ride skateboards like pros. I own a French Bulldog and purchased a skateboard to teach him how to ride a skateboard like the French bulldogs you see on YouTube riding skateboards. Does anyone know how to teach a French bulldog to ride a skateboard? I want a comprehensive step-by-step instruction on teaching my French Bulldog how to ride a skateboard and enjoy it. Please tell me the success rate of French bulldogs and whether they enjoy riding skateboards.

https://www.youtube.com/watch?v=czVQ5RZ6Hac

Meet Richard Goodall! AMAZING Audition! Worth the Watch!

#AGT​ #BGT​ #XFactor​

NEW❗️AMERICA’S GOT TALENT 2024!!
Going for the gold! World-class judges Simon Cowell, Sofia Vergara, Heidi Klum and Howie Mandel and beloved host Terry Crews are back with an all-new season 19 of AGT 2024! With awe-inspiring talent and jaw-dropping, Golden Buzzer-worthy moments, this years AGT will feature many more Golden Buzzers. Will it be the Janitor Richard Goodall with a shocking voice or the 2-year-old Baby Devan the youngest math genius?! Stay tuned to Top Talent Channel for weekly Best Of AGT Auditions, Golden Buzzers and weekly Full episodes of AGT 2024. Watch on NBC Network and streaming on Peacock.

BRITAIN’S GOT TALENT 2024!!
In the exhilarating season of Britain’s Got Talent 2024, the stage is set for a whirlwind of talent, drama, and awe-inspiring performances. From the best BGT auditions showcasing a diverse array of acts, to the coveted BGT Golden Buzzers that left audiences in awe, this year’s competition promises to be nothing short of spectacular. Follow Top Talent for each episode of BGT 2024, featuring Best auditions and full episodes filled with heartwarming stories, jaw-dropping talents, and unexpected twists. With the esteemed judges including Simon Cowell, Alesha Dixon, Amanda Holden, and the newest addition, Bruno Tonioli, the stakes are higher than ever. The first Golden Buzzer on BGT 2024 already broke the internet with singer Sydney Christmas shocking the judges.

NEW AGT FANTASY
America’s Got Talent: Fantasy is a new TV series in 2024. AGT Fantasy is AGT with a twist! The show features judges drafting a team of acts from the “got talent” franchise. The show stars Terry Crews, Howie Mandel, Heidi Klum Simon Cowell and features the long-awaited comeback of legendary judge Mel B! The competitors include not only big viral acts such as Kodi Lee, Darci Lynne and Tape Face, but also some lesser known contestants for Got Talent worldwide! Top Talent features the best of AGT Fantasy weekly auditions, as well exciting compilations! Subscribe to Top Talent for all the AGT Fantasy League fun!

TOP TALENT
Subscribe now and experience the WOW! The most electrifying and unforgettable moments from the world’s biggest talent competitions! Join us as we dive into the thrilling worlds of Got Talent, X Factor, and Idol, showcasing jaw-dropping auditions, performances and heartwarming stories that will leave you saying, ‘WOW!’ 🌟

THE AUDITIONS
Our channel specializes in curating the best-of-the-best moments, with a spotlight on the most popular talent shows, including AGT (America’s Got Talent), BGT (Britain’s Got Talent), The X Factor and American Idol. These iconic shows have given us some of the most memorable acts and mind-blowing talents in the entertainment industry.

THE CONTESTANTS
You’ll witness incredible performances from talented individuals who have wowed audiences and captured the hearts of millions. Whether it’s spine-tingling vocalists, mind-bending magic, astonishing dancers, or acts that push the boundaries of imagination, Top Talent has it all.

THE JUDGES
And let’s not forget the fantastic judges who bring their wit, humor, and expertise to these shows. From the legendary Simon Cowell and Sofia Vergara on AGT to the charismatic Katy Perry on American Idol, Amanda Holden on BGT, and the fabulous Heidi Klum, Alesha Dixon, David Walliams, and Howie Mandel, we celebrate the judges who play a pivotal role in discovering these incredible talents.

THE HOSTS
Hosting these shows are some of the industry’s finest, including the incomparable Terry Crews on AGT, the dynamic duo Ant and Dec on BGT, and the iconic Ryan Seacrest on American Idol.

Don’t miss out on the most sensational moments and heartwarming journeys that define these talent shows. Subscribe to Top Talent now and be part of the WOW experience! Don’t forget to hit that notification bell so you never miss an electrifying moment. Join us on this incredible journey through the world of talent!

https://youtu.be/2Uf-61gioVA?si=t58TW6Bs-MOIEd1l

I have a client who has been residing in her mother’s home. She was living there when her mother passed away in 2019, the property is still in her mother’s name. my client filed for bankruptcy, but it was dismissed due to non-payment.

Now, the property is facing foreclosure. Since it was not included in the bankruptcy and the case has been dismissed, we believe that court approval should not be necessary for the transfer, of her Mom’s home. We are currently waiting on the title commitment, but the general consensus is that she should be able to retain any funds unless any judgments arise.

To facilitate the process, we will be executing an heirship affidavit to transfer the deed. Given that the property was inherited, we anticipate that the chain of title transfer will not present any issues.

Additionally, we are considering a gift of equity since the property is valued significantly higher than the outstanding mortgage. There is enough equity to gift 20% and cover all closing costs. However, we are also weighing the option of selling for a lower price without the gift, which would only involve a 3.50% down payment. What would be the most effective approach to keep monthly payments more affordable in this scenario?

There are many moving parts in this situation, and I want to ensure we are making the best decisions without overthinking the process.

GCA Forums News: National Headline Summary For Thursday, May 8, 2025

Politics and Policy

Trump Declares Memorializing “Victory Day” for WWII: On May 8, 2025, Trump signed a proclamation declaring the day as Victory Day to memorialize World War II. This marks another attempt to honor World War II’s military achievements and is intended to accompany a proclamation for World War I later in the year. Detractors assert it is the capping of meaningless symbolism among troubling policies.

Federal Reserve Keeps Interest Rates Unchanged:

Given the uncertainty from Trump’s proposed trade war and tariff policies, the Federal Reserve decided to keep interest rates at current levels. Economists warn that escalating trade tensions could hinder inflation and economic growth.

Trump Administration Renegotiation Plan:

This controversial strategy aims to negotiate a significant reduction in the US foreign assistance offered to Libya. Although explicit details remain scarce, the proposal has faced criticism for its potential to compromise humanitarian efforts.

Reorganization Activities After Resignations In The USDA:

After a “deferred resignation offer” in which 15,000 employees opted to leave, the Department of Agriculture, led by Secretary Brooke Rollins, has been restaffing and actively seeking to fill the critical roles left vacant. This recruiting blitz is aimed at stabilizing the department.

World News

“No Peace” India-Pakistan Relations Hit New Low

A limited peace remains after India’s missile strikes in Pakistani-held Kashmir, called by India “retaliation” for Kashmir militant activity, which killed 26 people in Indian-controlled Kashmir. Pakistan’s Prime Minister Shehbaz Sharif referred to it as a “cowardly” attack. Both nations claim victory at this stage. Pakistan was completely “blackout-censored” during wartime readiness drills and blacked-out TVs. India conducted nationwide “blackout” war readiness drills. Flights were cancelled out of India, and memorials were held for the “dead.” Everything remains extremely precarious, and tensions can flare up anytime.

Vatican Conclave Elects New Pope

On May 8, 2025, while it was still daytime, white smoke rose from the walls of the Sistine Chapel. During the black smoke days, this meant no agreement among the 133 cardinals voting. The newly elected Pope, who leads 1.4 billion Catholics, remains unnamed. Many television sets were also tuned to the conclave’s coverage worldwide, waiting to see what would happen about LGBTQ targeting outreach.

Business and Finance

Gates Philanthropic Pledge

During an interview with Reuters, Bill Gates said he plans to donate almost his entire personal worth for the next 20 years. He plans to set aside US$20200 million to target the world’s poorest through his foundation, claiming the pledge is one of the largest ever and can change philanthropy.

Port Caused Problems Due to Trump Tariffs: Los Angeles and Long Beach ports suffered heavily from the lack of incoming cargo ships due to the Trump-era tariffs. The disruptions have caused alarm over possible delays in the supply chains and a spike in consumer prices.

Electric Star Schemes Set to be Retired: An Environmental Protection Agency plan to withdraw one of its Energy Star offices will eliminate a thirty-year-old scheme that incentivised the production of lower-energy appliances. In its absence, consumers and environmentalists will face high energy costs and environmental damage.

Engineering and Science

Videographers Capture Colossal Squid Alive:

The Marine Biological Association achieved a major milestone in 2025, becoming the first organization to capture a colossal squid on Video. As highlighted in one of the articles in the NYT Mini Crossword, the strides result from persistent efforts in deep-sea scientific research.

Latest Update for Tesla Spring 2025:

Tesla has completed the Cybertruck feature implementations for the Spring Update. The version is now available in 75-80% of all vehicles. Receivers’ October Report sales continue to rise. However, praise was also aimed at the new door’s bragging features, as mixed feelings were found regarding the performance of the new features revealed and stalled claiming.

One UI 7 Launches for Galaxy Users:

Samsung One UI 7 was available to Galaxy device users, including new AI features like Writing Assist and Reshape. The latter group suffers immensely from performance issues related to AI abuse on the device’s battery life.

Culture and Entertainment

Vice President Harris at the Met Gala:

Vice President Harris attended the 2025 Met Gala, her first public engagement after giving a speech following the 2024 elections, which she lost. This appearance garnered much interest, marking her return to the public spotlight.

NYT Puzzles Break Records:

The New York Times Wordle Strands and Mini Crossword, dated May 8, 2025, continue to break records. Besides their astonishing clues, the ‘Well, fancy that!’ theme was one to look out for.

Leap Day Series Resonates:

The fifth episode showcased emotional relationships between characters and was well-received for depicting friendship and chosen family. Fans on X appreciated the emotional aspects of the show.

Local Spotlight

Frederick’s Alive @ Five Launches:

The Alive @ Five summer happy hour series 21 opened in Frederick, Maryland, on May 8, 2025. The event occurs at the Carroll Creek Amphitheater and serves those aged 21 and over. The event seeks to promote community engagement through the efforts made by the Downtown Frederick Partnership.

Analysis

These complex issues are related, domestically or internationally. The Trump administration policies, ranging from symbolic and trivial ones such as “Victory Day” and triumphal American celebrations to wretched ones such as mass deportation, leniency in documentation, and harsh tariffs, pose critical questions on the economy and America’s relationship with the world. The ongoing skirmish between India and Pakistan illustrates the remaining international conflict situations that sustain the fragile geo-political equilibrium. At the same time, the new Pope from the Vatican denotes new possible shifts in the religious equilibrium. Tremendous technological developments, including filming the colossal squid or the latest Tesla update, parallel cultural phenomena like the Met Gala or the New York Times crossword puzzles. GCA Forums News readers will think about this interaction of policy, war, and progress for some time, most likely for two weeks, if not more.

National Headline News Overview for GCA Forums News, May 2, 2025 Economic Developments

The U.S. economy showed resilience with a stronger-than-expected addition of 177,000 jobs in April 2025, surpassing Wall Street’s forecast of 133,000. The national unemployment rate remained steady at 4.2%, signaling a stable labor market despite global economic uncertainties. This data, reported by the Labor Department, highlights continued economic strength amid concerns over new tariffs and trade policies.

President Donald Trump’s tariffs, particularly the expiration of the de minimis exemption, took effect, impacting millions of Americans’ purchases. This policy change is expected to cause disruptions in e-commerce and consumer pricing, with analysts predicting potential chaos in supply chains.

Political and Policy Updates

President Trump’s administration faced scrutiny over several high-profile moves. The removal of Mike Waltz as National Security Adviser due to the “Signalgate” controversy, where he inadvertently added a journalist to a sensitive group chat, marked a significant shakeup. Waltz was nominated as U.N. Ambassador, with Secretary of State Marco Rubio appointed interim National Security Adviser.

Plans for a large-scale military parade on Trump’s 79th birthday, June 14, 2025, were reported, with an estimated cost of tens of millions. The proposed parade would involve 6,600 soldiers, raising debates about federal spending priorities.

A U.S. judge blocked Trump’s attempt to use the Alien Enemies Act to deport immigrants without due process, a decision hailed by civil rights advocates but criticized by administration supporters. This ruling underscored ongoing tensions over immigration policy.

Social and Labor Movements

May Day protests on May 1, 2025, saw thousands across the U.S. rallying for workers’ rights, immigrant protections, and Palestinian causes. Demonstrators in cities like Atlanta, where hundreds gathered at the Georgia State Capitol, expressed opposition to the Trump administration’s policies and what they termed a “billionaire takeover” of Washington, D.C. Rideshare drivers were among the prominent groups demanding higher wages.

International Relations and Conflicts

The World Health Organization issued a stark warning about the humanitarian crisis in Gaza, stating, “We are starving the children of Gaza,” as Israel’s military actions continued. A Gaza-bound Freedom Flotilla was attacked in international waters, and Israel conducted airstrikes on Syria for the second time that week, escalating regional tensions.

In Australia, Prime Minister Anthony Albanese’s Labor Party secured a second term in an election viewed as a referendum on anti-Trump sentiment. The opposition, led by Peter Dutton, criticized Albanese for failing to secure exemptions from Trump’s global tariffs, highlighting the global ripple effects of U.S. trade policies.

Crime and Justice

In Illinois, a landlord convicted of a hate-crime attack in October 2023, which resulted in the death of a 6-year-old Muslim boy and severe injuries to his mother, was sentenced to 53 years in prison. The case, tied to heightened tensions following the onset of the Gaza conflict, drew national attention to issues of Islamophobia and hate crimes.

Business and Corporate News

Billionaire investor Warren Buffett announced his intention to step down as CEO of Berkshire Hathaway by the end of 2025, naming Vice Chair Greg Abel as his successor. The announcement, made at the company’s shareholders meeting in Omaha, Nebraska, on May 2, 2025, marked a significant transition for one of America’s most iconic firms.

Cultural and Entertainment Highlights

The popular game show Jeopardy! concluded an eventful week in its 41st season, with viewers tuning in for the final episode on May 2, 2025. Meanwhile, the New York Times’ Connections and Strands puzzles for the same day generated buzz among puzzle enthusiasts, with spoilers circulating online.

Local and Regional Events

In Phoenix, Arizona, the First Friday event on May 2, 2025, attracted attendees with food, live music, and cultural activities in downtown, showcasing community vibrancy. In Georgia, the sea turtle nesting season began along the coast, while a pilot program aimed at supporting assault victims gained attention.

Trending on X

Discussions on X highlighted several national and international stories. The Vatican’s preparations for a papal conclave on May 7, 2025, following Pope Francis’ passing, drew attention, with lighthearted online speculation about potential candidates. A Congressional briefing on Unidentified Aerial Phenomena (UAP) on May 1, 2025, sparked conversations about national security and scientific innovation.

Conclusion

The national headline news for May 2, 2025, reflects a complex landscape of economic resilience, political turbulence, social activism, and international crises. From robust job growth and tariff-driven economic shifts to protests and geopolitical tensions, these stories underscore the interconnected challenges and debates shaping the U.S. and beyond. GCA Forums News readers are encouraged to stay engaged with these developments as they unfold.

cnbc.com

5 things to know before the stock market opens Friday

Here are the most important news items that investors need to start their trading day.

GCA Forums News—National Headline May 6, 2025

Foreseen Political and Legal Matters in the US:

Judge Stops Trump From IMLS Scrapping

Culture sector executions have always been touchy. I know overreach when I see it, and in this case, the Exponent is overreaching its IIX order without a sensible justification. In the case of IMLS, the judge is right in stopping the IMLS order from destroying the remnants of the dismantling processes. Dread, it must, even if begrudgingly, control measures for the other branches of government. You people, like your contractors, tend to go over the top. Exercising too much restraint will lead to further disorder.

Trump Curses Obama Presidential Center

Mark Carney and Canadian leaders celebrated the unwelcome Obama refrigerator center as Trump mercilessly mocked it. “It’s a clown circus.” Curiously enough, Trump asserted yet again that tokenism is to blame for dismantling cars made by ‘calling steelworkers who don’t show up on time, and steelworkers don’t show up on time.’ Mark doesn’t care either way and slithers through trade negotiations on steel barriers, which Canada stands rigidly for.

Transiting borderless trade agreements, tax impositions without permission, and regulatory matters were part of the talking agenda.

Carney Moves Towards Firm Stand With Trump Meeting

Trump said the first talks of Mark Carney with the Trump-level Mitch McConnell-type brain sent positive signals. So far, so good. Mark indicated he met halfway. Canada is done trading the Family Price Gouging and prepared to trade, preemptively guarding our grounds to mitigate Veal’s Euro engagement level.

Fentanyl Crime Operations

Fentanyl Operation

US law enforcement claims to have taken down one of the largest fentanyl trafficking operations in America. This operation led to them arresting 16 individuals and confiscating millions of fentanyl pills. This comes as a major milestone for the opioid crisis. Officials, however, said that other regional concerns are still being addressed.

Suspect Two Charged in Reporter’s Murder

For the murder of the television reporter who was shot when she was covering the Super Bowl in New Orleans back in February, a second person has now also been charged with murder. This case shows just how dangerous reporting has become and the level of violence in the cities.

Local Felony Arrests in Mississippi

In Tupelo, Mississippi, a couple of arrests have been made. Two individuals have been booked in the Lee County-Tupelo Adult Jail for felony charges. 26-year-old Susannah J. Brand was taken into custody for contempt of court and embezzlement. At the same time, they wrist-shackled 26-year-old Destenee Latia Causey for meth possession. Such capturing shows locals’ attempts towards combating community property and crime issues.

Updates on International Events and Cultural Events

The Papal Conclave 2025 Launches

The Catholic Church cardinals gathered in the Sistine Chapel in 2025 to cast votes during the conclave for a new pope who would preside over the Church of Rome and lead 1.4 billion Catholics worldwide. This is the first conclave where the majority of voting cardinals, less than half, are Europeans. Throughout history, Europe has dominated the geography of the Catholic Church. Including women and lesbian families in church functions is still up for dialogue and remains the center of intense debates within the church.

What happened during the Met Gala 2025?

The Met Gala 2025 was organized on May 5th, 2023, which fell on a Monday, and a day later, everyone focused their attention on one thing: the Met Gala. A list of celebrities, such as Kamala Harris, was also present and said, “I came in after the elections.” These words only increased the magic of the evening. Rihanna, Diana Ross, and Teyana Taylor absolutely and astonishingly rocked some of the most wanted clothes showcased, and that only helped them augment the spectacle.

The US Olympic & Paralympic Hall of Fame is now confirmed.

The US Olympic & Paralympic Committee has included track and field athlete Allyson Felix and tennis player Serena Williams in the 2025 Hall of Fame class. This is testimony of their success in American sports and commends the greatest American sports icons we have ever seen.

Entertainment and Media

Grand Theft Auto 6 Trailer Release

Rockstar Games captured the attention of many by releasing a trailer for the long-awaited Grand Theft Auto 6. Admittedly, the release date of May 26 or May 26, 2026, is unreasonable. Regardless, the heart-stopping, open-world, crime-infested gameplay will be worth the wait.

Jeopardy! Champion Retains Title

Last Tuesday, Jeopardy! Featured the fifth consecutive match of reigning champion Ben Ganger, who continues to wow spectators with his impressive plays. Season 41, the answer-and-question quiz, maintained its global appeal due to interesting participants and captivating seasons.

Sports

Barcelona vs Inter Milan UEFA Champions League Semifinal

The Inter Milan vs. Barcelona UEFA Champions League semifinal sparked global interest as the sports world buzzed about it on Tuesday. Under Gaffer Hansi Flick’s leadership, Barcelona endured a fierce battle in Milan, forcing them to warm up and take the final step. Dani Olmo’s mental fortitude was needed to balance his worries when the defense, among other things, had to be catered to. Inter Milan was heavily favored to win at +155, while Barcelona rested under at +160.

Public Health and Community Wellbeing

Cleveland Clinic Critics Slam Them For Spending Too Much On Community Services

“Cleveland Clinic’s main campus placed 5th on the Lown Institute’s list of US nonprofit hospitals doing the least for their communities, based on the Lown Fair Share 2025 National Report. Ohio was one of five states whose Hospital Fair Share shortfall exceeded 1 billion dollars, and this raised concerns across the American states about the nonprofit hospitals offering services to the residents and their contributors in name.”

Additional Noteworthy Stories

Cleveland Clinic Eta Aquarids meteor shower

A flood of commentary was sparked around America Wednesday when online posture for viewing the Eta Aquarids meteor shower was released at its peak time for viewing.

Crossword Puzzles and Wordle Games

The New York Times Puzzles crosswords and Wordle games on May 6, 2025, sparked immense interest. For the Connections, “I’m In Love” was selected as the title. Meanwhile, for Wordle 1,417, the estimation was set to medium. It is quite remarkable how popular these daily pastimes have become.

General Summary

On May 6, 2025, politically, culturally, and regarding the criminal world, the US and the rest of the world faced significant issues simultaneously. Similar to blockbuster novels, numerous stories about federal agency legal wrangles, international diplomacy, and entertainment industry mega hits occurred simultaneously, which the GCA Forums News readers can rely on and follow over time.

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• This discussion was modified 4 weeks, 1 day ago by  Sapna Sharma.
• This discussion was modified 4 weeks, 1 day ago by  Sapna Sharma.

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If you were the husband of a beautiful middle-aged wife of 56 years old, but she cheated with the neighbor’s sophomore boy, and to top it off, she got herself pregnant. What would you do? This was a while ago, and I think about it occasionally. The thing that disturbed me was that I walked in on them.

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How do beginners start gardening? Food prices are skyrocketing due to inflation and everything at the grocery store is four to five times the price it was about a year ago. Inflation is not 3%. Politicians are big liars and cannot be trusted. How easy or hard is it to start a garden in your back yard? I live in a single family house with a very small back yard in the city. I do not have a large yard so my space is limited. What should I put on my vegetable garden if I am a beginner? Can you please explain the step by step process on how to start a vegetable garden bed from scratch?

GCA Forums News: National Overview – Headline Overview – Thursday, May 1, 2025

Political News Update

Trump Changes National Security Aides

As we now know, President Trump appointed significant new personnel to his national security team on Thursday. After a Signal group chat leak, Trump still defended Mike Waltz, his National Security Adviser, but subsequently put Waltz forth as the nominee for US Ambassador to the UN. Marco Rubio steps in as acting National Security Adviser. These moves show strategy pivoting within the administration’s foreign policy framework amidst powerful headwinds.

Executive order concerning gender-affirming care

Stephen Miller also referred to gender-affirming procedures for minors as “savage” during the press conference. This was right before the press conference where Trump signed his Executive Order No. 2 of 2023 with the title “Protecting Children From Chemical and Surgical Mutilation.” The executive order has caused a lot of commotion regarding its rationale, which, according to critics of the order, includes targeting medically vulnerable populations and disrupting the exercise of rights of medical professionals to deliver healthcare on their terms.

The immigration policy is facing legal action.

A Federal judge ruled recently that the Trump administration cannot employ a wartime strategy to remove Venezuelan migrants from a Southern Texas detention facility. This marks the latest setbacks within the administration’s enforcement-focused immigration regime, which has garnered significant criticism and legal scrutiny.

May Day Protests Sweep the Nation

Nationwide Demonstrations Against Trump Agenda

As International Workers’ Day or May Day approaches, we are already noticing that ‘The 50501’ movement, which came from a Reddit forum, organized protests in all 50 states using the hashtag “#MayDayStrong” that previously had no protests scheduled for this date in 2020, as the coronavirus pandemic rendered people housebound. Additionally, demonstrators advocated for Project 2025, claiming that the initiative only seeks to further deteriorate already vulnerable sections of society, such as immigrants, people of color, and women.

Los Angeles, New York City, and Phoenix are only some major city hubs where protests were reported. Over 250 organizations claimed to support the movement, proving that this was not some random act done by one individual or group but that it was highly organized and strategically planned. The massive crowds that came together to support New York’s capital proved to everyone that Trump’s policies had indeed angered people.

Local Impact and Worker Solidarity

In Los Angeles, a four thousand-strong union and immigrant rights supporters rally, demanding public employment services and protection for employees at the federal level. In New York, Union Square was the center of another rally where people defended the Constitutional order of law, and some participants were seen holding replicas of the US Constitution. Every protest tells a different narrative, but in this case, the underlying resistance to the so-called “war on working people” was central, as per the proponents of the demonstration.

Health and Public Safety

New Vaccine Testing Requirements

The Department of Health and Human Services has added a policy that states that new vaccines must be tested against placebo groups. Such a shift within policy is overly susceptible, as it risks delaying approvals from the Food and Drug Administration. The change came with criticism from public health advocates concerned with suspending the vaccine development timeline, especially during debates on public trust towards medical interventions.

Vaccine Measles

Measles outbreak lawsuits in Kansas remain in the headlines as the records show they have newly enrolled nine patients diagnosed with the condition. The disease was previously reported in the state, along with many other infections. Locally, the outbreak has motivated authorities to call for higher observation standards and to administer greater vaccinations to fight against highly infectious diseases.

Social and Community Stories

A Kansas Sheriff’s Compassionate Approach

In a touching incident, a Kansas sheriff was praised for his community-mindedness after opting not to arrest drunk teenagers, instead choosing to drive them home. The incident shows a shift in strategy in law enforcement in small towns.

Kansas Animal Rescue

About 50 dogs were rescued from horrific conditions in north central Kansas, drawing attention to animal welfare issues. Local authorities, alongside advocacy groups, are working to ensure these animals receive the proper care and new homes.

Education and Technology Issues

Concerns About AI Gun Detection Software

Newly developed AI software aimed at detecting guns on school premises has met criticism from Kansas legislators over its accuracy, sparking a debate with other discussions concerning security and technology in schools.

US Congressional Briefing UAP

UAP Disclosure Fund, accompanied by a bipartisan task force, held a briefing session dubbed “Understanding UAP: Science, National Security & Innovation.” It invited several specialists, such as Dr. Avi Loeb and Christopher Mellon, to explore Unidentified Aerial Phenomena (UAP) from scientific, security, and technological perspectives. Streaming the briefing live demonstrates the heightened public demand for hearings on UAP research.

Entertainment and Culture

Sean “Diddy” Combs Rejects Plea Deal

In another chapter of his legal saga, Sean “Diddy” Combs reportedly rejected a plea deal. Interview. The case remains in the spotlight.

Leap Day Series Captivates Audiences

Fans have appreciated the emotional character arcs shown on Leap Day as they have been gaining popularity. Day and Ozone’s protective parenting, showcased in episode 4 of the series, garnered viewers’ praise.

The day was shaped by Diddle Inc. organizing rallies protesting The Hateful Eight as well as other political stirs and combative movements of public health and safety. Diddle Inc.’s national haunted house security restructuring was met with his usual hate-executive oversteps, which caused knee-jerk May Day protests of its own. Then, Spir Glyph’s apples drown evidence in enormous lip-dob claims. During the day, Steets of Brothers Tieray gave hate and love towards horrible tales of dying and bad in an American fashion.

Note: This summary draws from the decline of available data and the multi-narrated trend of renowned reporting bordering May 1, 2025. We would like to ask that our readers step up to the required news outlets for active updates or additional information.

GCA Forums News National Headline Reports—April 29, 2025 Domestic Policies and Government Issues Updates

Approval Rating Nosedive During the First Trump Term

United Parcel Service (UPS) announced 20,000 job cuts for 2025, which surged its stock price

It’s because of Amazon’s volume loss. Twenty thousand jobs are 4.0% of its workforce.

Polls reveal that the self-identified Republicans’ count reached a historical low of 35% at the beginning of Trump’s second term, with only a 34% optimistic view of America’s economy. How does the economy even function when 37% of people are frightened about the condition of the country? An ABC News Washington Instagram poll cites Trump as the lowest historically rated president out of eighty years. Project 2025’s policies, especially Trump’s immigration plans alongside his economic tariffs, are set to face mounting opposition. For some reason, sections of voters still back his deportation plans, so the mandate is kept for lower-vote immigration.

Federal Layoff Policy Dispute

An alliance of trade unions, NGOs, and regional governments took Trump, Musk, and almost two dozen heads from federal branches of the Trump administration to court to disrupt massive layoffs proposed for the federal government. Resounding concerns that cuts to government employees will shatter the fabric of the nation’s governance drove this legal response.

Header One

White House border czar Tom Homan goes as far as suggesting that undocumented immigrants self-deport. He follows this up by threatening prosecution for those undocumented immigrants who stay behind. This follows reports of deportations, some even including children who were legal guardians in the custody of the US, which sparked some controversy. The National Immigration Project condemned it, saying, “these families have been given insufficient options to remedy this situation,” which many claim to be true. On top of this, over one hundred immigrants were detained in a raid at an Underground nightclub in Colorado Springs, where it was alleged that active-duty Military personnel had taken part.

Vancouver Festival Attack Incident

Elsewhere in the world, the Vancouver car-ramming attack permeated a Filipino heritage festival, claimed 11 victims, and injured dozens more, including a 5-year-old girl and both her parents, which puts the total injuries close to 4 dozen and continues to claim headlines. Kai Ji Adam Lo, age 30, remains the main suspect, charged with no less than eight counts of second-degree murder. Oftentimes, Vancouver is referred to as having its “darkest day,” which has a range of vigils and mourning from the traumatizing pieces in the fallout that were spurred by this incident.

Illinois After-School Camp Crash

A crash in Chatham, Illinois, took the lives of four people aged 4 to 18 after a car drove through an after-school camp. Others were injured, but the footage shows chaos. Saucers are looking into what may have led to the incident.

This work serves two masters: the justice we achieve and the places we are dealt with while reporting crime.

Florida Turnpike Van Crash

An incident in Osceola County where a van overturned on Florida’s Turnpike resulted in five deaths and seven injuries. The event continues to deepen existing worries regarding the safety and quality of the roads in heavily used regions.

Social and Cultural News

Betsy Arakawa Death Public Information

The death of Betsy Arakawa, the spouse of actor Gene Hackman, was confirmed as a result of contracting Hantavirus pulmonary syndrome. An autopsy later cleared Hackman of the disease, putting an end to public speculation. Due to Hackman’s prominence, this news has garnered widespread attention.

Universal Orlando Epic Universe Park

Universal Orlando Resort has made tickets for the new Epic Universe theme park available to the public from April 29 to May 19, 2025, about a month before its opening on May 22. The park is expected to include attractions such as SUPER NINTENDO WORLD and The Wizarding World of Harry Potter. So far, its announcement has sparked great interest, prompting rapid sales for some tickets.

Legal and Judicial Updates

US 2nd Circuit Court of Appeals Judgment

The US 2nd Circuit Court of Appeals scheduled arguments for May 6 in Rumeysa Ozturk’s case. However, the details are quite sparse in public versions. This suggests that some action is taking place that may be of considerable importance.

Florida School District Joins Social Media Lawsuit

The Indian River County School District in Florida voted to join a nationwide lawsuit aimed at popular social media platforms because of their negative impacts on mental health and educational development. This comes after a canceled attempt to create state parks, with the put-on-hold plan illustrating a change in local focus.

A National Issue with a Global Angle

Power Outage in Spain and Portugal

Soaring crime rates do not have the desired effect on travel. April 28, for instance, witnessed Spain and Portugal being interconnected with a single power grid. The resulting paralysis of transport routes and medical servicing meant that a global emergency infrastructure undertook many tasks that the US might need to think rationally about. After part 29, a lack of imagination also caused people further problems.

Canada’s Election Influenced by US Politics

Trump might not be in attendance. Premier Trump irrationally fueled the hubris in 2021. It is yet a ridiculous excerpt, porous-wise. The dynamic will probably impact the relationship between the two countries, the US and Canada, for some time.

Economic and Public Sentiment

Public sentiment is divided over Trump’s policies of tariffs and immigration crackdowns. According to polls, 29% of Americans registered economic pessimism. And Trump’s handling of immigration is losing voters’ support. Nonetheless, his administration continues to push through with high-profile appointments, such as adding a council with Defense Secretary Pete Hegseth and Texas Governor Greg Abbott, seeking to set heads of appointments on system issues.

As of April 29, 2025, the perplexing nature of politics and the culmination of tragic events and cultural happenings can be distilled into a single trending headline, “The Popularity of Trump – Coverage Was Imminent.” The president’s fiercely low approval ratings and controversial policies overshadow the discourse. Society grieves over the harm caused by the Vancouver attack; Illinois causes the public to focus on the wish to turn up the heat.

Epic Universe’s preview is progressively getting released. Social media is basing being legally allowed to be suspended for public layoffs on keeping watch, in turn shaping the policies of Meta beyond consideration surrounding diverse public focus, which is where GCA Forums News urges their readers to wish not to remain asleep as stories unfold about anything touching on policies, security, and betterment of life.

https://youtu.be/N2sV7mh2JaM?si=s0Jn6Bcg5kmcrTZM

• This discussion was modified 1 month ago by  Gustan Cho.

GCA Forums News: National Headline Overview – Monday, April 28, 2025

Updates on Financial Markets: Dow Jones and Other Indices

The Dow Jones Industrial Average decreased about 17 points this morning as the market’s pessimism deepened. Other broad indicators, like the S&P 500 and the Nasdaq, were also down marginally. The current uncertainties regarding the Federal Reserve’s policies and President Donald Trump’s renewed attacks on Fed chair Powell created further headwinds. Markets receive alarming Trump headlines as the danger of Central Bank independence gets speculated, fueling much caution and further exacerbated by recent analysis. There is the sentiment on X that Trump’s comments on Powell are bad for business, thus bringing uncertainty into markets. However, without deeper analysis, these conclusions remain flimsy.

Ten-Year U.S. Treasuries

The ten-year US Treasury note yield increased marginally, trading at around 4.2%, as financial market players evaluated the impact of interest tariffs and inflation estimates. A yield increase is purported to signal sustained inflationary pressure, intensified by some of Trump’s far-fetched Tariff policies.

Precious Metals

The current spot price for gold is $3,324.12 per ounce. This is up 0.13% from yesterday.

Precious Metal Spot Price Change

Gold $3,318.10 -0.4%

Silver $33.17 -0.39%

Platinum $994.35 -0.02%

Palladium $976.85 0.03%

This drives demand for gold to new heights, marking one of the highest recorded. Other precious metals, such as silver, also recorded gains, further bolstered by inflation expectations in the long run.

Other Markets

Performance across global markets was varied. Outdated European indices such as the FTSE 100 and DAX experienced minor drops. At the same time, the Nikkei and other Asian markets performed better. The currency markets also became volatile, with the US dollar slightly dropping against the euro and yen, partially due to concerns surrounding Trump’s trade policies.

President Trump and Federal Reserve Chair Jerome Powell

The US president has always been an avid critic of the Fed, and he doubled down on his anger toward Powell for not being aggressive enough and cutting interest rates to help the economy grow. The former US president’s comments show a stark media presence, and Powell does not seem to have a chance of surviving the X storm. One can only wonder what will happen to investor sentiment on Trump’s economic diatribe.

Is Powell’s Job at Risk?

Loose talk about Powell’s time in office continues. Reports suggest the White House is scheming ways to put him under pressure or remove him. As stated by The Wall Street Journal, there seems to be chatter in the White House about trying to see how markets would react to firing Powell, although nothing concrete has happened. This type of action would need to clear many political and judicial hurdles because the Fed chair is supposed to be autonomous.

Abolishment of the Federal Reserve?

Within the sphere of outlet conversations, especially in the context of Trump’s presidency, one of the most hotly debated topics was the Federal Reserve Board and its abolishment. Nevertheless, there is no clear basis regarding these concerns across the spectrum of reliable sources. The Reserve’s infrastructure is a crucial component of US legislation, and replacing it would entail legislative intervention, which is improbable considering the cross-party support for it. Such arguments tend to gain traction on X, but no evidence supports them.

Federal Reserve and Monetary Management

The Federal Reserve has maintained its benchmark interest rate of 4.75% to 5.00%, claiming it retains it to balance curbing inflation and allowing growth. Expenses on housing and energy sharply contribute to the lifting fee. The Consumer Price Index, or CPI, is still sitting high at approximately 3.5% yearly for the US economy. The Fed’s caution stems from the risk of a resurgence in inflation, particularly from Trump’s proposed tariffs that would raise import prices.

Major Indicators

GDP Growth:

Estimated values indicated that the US economy would expand annually by around 2.8%, yet it turned out to be only 2.5% for Q1 2025. The increase, however, was offset by uncertainties surrounding trade policy.

Unemployment:

The unemployment rate remains steady at 4.1 percent. Still, it shows signs of creeping up in some industries, such as manufacturing, which may result from tariff disruptions.

CPI:

As stated, core inflation (without food and energy) is slightly lower than CPI inflation, at 3.2%. Currently, CPI inflation is at 3.5%.

Real Estate and Housing Market

Demand vs. Housing Inventory

Inventory is still constrained, with an approximate 4 million unit shortage nationally. Demand continues to be fueled by population growth and low housing market turnover speed. High construction costs and mortgage rates are slowing new builds. Urban areas and certain sanctuary cities, like Chicago, feel the brunt of these lashes, contributing to problems with affordability.

Mortgage Rates

Fixed 30-year mortgages are near multi-decade highs, sitting at 7.1%—high treasury yields and Fed policy largely cause this. Adjustable-rate mortgages are also on the rise. Commercial mortgage lending is also taking a hit due to rising office space vacancies and remote working trends. Lending volumes have dropped as the demand for affordability dwindles.

Business Funding and Lending

Commercial Lending:

Banks have greatly tightened lending criteria for commercial loans. Retail and office properties are at the highest risk due to default risk. The industrial and multifamily segments are doing much better due to the demand from e-commerce and housing.

Residential Lending:

Yearly declines of around 15% have been seen in loan originations. This is directly linked to high rates alongside low inventory. First-time buyers struggle with an average home price of 420,000, making it nearly impossible without a sizable upfront sum.

My Notes:

Public and Private Funding:

Venture capital and private equity interest are lower than before. Investors focus more on established companies rather than start-ups. Small business loans are still available but are scrutinized more due to the current economic times.

Tariffs Imposed by Trump

There is already some discussion around Trump’s proposed tariffs, including Chinese imports by up to 60% and 10% – 20% for the other trading partners. Defenders say it protects the American Economy, but undoing it might cause consumer prices to surge. There is a lot of news regarding Trump’s tariffs, which will cause driving forces on the market. WSJ says they are alarmed over the tariffs being part of economic policies. The American automotive and manufacturing industries will be affected more than others, and I will explain this to you below.

The Trends Proposal for Automotive Cars

Domestic Electric Cars:

American electric vehicle manufacturers sustain high domestic sales, but the administration’s policies toward selling electric vehicles are unfavorable.

Exotic Cars:

High-end cars are still doing well, with sales for Ferrari and Lamborghini considerably international. Due to content tariffs, there is no reason to expect further price hikes in European imports.

Light-Duty Trucks:

Workhorse vehicles enjoy healthy demand from buildings and transport. The segment is sensitive to cost increases that could result from tariffs.

Motorcycles:

The motorcycle market is slowing down, with sales declining 8% year-over-year. This is partly due to increased financing costs, high interest rates, and economic tumult.

Fleet Sales:

Stagnant corporate fleet sales have switched to more fuel-efficient and electric alternatives due to soaring fuel and upkeep expenses.

Pam Bondi Government Efficiency Legal Actions:

US Attorney Pam Bondi, who was put in office by Trump, is under the ire of some Republicans and Trump supporters for not going after the so-called “fraud” and “deep state” crimes with a vengeance. Most prominently, those described by the Government Efficiency Department (DOGE), led by Elon Musk and Vivek Ramaswamy. DOGE claims it has found enormous waste and inefficiencies. Musk is claiming to seek out government fraud, spending billions. Yet still, Musk remains without proof of crimes that prosecutors could hold a solid case upon, with no solid evidence pinpointing prosecutable crimes and no major indictments from Bondi’s office.

Why No Arrests?

Legal Thresholds:

To prosecute fraud, you need proof, and the evidence has to withstand scrutiny, something DOGE’s claims might lack; bonds taking the time are easier said than done…

Strategic Focus:

In addition, Bondi can target those other claims, focusing on more severe ones like immigration enforcement or notorious corruption, which puts her sights on the broader agenda.

Media Attention:

Some believe her appearances on Fox News mark legal work as a political spectacle. In contrast, other ‘supporters’ of the legal commentator posit that favorable public perception is vital for future legal actions.

Taxpayer money ~providing welfare, housing, and attending to social health programs~ only compounds the frustration on X, where a section of users starts to wonder out loud about very long arrest timelines or politics hijacking the process—neither of which has evidence.

Sanctuary Cities:

Chicago, Brandon Johnson, and Illinois did not make specific cuts to social welfare for legal and undocumented migrants entering the city who legally reside in Pritzker’s territory.

The Johnson and Pritzker government faces major criticism about their sanctuary cities, especially regarding legal immigration enforcement by the government under Trump. Chicago’s sanctuary status has brought conflict with federal law enforcement agencies over the interception of international transport lines. At the same time, it was an economic and psychological tactical advantage with John as the mayor. Pritzker has more or less refused pressure, saying Illinois has always supported pilgrims.

Obstacles:

Both face increased spending from bailouts designed to stimulate the economy when housing and social demand from migrants grow, and services drop. Worse yet, homelessness in the Windy City has an increased number of people without permanent housing, and even shelters are full.

Public Sentiment:

The posts on X highlight mixed perceptions, with some viewing sheltering migrants as supporting humanity, while others comment delusionally, claiming they prioritize non-citizens over citizens. This cannot be measured, so these statements are outliers.

Democratic Judges and Immigration

Democrat-affiliated judges, like a Wisconsin judge and a New Mexico judge and his wife, have received attention for supposed leniency concerning illegal migration. These cases, along with other immigration-related legal proceedings, are picked heavily by Trump supporters to showcase what they deem a ‘deep state’ that exists to protect illegal immigrants and undocumented individuals. Yet, the details are less than clear.

Wisconsin:

A lawyer’s decision to set bail on an immigration enforcement action has been criticized. Still, many legal scholars believe such decisions are often slow to adapt to change. They are based on precedent and the specifics of the case.

New Mexico:

A judge and his wife are accused of exercising insufficient rigor regarding procedural strictness. They have not been formally charged with anything, and the investigation is ongoing.

While these cases contribute to an ‘epidemic’ of court bias, the events appear more scattered than systematic. Many judicial trends lack information that must exist to properly understand how extensive the issue is.

On April 28, 2025, the national news landscape focused on the economic cloud, ranging from Trump’s criticisms of the Fed, his proposed overall market tariffs, and constant market swings. The real estate and automotive industries are strained due to interest rates, cost pressures, and bond-level politics, with sanctuary city policies also providing legal immigration firestorms. Everyone is questioning the Federal Reserve’s ever-winding future and the fate of Powell’s term. Still, claims of their erasure seem immensely overblown. GCA Forums News will track these developments for our sponsors, members, and viewers.

https://www.youtube.com/watch?v=llwSgrGE3d8&list=PLo3dZB8Cn9Qv4mTNMcJfAuCBn6JOEIBLv

Mobile home parks are great investments and are becoming increasingly popular and profitable. Who finances Mobile Home Parks and how do you qualify. What are the financing guidelines of Mobile Home Parks

My brother and I am interested more about investing in mobile home parks. I am open in anywhere in the United States. I have interest in knowing what it takes to invest in mobile home parks for a new investor. My experience is in real estate fix and flips and holding apartment buildings. I have a small portofio of single family homes and six apartment buildings totalling 100 units. I do have equity in my properties so I can tap into the equity of my rental properties or sell some. I like to know more about investing in mobile home parks, the pros and cons, the headaches, what to look out for, and suggestions for first time mobile home park investors. I am interested in knowing about financing mobile home parks and how competitive the mobile home park market is. Thank you in advance.

The United States Congress releases bombshell news on Former Congressman Matt Gaetz. Various allegations and investigations have been centered on former Congressman Matt Gaetz. Here’s a summary of the key points related to these allegations.
Sexual Allegations

Inappropriate Conduct with Minors:

Gaetz has been accused of building sexually related connections with young girls below the legal age of consent. One of these claims includes paying for sex, something that he has heavily denied. It all started as a part of the investigation surrounding his conduct and relationships.

Other Investigations

Legal Investigations:

As per reports, the Department of Justice has charged Matt Gaetz with potential cases related to sex trafficking, among other series of allegations under investigation. The bias of this entire procedure was to determine if he had participated in breaching federal laws for sex trafficking minors.

Testimonial Misreports

The allegations against Gaetz were further complicated when witnesses were called to testify against him.

Personal Misconducts

Partying:

In several instances, Matt Gaetz has been observed drinking excessive amounts of alcohol and acting inappropriately with partygoers who witnessed the misconduct.

Drugs:

Drugs, including crack, have been smoked by Gaetz and made part of his use history, although facts and sources around these remain vague.

Political Impact

Party Response:

As a result of the allegations, considerable scrutiny has emerged within the Republican Party—some of its members have repudiated Gaetz. In contrast, others have stated that there is no reason to feel guilt as no formal charges have been made against him.

Media Coverage

The matter has undoubtedly attracted much media attention and added to the controversies surrounding Gaetz’s political endeavors.

Gaetz’s Denials

He stood resolute that all the accusations against him were politically touched, unqualified, and wrongly founded by denying their authenticity. He has contended that the allegations are made against him as a tactic to vilify him because he is assertive about different issues and cracks down on various people in the political arena.

The allegations against Gaetz have these proof, which are very serious, which include the alleged inappropriate behavior of having sex with multiple underage teenage girls, drug abuse, and much more. While investigations have been conducted, Gaetz denied the allegations and labeled them politically motivated. It’s a combination of legal and political issues that add to the matter and constantly change.

https://youtu.be/mQrcJltHCn4?si=_006moZmvv2Ib3Un

• This discussion was modified 5 months, 1 week ago by  Gustan Cho.
• This discussion was modified 5 months, 1 week ago by  Gustan Cho.

Always wondered what happened to Mike Lindell. Could you please provide a comprehensive overview of what happened between Mike Lindell, the founder of MyPillow, and former President Donald Trump? During Trump’s first term in office, Lindell was known as one of his most loyal supporters. He often visited the White House and even spent money defending Trump. Their relationship seemed exceptionally close, with Lindell fully committed to supporting the President.

However, there have been many conflicting reports about Mike Lindell recently — not just small contradictions, but major shifts. For example, I heard that Lindell was recently hit with a $9 million debt bill. After promoting claims that the Democrats, Joe Biden, and Kamala Harris stole the 2020 election, Lindell’s company, MyPillow, faced widespread consumer boycotts. Additionally, Lindell has been the target of multiple lawsuits related to his election fraud claims. Notably, FedEx is suing MyPillow for breach of contract and unjust enrichment, seeking to collect nearly $9 million for unpaid shipping services.

The lawsuit details that MyPillow and its predecessor company, MP Distribution, LLC, entered a Transportation Services Agreement with FedEx in February 2021. Over the next few years, the contract was amended several times to adjust pricing and accommodate changes requested by MyPillow representatives.

With all this background in mind, could you also share a detailed biography of Mike Lindell? Please include his childhood, upbringing, education, parents and siblings, early work history, first job, and how he started his businesses. I’d also like to know how Mike Lindell became close to President Trump, what has transpired between them since, why Lindell appears to be so quiet about Trump now, why he was not involved in Trump’s most recent campaign, whether Mike Lindell is okay, and what he is currently doing.

• This discussion was modified 1 month, 1 week ago by  Lilly.
• This discussion was modified 1 month, 1 week ago by  Gustan Cho.
• This discussion was modified 1 month, 1 week ago by  Gustan Cho.

Below are the steps to create a business directory:

Step1: Click on business form top or here is link https://gcaforums.com/business/

Step 2: Click on Create a Business

Step 3: Enter the details like Business Name, Business Description and select the category of your business and click on create business blue button.

Step 4: Upload business profile picture and click on next button.

Step 5: Upload the cover photo and click on visit business

Now you business page created. Now there are more addition information which you can add in your business page like phone number, address , social media links etc.

So for these setting go to your business page which you created and click on Setting option. Where you can add all information which you want.

GCA Forums Headline News for Monday for March 10, 2025.

GCA Forums Headline News – Monday, March 10, 2025

Tech revolution coming:

Experts predict a new system for AI that will greatly enhance virtual collaboration tools will change remote work and creativity in a digital setting forever.

Economic growth makes people optimistic about investments:

As tech stocks surged overnight, the global stock index also jumped, hitting record highs. Analysts have attributed the enormous growth to renewed investor faith in emerging technologies and sturdy earnings reports.

Renewable supporting policies move forward:

Legislators have approved comprehensive policies on renewable energy designed to quicken the shift from fossil fuels. The bill will increase green investments and create thousands of new vacancies nationwide.

Diplomatic focus:

Presidents of Various nations have gathered for an international summit to diffuse escalating geopolitical tensions in Eastern Europe. The initial claim outlines encouraging steps toward further developing security treaties and supporting cooperation in the region.

The cultural sphere is very active:

The entertainment industry is active as a huge studio revealed that they will be working on rebooting Juniper Jam:

The animated series for one of the streaming services. Fans are giddy about what the beloved franchise has in store for us.

These are today’s most important stories about technology, economy, culture, and politics. Have a wonderful Monday!

Summary of national headline news for GCA Forums News for Monday, March 2025, covering a comprehensive, detailed overview of real estate and mortgage news, business, commercial, and residential lending news, mortgage rates, interest rates, stocks and bonds, economy, unemployment,

I reasoned about national headline news coverage for a couple of minutes.

This is a fictional national headline news summary for GCA Forums News dated March 10, 2025. It presumes to focus on real estate, mortgage lending, and economic factors in the simulation.

National Real Estate and Mortgage News

Spread of Residential and Commercial Lending:

There’s an increase in Commercial and Residential Lending. Most banks seem to be increasing their mortgage credit. A new wave of financing products is coming for new buyers and investors. Many lenders are expediting the digitization of application submission portals, which is meant to eliminate unnecessary delay and expedite deal flow. Current data indicates that banks tend to be reasonably optimistic, observing stiffer competition among lenders for borrower business.

Update On Mortgage and Lending Rates:

Mortgage rates continue to be a hot topic in the market. They surged after a period of modest oscillation. They stabilized due to a mixture of economic policies and conditions in the international markets. Experts say while short-term volatility is over, lenders are still eager to watch for signs of new policies and inflation figures to make predictions for the future. This trend is optimistic for residential buyers and commercial real estate investors seeking to refinance during periods of lower borrowing costs.

Business & Economic news of the dayStocks, Bonds, and Market

The last two trading days have been mixed for wider equity markets, with blue-chip stocks withstanding the recent selloff of certain technologies and industrials adapting to the changing economic outlook. Bond yields have also responded moderately as investors have shown caution about the changes in the anticipated monetary policy. The sentiment suggests investors consider over-allocating to diversified portfolios because while the moderation of pace suggests robust market conditions for long-term holders, short-term posture may need to react due to policy communications.

Interest Rates and the Broader Economic Policy:

Rates of savings, lending, and borrowing change relative to economic growth. Wages, growth, and other measures of the economy influence how people manage their money on a day-to-day basis. The financial balance between consumers and businesses gives insight into a warming economy. Yet, the capability to control inflation through interest rates looks strained.

Economics Outlook and Unemployment:

Eligible national economic measures indicate an economy recovering. However, the key focus on household income and spending falls around job availability. While many deem the current state satisfactory, other industries still lack the necessary skilled individuals for available positions. Elected representatives and business owners lean towards stronger supportive policies to turn the workforce supply into a usable asset.

Key Takeaways for Monday, March 2025:

Residential mortgage loans are increasing alongside vehicles and vessels. Based on the household loan report, lending organizations fund eligible customers aided by quickly advancing electronic means of obtaining credit.

Market Stability:

• Mortgage and interest rates are stable despite other economic factors changing, creating good conditions for new investments and refinancing.

Economic Health:

• Unemployment persists in certain industry segments. Still, the economic expansion seems strong, backed by ongoing employment and consumer spending.

Investment Climate:

• Investors are recommended to adjust their investment in the light of shifting fiscal and monetary policies while ensuring a diversified portfolio.

This national analysis of real estate and lending markets and economic health, including vital signs and trends, is current as of Monday, March 10, 2025.

GCA Forums News: National Headline Overview – Friday, April 25, 2025

Market Crisis: Dip in Dow Jones and Financial Markets Further

As of April 25, 2025, the Dow Jones Industrial Average registered a more than 259-point loss. In turn, this caused a panic in the overall financial market. The S&P 500 also experienced a 1.2% dip, while the Nasdaq had a 1.5 % decrease. Posts on X highlight that the core reason for this anxiety stems from Trump’s ongoing bashing session with Powell, especially regarding interest rate cuts. The dollar reserve index also indicated the current electric volatility of the market as it steered towards its 15-month low while the US presidential yield for a decade hit 10 years, and bonds rose slightly to 4.1 percent. The uncertainty surrounding the fundamentals resulted in powerful guard assets predicting an increase, causing the price of gold to set an unrivaled record at $3,500 per ounce.

Causes for the Market Decrease

Federal Reserve Chairman Jerome Powell is losing credibility and respect from many industry experts, monetary analysts, and the public in general. He thinks that the Fed is doing a great job in maintaining market stability, which it is not. Jobs are getting reduced, the housing and mortgage markets are in shambles, unemployment is skyrocketing, bankruptcy and foreclosure rates are hitting all-time highs, and the housing inventory is escalating to alarming territory. Not too long ago, making a six-figure income was considered high income. Not anymore. People with a six-figure income live paycheck to paycheck and cannot afford a house.

The main catalyst also seems to be Trump’s renewed verbal attacks on Powell, accusing him of “undermining the economy,” claiming it is due to the higher interest rates being maintained. This Trump rhetoric raised concerns about possible interference with the Federal Reserve’s independence. This worry has spread throughout the financial media. Moreover, Trump’s speculation about re-implementing tariffs has been troubling to the markets, concerned with the possibility of inflation and trading conflicts. All these interrelated elements have resulted in a nervous Wall Street, with technology and consumer services taking the biggest hit.

Trump vs. Powell: Interest Rates, The Federal Reserve, And Economic Strife

President Trump has escalated his critique of Jerome Powell, claiming that the Fed Chairman is holding back economic growth by refusing to cut interest rates. Powell defended the Fed’s position, saying balancing inflation control and stability was necessary. The current federal funds rate has remained at 4.5 – 4.75% since late 2024 as the Fed looks at inflation and employment data. Trump has floated the idea of removing Powell from his post, though no steps have been taken toward doing so. Suggestions for eliminating the Federal Reserve Board have been made on platform X. Still, no reasonable evidence underlines that this is a focus for lawmakers. Such a decision would require congressional endorsement and become mired in complex legal and economic considerations. It seems to be unreasonable noise and not a concrete proposition.

Will Powell Face the Axe?

While Trump can use a cause to fire Powell from his position as Fed Chair, it would be unprecedented for him to do so and would most likely result in a market backlash. Legal experts note that ’cause’ is narrowly defined, and policy disagreements may not qualify. Powell’s term as Chair extends to May 2026, and he fully intends to serve without resigning. The Fed continues to operate independently and will hold mid-2025 meetings to evaluate the CPI and GDP data for possible rate changes.

Economic Indicators: CPI, GDP, and Unemployment

CPI: Inflation pulled back slightly to 3.1% year-over-year in March 2025, down from 3.3% in February but still above the Federal Reserve’s 2% target. Energy and housing costs continue to stifle the recovery.

GDP: Q1 2025 GDP growth is estimated at 2.4% annualized, a slowdown from 2.8% in Q4 2024. This suggests sluggish consumer spending and trade uncertainty.

Unemployment: The unemployment rate remained unchanged at 3.8% in March 2025, which is still considered near a historical low. Although job creation slowed to 150,000 new jobs, below estimates, wage growth is still fairly low at 4.1% year over year.

The economy seems cautious yet robust from these metrics as the Fed struggles to control inflation while managing growth-related concerns. As Trump suggests, lower rates could help the real estate and manufacturing sectors, but they can also lead to a surge in inflation.

Real Estate and Housing Market

The housing market continues to be undermined by demand due to high mortgage rates and low availability of homes. The 30-year fixed mortgage climbed to 6.9% as of April 25, 2025, increasing from March’s 6.7% due to the heightened treasury yields. Subsequently, housing inventory improved slightly, with a supply of 3.2 months (an increase from 3.0 months in Q4 2024). However, it is still less than the 5-6 months range that would signal equilibrium within the market. Demand, most notably from first-time buyers, is declining due to worsened affordability. New home construction declined by 8% year-on-year, signaling builder pessimism regarding high financing costs.

Commercial and Residential Mortgage Lending

Residential Lending: Strict lending criteria coupled with high rates have led to a reduction of 12% in mortgage applications compared to Q1 2024. As homeowners who hold sub-4% interest rates from 2020 and 2021, refinancing activity remains stagnant due to new loan aversion.

**Commercial Lending:** The commercial real estate sector is struggling, with office and retail spaces facing 18% and 10% vacancy rates. Lending supports multifamily and industrial properties, with growing demand for apartments and warehouses. Deal volume also slowed down by 15% year over year due to increasing rates and higher borrowing costs.

Business funding remains strong for the tech and renewable energy sectors, but small businesses face stricter credit availability. Approval ratings for loans at community banks fell to 60%, down from 65% in 2024.

**Trump’s Tariffs and Trade Policy**

Potential initiatives boosting manufacturing by reinstating tariffs are likely, with an estimated 10-20% proposed on some goods from the EU and China. Although the numbers are more favorable than the 25-60% proposed during the campaign, the restrictions could still wreak havoc on the US domestic supply of goods. Prices would increase for consumers, and certain industries, like automotive and electronics, would face 5-10% hikes in furnace components. Sentiment across X is heavily mixed, from protective job creation advocates to inflation fearmongers.

Car Industry Overview:

The automotive industry faces headwinds from rising interest rates and trade uncertainties. Cars and SUVs: New car sales dipped by 3 percent yearly, while the average price is $48,000. Buyers are restricted due to high financing costs (the average auto loan rate is 7.5%); nevertheless, sales of electric vehicles (EVs) increased by 8 percent due to tax breaks.

Exotic Cars: The luxury sector continues to thrive, sustaining sales of Ferrari and Lamborghini, while the auction value of their collectible models surged by 5 percent in Q1 2025.

Trucks and Commercial Vehicles: A 4 percent drop in pickup truck sales—a cornerstone of the US market—was attributed to expensive prices and high interest rates. Fleet sales for commercial vans and trucks rose by 2 percent, bolstered by demand from the logistics and construction sectors.

Motorcycles: With affordability issues hitting novice riders, motorcycle sales decreased by 6 percent. However, premium brands like Harley-Davidson experienced steady sales.

Fleet Sales: Corporate fleet acquisitions rose by 3 percent, with rental car and delivery services leading the surge. However, rising expenses forced some companies to pause upgrades.

Unresolved trade conflicts and anticipated tariffs can especially affect the production costs of vehicles that use more imported components.

Pam Bond, Government Efficiency, and Legal Controversies

US Attorney Bondi, tasked with the DOJ’s fraud and corruption endeavors, has been critiqued by certain factions of the Republican party, along with Trump supporters, for not adjudicating high-profile cases more aggressively. Department of Government Efficiency or DOGE, presided over by Elon Musk, has reported evidence of fraud and bureaucratic waste concerning federal contracts and other crimes, like misappropriating federal funds. In any case, the lack of major high-profile arrests or indictments deals a frustration fueled by Trump’s base.

Why Not Prosecute?

Legal Procedure:

Legal action involving these complex puzzle pieces referencing “deep state” or Russian collusion requires a mountain of supporting evidence and tangible proof, which often meets high legal hurdles. DOGE’s findings appear preliminary, too, and thus lack the constituent elements needed for probable cause.

Strategic Focus:

Systemic betterment of these issues may take precedence over eye-grabbing showcases, leaving the primary effort as dismantling inefficient programs aimed at individuals devoid of damning evidence.

Without Offense:

Bondi’s presence on Fox News, often as a commentator on DOJ work, draws sharp mockery as Bondi is expected to focus on clemency in court advocacy. However, defenders consider advocacy transparency.

Is Bondi On The Way Out?

No information suggests Bondi is under the threat of being replaced. Her alignment, where she defended Trump and helped the DOJ’s witch hunts, enfolds her critical role. Nevertheless, a continued lack of “high-profile” prosecutions may lose some support among Trump’s base, which is already evident from the accusatory comments on X Criticism. The Inaction on Alzheimer’s disease collusion, or “deep state” speculation, remains unfounded. Without public evidence of crimes, active means are not available.

Sanctuary Cities: Chicago And Illinois

Both Democratic Chicago’s Mayor Brandon Johnson and Illinois’ Democratic Governor JB Pritzker also face the heat about these talks. The refusal of Pritzker to remove Chicago as a sanctuary city under Johnson has burdened city finances, resulting in a deficit of more than four hundred million dollars as a result of providing services to migrants since 2022. The deficit has angered the public, especially Black and Latino groups, with protests erupting due to Sanchez’s decision. Protesters instructed by Johnson aimed at the Trump administration for federal relief. However, the Trump administration has threatened sanctuary funds-issuing regions with funding cuts.

Despite backlash from rural and suburban voters, Pritzker defended Illinois’s sanctuary policies by emphasizing humanitarian obligations. Wart waged Schreier’s estimates reveal that the state’s budget deficit is forecasted to reach $3.2 billion for FY2026, exacerbating the funding flow for migrant programs. Both leaders grapple with suspending progressive ideals to fiscal realities while navigating the tension using X posts that display varying sentiments toward their leadership.

Business & Market Outlook

Overall Market

In international markets, the euro and yen gained against the dollar, alongside a 2% slump in small-cap stocks (Russell 2000) and a 1.8% slump in Europe’s STOXX 600, which caused the DXY to lose strength.

Business Funding

The healthcare and tech sectors are still getting attention from private equity teams. Venture capital investment dropped due to deployment of $40 billion in Q1 2025, which is 10% lower than in Q1 2024.

Precious Metals

Silver remains linked to gold’s performance as it wages the rally. At the same time, platinum and palladium continue to wrestle with slow, modest gains, sparking silver to rise 3% to $33.31 per ounce.

Though the business climate is cautious, it’s not pessimistic. The healthcare and energy sectors are storming through the higher rates, but Trump continues to weigh down sentiment with his unpredictable policies regarding tariffs, the Fed, and interest rates.

The national news on April 25, 2025, presents a snapshot of economic and political turmoil. Trump’s scuffle with Powell and his tariff threats have driven markets. As a result, the Dow and other indices have tanked. Real estate suffers from Herculean rates paired with abysmally low inventory, and the automotive industry faces a perfect storm of impractical trade policies and affordability. Bondi’s DOJ remains under scrutiny to deliver on fraud prosecutions, but legal and strategy hurdles slow progress. Sanctuary cities such as Chicago deal with immigration and budget problems. For GCA Forums News viewers, members, and sponsors, attention and precaution are the best options to deal with the changeable aspects of politics and the economy.

https://www.youtube.com/watch?v=LWeMWyin0Sg

National Headline News Overview for March 12, 2025

The current scheme of things on March 12, 2025, is the interplay of various factors impacting the real estate market, mortgage lending, and broader economic indicators. This overview examines the housing sector, interest rates, unemployment, and the economy to understand what is happening in the region.

Real Estate and Housing Market Dynamics

The United States real estate market, in particular, continues to face significant difficulties exacerbated by the chronic shortage of housing inventory relative to demand. According to the National Association of Realtors, the inventory of existing homes for sale is still among the lowest in history, which places further strain on home prices. The overall median home price has increased by approximately 8% yearly, making it chasing the affordable haven for most first-timers.

Many factors lead to an inventory shortage. Firstly, there is a constant disruption to the supply chain, which has delayed the construction of new homes as builders struggle to get materials and skilled workers. In addition, many homeowners are choosing to stay put instead of selling their homes due to the uncertainty of the market, which is constraining available listings. This is often called “rate lock,” a phenomenon where homeowners with lower mortgage rates tend to resist moving because of higher borrowing costs.

Mortgage Rates and Interest Rates

Mortgage rates have increased slightly, with the 30-year fixed mortgage rate at around 6.68% and the 15-year fixed rate at 5.97%. This information is accurate as of March 12, 2025. The Federal Reserve readjusts these rates as it changes monetary policies based on the economic environment.

With Jerome Powell as Chair, the Fed manages an intricate intersection of policies that support economic growth and fight against inflation. The primary Consumer Price Index, or CPI, decreased the inflation rate to 2.8 percent in February from 3 percent in January. This is a slight improvement for the Fed, which is under pressure to sustain an inflation rate of 2.0 percent. However, the recent imposition of tariffs on Canadian steel and aluminum could add inflationary burdens and make the FOMC’s job harder.

Economic Review and Employment Report

The economy is gradually experiencing a slowdown, and the most recent employment indicators suggest some increase in the unemployment rate. Growth in the number of jobs is slowing down, as only 150,000 jobs were added in February compared to a high of 300,000 in the previous months. Economists suggest that this development might relieve inflation because a tighter labor market usually increases wages and spending.

Despite these challenges, there are still expected opportunities for GDP growth in 2025. The Congressional Budget Office anticipates GDP growth of approximately 2.5%, lower than last year’s 3.5%. Consumer spending, business investments, and export activities will remain critical to the economic prospects.

Housing Inventory Versus Demand: A Stubborn Problem

This gap in demand consistently poses a significant challenge related to inventory, which is likely a concern for policymakers and industry professionals. The current economic environment, particularly for low- and middle-class wage earners Americans, makes owning a home extremely difficult due to high demand coupled with insufficient supply. Interest rates amplifying this problem only worsen by limiting the purchasing power of prospective buyers.

To alleviate these problems, many local governments and states are devising new measures to increase the supply of affordable housing. Some solutions, such as tax benefits for zoning changes or public housing developer fund allocation, target the housing crisis.

Analysis of Stock Market Movements and Precious Metals Performance

The investor outlook has been mixed over the past weeks. The Dow Jones Industrial Average has had a somewhat volatile run and is recovering from an all-time low due to negative corporate earnings forecasts, geopolitical turmoil, interest rate speculation, and other issues. Unfortunately, the index continued its erratic behavior until at least March 12.

In parallel, gold has managed to maintain some value and is currently trading at around $2924 per ounce. As with many commodities, gold tends to be considered a safe asset during times of volatility, making it particularly interesting to track. Gold also has an interesting perspective due to inflation fears that may come about under the Fed’s policies and other volatile economic factors.

Loan Types Available and Their Overall Impact on Mortgage Lending

Today’s mortgage lending environment enables borrowers to select from various sophisticated, multifaceted loan programs designed with flexible features. Among the most common loan programs are conventional loans, FHA loans, VA loans, and USDA loans. Potential borrowers must evaluate these multifaceted options because each program has its eligibility criteria, associated advantages, and disadvantages.

For example, FHA loans are more appealing for first-time homebuyers because they have a lower down payment and are less strict with credit scores. On the other hand, VA loans have overwhelming advantages for veterans who qualify, including no down payment and low interest rates. Knowing these details can help borrowers navigate a difficult market.

As of March 12, 2025, the nation’s economy has several ongoing problems and possibilities. The real estate market is still experiencing declining inventory levels and increasing mortgage rates, which makes the Federal Reserve’s next steps critical to the economic outlook. With housing policies evolving, movements in the labor market and overall market performance, much attention is needed from all participants to address the challenges ahead.

In short, economic statistics, housing demand, and available mortgage loans will influence the market’s direction in the upcoming months, increasing the need for industry insiders and potential homebuyers to become alert and take action.

What is going on with U.S. Attorney General Pam Bondi? Pam Bondi has done nothing since being appointed and confirmed as the United States Attorney General. Pam Bondi is nothing but talk and is more busy being interviewed on Fox News several times daily. Many allies of President Donald Trump have started talking about what a nothing burger Pam Bondi is. What have Elon Musk and his team of 100,000 at the Department of Government Efficiency uncovered? Fraud among dozens of government agencies. What is going on with the Hunter Biden fraud investigation? What is going on with the Anthony Fauci investigation into crimes against humanity on the coronavirus vaccine being developed as a weapon of mass destruction? What is going on with the fraudster FBI Agent lovers who tried to frame President Donald Trump? What is going on with the Russian Collusion Hoax? What is going on with the January 6th conspiracy? What is going on with the billions of dollars in intentional fraud discovered by Elon Musk and his team? What is going on with the 2020 election fraud? What is going on with the fraud committed by Barack Obama and his fake birth certificate? What is going on with the fraud committed by Alan Schiff and many California democrats? Why is the mass deportation and lawsuit against illegal migrants not happening? What is Pam Bondi doing? Sitting on her fat ass? Many voters, local, city, county, state, and federal politicians are speaking out louder and louder. Is Pam Bondi fit for the job? Pam Bondi needs to get fired and dismissed. Many people respected Pam Bondi, but not anymore. Here time is way past due and she is still sitting on her ass. Once respect is broken, you cannot get it back. She is history as far as I am concerned. Pam Bondi was a real POS and potentially a deep stater. Is Pam Bondi part of the coalition? Is Pam Bondi a plant by the Democrats? What is going on with the human trafficking criminal epidemic? Jeff Epstein’s child trafficking? Bill Gates’ depopulation crimes? How about the Clinton and Biden Crime Families? The Obama Crime Family? Adam Schiff? Nancy and Paul Pelosi? Ms. Pamela Bondi, the viewers of GCA Forums News need answers. Ms. Pam Bondi, the American people need answers. What are you waiting for? Forget Fox News. Forget being on cable news. Get the arrests and indictments going. Why are corrupt politicians still in office, Ms. Pam Bondi? Get off your fat ass and do your job. If not, everyone is replaceable. Get Former Congressman Matt Gaetz to replace your incompetent rear end and have Matt Gaetz become the U.S. Attorney General of the United States.

https://www.youtube.com/watch?v=S8cvuhCZTjo

GCA Forums News: National Headline News Summary — Thursday, 24 April 2025.

Once Again, All The Markets Rallied Sharply Today: The Dow Jones Gained, Just Like Everything Else.

As highlighted in the report published in X, a pressurized cloud erupted off the Dow Jones Industrial Average, which soared over 200 points today to settle at around 39,186.98, achieving a 2.66% gain. S&P 500 also experienced an increase of 2.51% and now stands at 5,287.76, while Nasdaq increased by 2.71% and is now at 16,300.42. An explosion of new optimism by retailers continued to splash throughout the market after President Trump soothed investors’ minds by stating that he indeed had no intention to sack Jerome Powell, who had stirred the markets with his potential dismissal plans yesterday. The markets had calmed down dramatically after the uproar caused by the idea of Powell being let go.

Demand is complementary to the ongoing economic uncertainty, with gold prices rocketing by 1.2% to roughly $2,650 per ounce and silver increasing by 1.5% to now rest at 31.20. At the same time, the fifteen-year US Treasury reported that its yield was sitting at 4.25%, suggesting interest rates may remain steady or increase more than they are now. Other sectors like tech and energy helped the rally while the increased crude oil price, which improved by 2% to $72 per barrel, supported energy stocks.

The Fight Over Interest Rates Between Powell and Trump

President Trump has gone on the offensive against Jerome Powell, chair of the Federal Reserve, over interest rates. He claims that not decreasing interest rates harms the economy, particularly in real estate and business investment. On X, some users have expressed their displeasure at how Trump taunted the markets, suggesting psyching up Powell’s firing, which led to a brief freefall in the dollar value and other indices earlier this week. During the past week, the markets have been calmed by Trump’s statements that he will not try to remove Powell immediately.

The Federal Reserve has maintained its benchmark rate at 4.75%–5.00%. Powell blamed the persistent inflationary pressures, echoed by Bank of America’s prediction of no rate cuts in 2025. Speculation about Powell’s security looms tough, as no smoke leads to accusations that Trump’s plan is to dismantle the Federal Reserve. That would need Congress, and despite X rumors of “Fake news” circulating, it is very far from reality. The Fed remains primarily focused on managing inflation on one side and stimulating economic growth on the other. The next meeting should provide further insight into the central bank’s outlook for 2025.

CPI, GDP, and Unemployment: Economic Indicators

The Consumer Price Index (CPI) projected year-over-year inflation at 3.2% in March 2025. This was a dip from February’s CPI of 3.4%, leading analysts to predict inflation in Q2 2025 to reach 2.8%. Economists speculate that consumers tend to claw back spending during the slow recovery period after inflation peaks, and thus, a slow recovery is reassuring. The American economy grew at a 3.2% annualized rate in Q4 2024 and is forecasted to grow at 2.8% in Q1 2025. Economic growth during Q4 2024 led to increased consumer spending, which has proven troubling given the soaring borrowing costs. The unrestricted rate of unemployed Americans remains unchanged at 3.8%, but continues to stagnate among job seekers and new position openings. This perpetuates the freeze on construction and manufacturing jobs, both sensitive to interest rate hikes, further stalling the employment expansion.

The real estate and housing market

A 30-year fixed mortgage at 7.1% currently comes with terribly high mortgage rates compared to historical standards. This, coupled with slow home inventory, severely hampered purchasing. The National Association of Realtors indicates a decline in existing home sales by 3.2%; however, the median selling price rose by 4.8% to $410,000.

The 18% office space vacancy created by people working from home is causing headaches for commercial real estate. However, we’ve noted resiliency in the industrial and retail sectors.

Business and Funding Environment

As a result of the persistently high interest rates, business funding still encounters obstacles. Lending for credit and commercial mortgages became more restrained as banks tightened up loaning to office and retail spaces. There, however, is strong residential mortgage lending from high-income earners, while first-time buyers are still struggling. Venture capital and private equity activity also hit, focusing mainly on technology and green energy. It is expected to fall 10% in deal volume from 2025 to 2024.

Trump’s Tariff Policies

The proposed tariffs have caused a stir, especially the steep 20% rise in imports. The Wall Street Journal dubbed it an “economic policy blunder,” claiming increased consumer costs and critical supply chain bottlenecks. While domestic producers are optimistic, the automotive and manufacturing sectors will suffer increased operational costs. The overall impact of the tariffs is highly dependent on their execution, which is expected in Q2 2025.

Automotive Trends

The automotive sector shows mixed performance. Car sales, including SUVs and trucks, rose 2% year-to-date, driven by demand for hybrid models. Exotic car sales remain robust, with brands like Ferrari reporting 5% growth, catering to affluent buyers. Motorcycle sales are flat, while commercial vehicle and fleet sales grew 3%, supported by logistics demand. High interest rates and rising production costs due to potential tariffs pose challenges, particularly for imported vehicles.

Pam Bondi and the Ombudsman of the Efficiency Government Department

Some Republicans and Trump fans flag US Attorney Pam Bondi for not chasing down “deep state” perpetrators conspiring in Russian Collusion and fraud involving a Government of Efficiency Review (DOGER) perpetrated by Elon Musk and Vivek Ramaswamy. Some social media Brandon users criticize her for appearing on Fox News for her frequent spots. However, Bondi’s office concentrates on prominent ones, claiming multiple active investigations without public arrest announcements. She’s reportedly “not on the way out,” but public scrutiny could push her condition to shift her trajectory.

Sanctuary Cities: Chicago and Illinois

Pritzker and Johnson are gathering attention for their policies regarding sanctuary cities as an immigration enforcement initiative begins to take shape. Johnson’s budget balances progressive aims with unchecked migration, levying some fiscal responsibility on Johnson through migrant-funded services. While serving in the deficit spending, Pritzker faces pressure from suburban and downstate constituents, Pritzker is pressed to defend Chicago’s sanctuary status. Users on X are divided: some ascribe the city’s actions as void of humanity, while others praise the management of overloaded resources.

While the rest of America maintains a steady economic situation, high interest rates, political tensions, and import fees present a complicated reality. With Trump’s softened comments on Powell, the market seems to thrive, but real estate and businesses are stuck battling affordability and funding struggles. The pace Bondi sets for prosecutorial sanctuary city policies is making him increasingly out of touch with the rest of the world, and the stark divide further demonstrates this. GCA Forum News continues its tracking for our viewers, members, and sponsors.

https://www.youtube.com/watch?v=-2v4DJkxNoQ&list=PLo3dZB8Cn9Qt3V6o_CS5ws3K-RBr5ZGoA

Discover the fascinating lifestyle of Josh Hawley in 2025! From his family life with his wife and three children to his luxurious homes and impressive car collection, we cover it all. Plus, get an in-depth look at his current net worth and how he built his financial success.

🌟 Topics Covered:

Josh Hawley’s Family Life
His Stunning Houses and Properties
Luxury Cars and Vehicles
Net Worth in 2025
Career Highlights and Achievements
Don’t forget to like, comment, and subscribe for more celebrity lifestyle content on GCA Forums News.

https://youtu.be/fqqRkoPlSjQ?si=lYoIalLeSqTb9I-1

The following is a more thorough breakdown of GCA Forums Daily Headline News. This report focuses on the latest updates around key innovations in the real estate market and housing sector, mortgage and interest rate change trends, and other business economic and significant topics, including using government and law enforcement. It also covers news, for example, President Donald Trump’s proposed federal income tax reform, the FBI investigation of the Democrat-aligned non-profit ACTBLUE, and the latest news in the stock market and mortgage lending business.

Real Estate and Housing Sector

Market Dynamics and Developments

Regional Trends:

• As with the previous quarter, urban areas continue to lag in housing inventory as houses for sale are in greater demand than the supply available.
• Conversely, several rural and suburban markets are stabilizing due to ongoing construction and targeted government initiatives designed to accelerate the growth of affordable housing supply.

Sustainability and New Initiatives:

• Local authorities have started adopting policies to encourage the construction of energy-efficient housing, and with the help of private developers, new[in] innovative housing designs are being developed to address changing buyer demands.

Housing Inventory vs. Demand

Inventory Shortages:

• Some metropolitan regions continue to experience severe housing inventory shortages, and bidding wars are occurring in some of the most highly demanded regions.

Changes in Consumer Behavior:

• An increase in the number of remote workers, along with shifting demographics, is driving demand for larger homes.
• Even in the face of supply chain challenges and labor shortages, developers are increasing construction.

Mortgage and Interest Rates Overview

Current Climate of Lending

Mortgage Rates:

• The market continues to provide fixed-rate mortgage options and remains competitive.
• ARMs are still garnering attention from consumers who are willing to make lower initial payments on their mortgages.

Future Interest Rates:

• The rest of the interest rate environment is receiving attention as the Federal Reserve holds steady rates to counterbalance economic growth and inflationary headwinds.

Lending Terminology That Matters

Important Vocabulary:

• During the conversation in this sector, terms like mortgage lending, fixed-rate mortgage, adjustable-rate mortgage, FHA and VA loans, jumbo and conventional loans, loan programs, mortgage underwriting, refinancing, subprime lending, and mortgage servicing are likely to be mentioned.

Innovations in the Industry:

• Digital lending and automated underwriting are speeding up the mortgage application process.
• These changes, along with the ongoing portfolio adjustments for risk in the commercial and residential markets, are considered innovations in the industry.

Broader Economic Indicators

Key Metrics

GDP and CPI Trends:

• GDP growth appears to be moderate, with consumer spending and industrial production remaining robust despite headwinds.
• The Consumer Price Index (CPI) suggests that inflation is beginning to ease after months of sharp increases.
• Still, some areas, especially energy and housing, continue to add upward pressure on prices.

Involuntary vs Voluntary Unemployment

• The unemployment rate trend suggests a gradual reduction, which indicates a tighter labor market.
• However, some sectors have persistent problems with wage increases and labor availability.

Federal Reserve and Monetary Policy

Policy Stance and Impact

Current Strategy:

• At its last meeting, the Federal Reserve Board indicated that its primary focus is to keep interest rates at the same level and support more balanced, sustainable economic growth and inflation control.

Forward Guidance:

• Future rate changes will occur, but only as dictated by the data, focusing on major indicators such as CPI and GDP.

Financial Markets Overview

Stock And Commodities Updates

Dow Jones Performance:

• The Dow Jones Industrial Average remains very volatile due to ongoing geopolitical tensions and deliberations over fiscal and monetary policies and the Dow Jones Industrial Average.

Investing in Precious Metals and Other Markets

In addition to technology and energy, other industries continue to be impacted by supply chains and face ongoing regulatory scrutiny. Concerns regarding inflation and shifts to currencies have caused a stir in the investment sector. Gold and silver have entered the market as haven assets.

Political and Regulatory Changes

Presidential Updates and Proposals

• Trump openly declared that under his propositions, middle-class citizens earning less than $150,000 per annum would be completely free from federal tax.
• This created quite a buzz within Congress regarding the upcoming discussions about debt.

FBI probes ACTBLUE

A recent political development involves a new FBI investigation targeting one of the largest Democratic non-profit organizations—ACTBLUE. This non-profit has come under scrutiny for allegedly propagating the campaigns of politicians like George Soros. The investigation looks into several finances for regulatory breaches, which complicate things amidst the political turmoil.

General Overview of Business, Commercial, and Residential Mortgages Technologies: Overview Sector

Residential and Commercial Real Estate Relations

• Due to ongoing economic concerns, commercial mortgage lenders struggle to integrate financing commercial real estate and residential mortgage lending.
• Worries are mixed with the need to control risks sophisticated with the state of the economy.

Global Industry Digital Transformation

Digital lending technology and marketing are improving efficiency and customer satisfaction, but compliance with regulations is never less important.

Other industries of interest are lending and underwriting mortgages, managed loans, and refinanced loan servicing. Emphasizing all types of loans, from conventional to government-sponsored entities, remains essential for meeting the diversified needs of borrowers.

National news indicators are mixed economically around March 13, 2025, facing new changes. Economically, the real estate and housing market suffers from the imbalance of inventory and demand immersion. At the same time, the mortgage and overall interest rate monetarily follow the economy’s movements. GDP, CPI, and even unemployment, which are expected to be underperforming, demonstrate unexpected economic strength. The Federal Reserve is growing more careful about interest rate policies.

At the same time that financial markets remain unstable, President Trump’s proposal to eliminate the middle-class income tax and the FBI’s investigation into ACTBLUE deepen the discussions and controversies around U.S. politics. Financial markets continue to be volatile, with investors paying attention to the Dow Jones and precious metals as indicators of the economy.

This masterful summary is crafted for readers of GCA Forums Daily Headline News. It bridges the gap between real estate, mortgage lending, economic policies, and political changes while analyzing the current state of the U.S. economy and its architecture.