What are the rules and regulations when it comes to having a NMLS mortgage office inside a Real Estate Office.

GCA Forums News Bulletin – Tuesday, May 13, 2025

President Donald Trump has moved forward with efforts and a strategic plan to reduce pharmaceutical prices in the United States, issuing an executive order to lower drug costs for American consumers. Social media posts on X highlight Trump’s announcement of “massive cuts to drug prices,” framing it as a significant reset for the pharmaceutical industry. He has also criticized Europe’s healthcare systems, suggesting their “free” models come with hidden costs. However, specifics on these claims are limited. The details of the executive order, such as whether it involves price caps, enhanced negotiation powers, or changes to drug importation, are not fully clear from available information. This initiative aligns with Trump’s campaign promises to tackle high prescription drug prices. However, its immediate effects on the market and consumers are still unfolding, with more details expected soon.

The conflict between India and Pakistan, which escalated into intense fighting over the past week, has reached a fragile ceasefire as of May 13, 2025. The clashes, centered on the disputed Kashmir region, involved missile strikes, drone attacks, and air engagements, marking some of the worst violence in decades. India’s “Operation Sindoor” targeted alleged terrorist camps in Pakistan and Pakistan-administered Kashmir, resulting in over 60 deaths. At the same time, Pakistan retaliated with strikes on Indian military targets and claimed to have downed Indian jets. On May 10, President Trump announced a U.S.-mediated “full and immediate ceasefire” via Truth Social, brokered by Vice President JD Vance and Secretary of State Marco Rubio amid fears of nuclear escalation. Despite early reports of violations, including shelling in Indian-administered Kashmir, the truce appears to be holding as of May 12. India has rejected Trump’s offer to mediate a long-term Kashmir solution, viewing it as an internal issue, while Pakistan welcomes U.S. involvement. Trump has pledged to boost trade with both nations. Still, unresolved tensions over Kashmir and cross-border terrorism keep the situation precarious.

The Dow Jones Industrial Average (DJIA) saw notable volatility this week. On May 12, 2025, the index surged by approximately 2.8%, or over 1,100 points, fueled by optimism over a U.S.-China agreement to roll back tariffs, surpassing Wall Street expectations. The S&P 500 climbed nearly 3.3%, hitting its highest level since March, and the Nasdaq rose about 1.8%, with sectors like automotive and Chinese EV makers like XPeng and BYD gaining significantly. However, on May 13, the DJIA dipped by 80 points, closing at 21,405 USD as of 10:15 AM CDT. The day’s trading saw an opening price of 21.43 USD, a high of 21.574 USD, and a low of 21.365 USD, following a previous close of 21.385 USD. This pullback may reflect profit-taking or uncertainty about the trade truce’s longevity. Over the past month, the DJIA has ranged from a high of 22.8261 USD on April 23 to a low of 20.5 USD on April 21, with a year-to-date decline from a peak of 24.0 USD. Investors closely watch Trump’s tariff policies, including a proposed 80% rate, which remains under discussion.

The U.S. housing market faces challenges due to high mortgage rates and affordability issues. As of May 13, 2025, specific mortgage rates are not detailed in available data, but recent trends suggest 30-year fixed rates are likely between 6.5% and 7%, with 15-year fixed rates slightly lower. These elevated rates, driven by Federal Reserve efforts to combat inflation, have increased borrowing costs, making homeownership less attainable for many, particularly first-time buyers. Home prices remain high, and inventory is low in many areas, contributing to a slowdown in sales. Builders are offering incentives like rate buydowns to attract buyers, but no specific housing policy changes from the Trump administration are noted. Trade policies, such as tariff adjustments, could indirectly affect construction costs and supply chains, further influencing the market.

On the immigration front, there are no major updates regarding Immigration and Customs Enforcement (ICE) or sanctuary cities and states as of May 13, 2025. Sanctuary jurisdictions, which limit cooperation with federal immigration authorities, remain a point of contention under the Trump administration, known for its hardline immigration stance. While no new executive actions or ICE operations are reported today, Trump’s broader agenda suggests continued pressure on sanctuary states like California and cities like Chicago, possibly through federal funding restrictions or legal challenges. The absence of specific developments indicates this issue is currently overshadowed by international and economic news. Still, it remains a simmering topic likely to resurface.

https://www.youtube.com/watch?v=kHx0OTWo994&t=136s

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, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 1 year, 1 month ago by  Gustan Cho.
• This discussion was modified 8 months, 3 weeks ago by  Sapna Sharma.
• This discussion was modified 8 months, 3 weeks ago by  Sapna Sharma.

realestate.utah.gov

Page not found - realestate.utah.gov

Page not found - realestate.utah.gov

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

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.

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

Are there many corrupt police officers where they will draft up false criminal charges against citizens? What happens if you were not speeding but get caught for speeding and you know for a fact you were not speeding. What happens if you get arrested for reckless driving for going over 30 miles over the limit and you know for a fact you were not going more than 10 miles over the speed limit. Does the police officer have to show you proof that he caught you going 30 miles over the limit? A reckless driving conviction can mean automatic cancellation of your drivers license and your insurance company can drop you. Are there many corrupt police officers? What can we do if you fall victim to a corrupt police officer? How do police departments hire honest police officers who are honest and protect and serve. I have been watching many YouTube videos about First Amendment Auditors and police corruption. Can you sue corrupt police officers? I have also seen many news reports of police officers planting evidence and lying just for the sake of arresting someone they do not like. What can we do about cleaning up society of corrupt cops?

Good evening ✨

I am looking for a reputable company selling trade lines, so that I can recommend them to a current client of mine.

Thank you all so much for any pointers!

Best Regards,

-Janna

There’s a video series about several pet monkeys. Little pet monkeys are extremely intelligent and cute.

Considering A Pet Macaque Monkey

Insights, Availability, Costs, and Wisconsin Regulations.

You might think owning a monkey is an interesting idea, especially bear macaw mandrills for pets. These monkeys are known for their extreme intelligence and very sophisticated social customs. Their faces are expressive with distinctive features and immensely playful. Therefore, some people consider them exotic pets. But there is a need to ponder a bit deeper before adopting a pet monkey, particularly a baby macaque monkey. This requires consideration of various important factors, including cost, availability, and legal issues, especially in Wisconsin.

Understanding Macaque Monkeys as Pets

Having a pet monkey is like having a small, adorable friend in your home. These pets are also considered very intelligent. They have sophisticated family structures. Macques live in social groups and engage in various physical and mental activities. Suppose they are kept in a domesticated setting like a house or an apartment. In that case, it’s very difficult to replicate this, which can cause severe behavioral problems. An owner must accommodate a multi-dimensional approach to meeting a Macaque’s needs. People wanting these pets should also be ready for the commitment because pet monkeys, particularly macaques, can live for decades.

Availability and Cost of Baby Macaque Monkeys

Contact trusted breeders or exotic pet shops to buy a pet monkey or baby macaque.

Here are several websites that are useful guides in your search.

Supreme Exotic Animals for Sale:

• This website offers several varieties of baby macaques for sale.
• One of the babies, Lily, is listed for roughly $750.
• supremeexoticanimalsforsale.com

General Monkeys for Adoption:

• Another website offers black long-tail macaques for about $1,200 and pigtail macaques for around $900 to $1,000.
• generalmonkeysforadoption.com

Exotic Animals for Sale:

• Features listings like baby marmosets (pocket monkeys) and squirrel monkeys.
• Prices vary.
• Potential buyers must fill out a request form for specific pricing.

Exotic Animals for Sale:

• Features listings like baby marmosets (pocket monkeys) and squirrel monkeys.
• Prices vary.
• Potential buyers must fill out a request form for specific pricing. ​
• exoticpetsforsale.com.

It’s crucial to note that prices can fluctuate based on factors such as age, health, and monkey rarity. The initial purchase price is just the beginning. Ongoing costs include specialized diets, veterinary care, and suitable housing to ensure the monkey’s well-being. ​

Legal Considerations in Wisconsin

• Before acquiring a macaque monkey, it’s imperative to understand the legal landscape in your state.
• Wisconsin’s regulations regarding exotic pets are nuanced:

Exotic Animals for Sale

• Features listings like baby marmosets (pocket monkeys) and squirrel monkeys.
• Prices vary.
• Potential buyers must fill out a request form for specific pricing. ​
• dinocalifornia.com

Wisconsin Is Watching

General Regulations:

• Wisconsin is among the states with relatively lenient laws concerning the ownership of non-native species.
• Owning a monkey, or almost any other non-native animal species, is currently legal in Wisconsin.

It is among five states:

• Alabama
• Nevada
• North Carolina and South Carolina

The above states are the other states with no bans on owning ‘dangerous’ exotic animals. ​

Check out the link for further information.

• Blackfeminity.com
• Dinocalifornia.com

Wisconsin Watch: Animal Law

Importation Requirements:

• A General Import Permit application is necessary if the animals are privately owned and relocated to Wisconsin.
• Different permit applications exist for some animals, such as those in a rodeo, circus, or menagerie visiting Wisconsin briefly.

Restrictions on Local Ordinances:

• While state laws may allow certain exotic animal ownership, local city or county laws might be more restrictive.
• You should check with local authorities to ensure you abide by all relevant laws.

Perspectives From Current Monkey Owners

The following information may be helpful for current pet owners of monkeys:

Social Media Groups:

• Facebook has groups that serve as communities where enthusiasts and owners can share experiences.
• For instance, one user posted about some ‘adorable’ capuchin monkeys for sale, and comments highlighted how sweet and playful they are.

Educational Videos:

Some mini-documentaries feature “pet monkeys,” showing how smart and charismatic they can be. One video of a pet monkey named “Lilly,” who lives in Vietnam, shows how much love this monkey has for her owner. It is as if she is a mother to a young child.

Ultimately

As tempting as it may be to own a baby macaque monkey, proper research and preparation is advised:

Ongoing Responsibility:

• Macaques regularly need your attention, time, and resources.
• Their care is complex, and their lifespan can reach several decades.

Moral and Legal Duty:

• Ensure that, at the first stage, owning a macaque will adhere to all legal terms.
• Remember the moral issues for keeping a wild animal as a pet.

World Population Review

Other types of engagement:

• If ownership appears difficult, consider donations to primate rescue facilities or volunteer activities that allow hands-on involvement without requiring permanent placement.

To sum up, some pet owners may find it rewarding on some level to have pet macaque monkeys, but they need to be mindful of the obligations and difficulties that come with it. Those willing to leap should know and be ready to tackle these issues for harmonious coexistence with their primate pet.

They are no different than having a little kid that normally behaves. Each pet monkey has its own personality. Anyone raise a pet monkey? Watch this short video. The owner of Lilly lives in Vietnam. This video will make your day. 😍

https://youtu.be/HhVmi-if1yU?si=RY380dlthSfvqHsY

• This discussion was modified 2 months, 2 weeks ago by  Gustan Cho.

What Are the Gaps in Employment Guidelines for a Mortgage? Can a borrower qualify and get approved for a mortgage with gaps in employment in the past two years? What if a homebuyer or homeowner goes from a 1099 job to a W2 job or vice versa? What if the gaps in employment are in a different field? How do mortgage underwriters view probationary jobs such as police officers or firefighters? How do they view those type of jobs if they are hired a probationary police officers and probationary fire fighters?

Headline News Summary for GCA Forums News on Friday, March 21, 2025-Real Estate Trends and Housing Market Analysis

In our review dated March 21, 2025, the snapshot recovery of the U.S. real estate market still appears to be contingent on economic activity, mortgage rates, available housing, and other competitive macroeconomic factors. The robust demand for single-family homes has not waned, and many prospective sellers still wish to take advantage of the current market. At the same time, there is a clear improvement in the supply of homes, which should gradually stabilize home prices in the next few months. In addition, there is renewed buyer interest in metropolitan areas fueled by remote work policy changes that motivate people to buy homes with more living space and amenities.

Overall Trends For Interest Rate And Mortgages

There is a slight increase in mortgage rates, with the 30-year fixed mortgage rate at approximately 5.2%. This change is due to the recent steps taken by the Federal Reserve on interest rates. The central bank has signaled that additional increases are likely coming as part of their efforts to control high inflation rates. During this period, potential homebuyers are acting more cautiously. Moreover, there has been an increased shift towards adjustable rate mortgages (ARMs) as borrowers try to take advantage of lower starting rates during economic uncertainty.

What’s Happening Economically

The wider economic area shows some signs of optimism. The Gross Domestic Product (GDP) is expected to be around 2.5% in the first quarter of 2025. This positive increase is owing to the surge in consumer activity and the strong recovery of the manufacturing industry. Still, inflation remains an ever-present issue, having increased by 3.4% on a year-over-year basis in the Consumer Price Index (CPI). To that end, the Federal Reserve is considering tighter monetary policy options in light of these inflationary pressures.

Employment Situation

The unemployment rate is 4.1%, indicating no movement on the labor market front. Recently, employment gains have been especially strong in services and other expanding sectors such as IT and Healthcare. On the bright side, there are still some opportunities in the job market, but some industries are facing a lack of skilled workers, which can be detrimental to the economy’s growth.

Federal Reserve Board Actions

During the last policy meeting, the Federal Reserve Board highlighted the need for caution when changing interest rates. As inflation continues to be an issue, the Fed will likely stay on high alert, watching closely and waiting to make decisions on employment data and other economic measures that will be important down the line.

Imbalance Between Housing Inventory and Demand

The imbalance between the inventory of houses and buyers’ demand continues to be an issue in the market. Despite the recent uptick in new construction, many areas remain seller’s markets. Builders are trying to increase the supply, but it does not meet the demand of first-time home buyers and other real estate investors. With time, experts believe that as there is more supply, there is hope for a shift to a more favorable market for buyers.

Analysis of DJIA and Precious Metal Prices

The DJIA has shown notable fluctuations lately, recently closing at around 34.5K points. This indicates investors’ worrying sentiment about probable future interest hikes and the overall inflation rate. Additionally, there has been growing interest in gold, with a price tag of approximately $2.05k per ounce, alongside silver since these are viewed as safe-haven assets during turbulent market conditions.

Other Market Insights

Along with stock and precious metal market changes, the bond market’s yields have fluctuated as investors evaluate the Federal Reserve’s monetary policy decisions. At the same time, the commercial real estate industry is strong, particularly in logistics and warehousing, because of the sustained growth of e-commerce.

Overview of the Mortgage Industry

The entire mortgage industry is trying to cope with the new economic facts. Most lenders are shifting their attention toward a broader market by including diverse options like FHA, VA, and USDA loans. Although the refinance market continues to be active, there has been a drop in new purchase mortgages due to increasing interest rates.

Mortgage Lending and Loans Program

• Mortgage interest rates
• Mortgages with fixed rates
• Mortgages (ARMs) with adjustable rates
• FHA Loans
• VA Loans
• USDA Loans
• Refinancing a mortgage
• Programs for first-time homebuyers
• Jumbo Loans
• Conventional Loans
• Non-QM Loans
• Assistance with down payment programs

As of March 21, 2025, the national economic outlook operates under increasing interest higher than the previously forecasted level, with inflation still being a risk. The labor market remains strong, severely impacting the real estate and mortgage markets. The ongoing processes related to the availability of housing stock and the willingness of buyers to purchase houses will likely continue dominating the market in the next few months. These trends will pose difficulties and new possibilities for other businesses within the real estate market.

https://www.youtube.com/watch?v=3YdtOtDVz4M

Do you get your property taxes waived if you install solar panels on your house in Wisconsin? Lisa Marie Jones and Tom Miller

The Connection Between 10-Year Treasury Yields & Mortgage Rates – From GCA Forums News

What causes lower 10-year Treasury yields to lower mortgage rates?

• The closely observable indicators within finance and real estate are mortgage rates and the 10-year US Treasury yield. As it affects mortgage rates, it also affects the housing market.

A decrease in the yield on decade Treasury bonds usually brings a decrease in mortgage rates. But how does this work? And why is the 10-year Treasury yield such an important benchmark?

• Let’s answer these questions in a way that is easy to understand, search engine optimized, and suitable for GCA Forums News readers.

Diving into the 10-Year Treasury Yield

• A 10-year US Treasury bond is a type of governmental debt security.
• Investors purchase these bonds because they are considered low-risk and stable, commonly called the safest security.

The yield (interest rates) on 10-year Treasury bonds is determined by supply and demand:

• A rise in demand causes an increase in bond prices, leading to a drop in yield.
• Low demand leads to lower bond prices, resulting in a yield rise.

💡 Why does this matter?

• Interest in loans, such as mortgages, car loans, and business financing, rests within the boundaries of the 10-year treasury yield, a key benchmarks that greatly affect them.

🏡 The Connection Between 10-Year Treasury Yields & Mortgage Rates

✅ The 10-year treasury yield and mortgage rates change together.

✅ The majority of lenders set their rates for a fixed 30-year mortgage by the 10-year treasury.

✅ Mortgage rates usually tend to decrease with the treasury yields.

🔗 The Logic Behind It:

• Safe Asset is Sought After → Bonds Prices Relocate → Decline In Yield.
• Shifting money towards bonds results in a strong demand, which raises bond prices.
• Increasing bond prices results in low yields (interest rates available to the bondholders).

Lower Market Interest Rates Indicate Lower Treasury Yields

• Lenders depend on the 10-year treasury when estimating mortgage rates.
• Lowering yields allows lenders to reduce the mortgage rates to obtain loans.

Lenders And Banks Modify Pricing of Mortgages

• Usually, mortgage lenders are expected to incorporate the ten-year treasury yield’s spread ( a minor markup).

Case in point:

• If the ten-year yield is 4%, mortgage rates with this spread are 6%.

📌 Bottom Line:

🔹 Lower 10-year Treasury yields result in a lowering of mortgage rates.

🔹 Higher 10-year Treasury yields result in a rise in mortgage rates.

📊 Real-World Example: 10-Year Treasuries & Mortgage Rates in Action

A historical comparison of 10-year Treasury yields and 30-year mortgage rates looks like:

Year |10-Year Treasury|30-Year Mortgage Rate|

2020 | 0.60% | 3.00% |

2021 | 1.50% | 3.25% |

2022 | 3.90% | 6.50% |

2023 | 4.50% | 7.25% |

2024 | 3.85% | | 6.75% |

💡 Notice the pattern?

• From 2020-2021, as the 10-year yield declined, mortgage rates also decreased at an unprecedented rate.
• However, as yields increased in 2022-2023, mortgage rates rose above 7%.
• If we anticipate yields dropping in 2025, then mortgage rates may decrease!

📉 What Causes 10-Year Treasury Yields to Drop?

Ten-year treasury yields do not drop randomly. They respond to the economy’s performance, Federal Reserve policies, and investor behavior.

Key Factors That Lower Mortgage Rates And Treasury Yields

Economic Uncertainty & Recession Fears 🏦

• When a recession looms, investors keep funds in secure resources like Treasuries.
• This leads to bond prices rising while yields decrease, which causes mortgage rates to reduce.

Federal Reserve Policy & Interest Rate Cuts 📉

• It is a common tendency for treasury yields to decrease when the Fed lowers its interest rates.
• When the Fed predicts future rate cuts, investors are more inclined to purchase bonds, which results in decreased yields.
• This also aids in reducing mortgage rates!

Assisting In The Reduction Of Inflation 📊

• High inflation leads to high yields and, consequently, high mortgage rates.

🔹 If inflation decreases, the yield on treasuries falls, allowing mortgage rates to decrease.

Uncertainty In The Global Market 🌍

• Circumstances like warfare, financial complications, or a market collapse drive investors to purchase US treasuries.
• This pushes the demand for bonds even though they lower yields and increase mortgage rates.

🔮 Looking Ahead:

Is It Possible That The 10-Year Treasury Yield Dropping Decrease Mortgage Rates in 2025?

Analysts suggest that mortgage rates could drop if the Federal Reserve reduces interest rates. Lowering these rates would decrease the 10-year treasury yields.

GCA Forums News: Mortgage Rate Predictions

• ✔️ It is likely that if the 10-year yield dips under 3.5%, mortgage rates will default to the sweet spot of 5.5%-6%.
• ✔️ If inflation stays high and the Fed decides to raise rates continuously, mortgage rates will most likely remain at the 6.5%- 7.5% margin.
• 💡 Those hoping to buy a home should always monitor the 10-year treasury bond yields. A lower yield translates into lower rates and lesser interest when paying off mortgages.

🏡 What does this mean for prospective homebuyers and homeowners?

For those wanting to purchase a new home:

• Analyze the 10-year bond yields for reductions.
• A reduction usually links to lower mortgage payments down the line.

If the yields look good, pay the interest for a fixed rate and expect great savings.

If you’re looking to get a better rate on your current mortgage, keep an eye out for better compensation rates:

• The drop in the treasury yield means it is prudent to wait for increased refinance rates so you can zip on down to lower payments.
• Your loan’s interest rate dropping by just one percent can result in huge savings over the mortgage term.

For Real Estate Investors

• Reduced rates usually mean more cash flow from rented real estate conduits.
• Lowered rates will likely increase demand for homes, increasing property values.

Remember the 10-year Treasury yield!

A reduction almost always follows the reduction in the 10-year treasury yield in the mortgage rates.

This prime and basic deal is a good dollar for tracking and estimating the timing of making the investment, home purchase, or refinance.

📢 what are your thoughts on these market predictions? Are you standing on the thought that mortgage rates will plummet in 2025? Could you share with us your thoughts down below👇?

📌 Are you looking for pre-approval and mortgage opportunities?

Contact Gustan Cho Associates NMLS 873293.

We assist in all states within the US and its territories!

📞800-900-8569

📧 Email: alex@gustancho.com

https://www.youtube.com/watch?v=gbzSaWFS8VY

I am interested in opening up a NEW and Used Car Auto Dealership. Can you give me a comprehensive detailed overview and guide to getting qualified and approved for an automobile dealership floorplan financing at the best interest rate? A step by step process on getting qualified and approved will be great. And who do I contact to get approved for an auto dealership floor plan financing? A bank, credit union, direct lender, or business finance broker?

What are the eligibility requirements on gas station business and real estate loans. What are the requirements to get a gas station business and real estate loan? How do you qualify and get pre-approved? Do you need experience? Can you get trained from the seller? What are the EPA concerns, permits, credit scores, reserves, income, documents, and other requirements?

GCA Forums Headline News: Monday, March 3, 2025

Greetings, esteemed customers! You are at the right place for news and insightful developments related to real estate, mortgage lending, and economic trends. Our focus is on real estate investors, mortgage professionals, homebuyers, and business people, which enables us to provide in-depth, real-time conversation and reporting that sparks engagement for all.

Today’s Highlights

Mortgage Rates Decrease Significantly

• As of March 3, 2025, potential homebuyers and refunders are in luck as mortgage rates drastically drop, allowing for easy borrowing.

30-Year Fixed Mortgage:

The Average continues to decrease to an estimated rate of 6.27%, lower than in the prior weeks.

15-Year Fixed Mortgage:

It decreased as well, averaging 5.57%.

Interactive Discussion:

• How are these decreasing mortgage rates affecting your buying or refinancing decision for homes?
• Tell us your stories and ideas for others in the community to benefit from.

Sellers of Homes Shift Pricing Due to Market Factors

High sustained mortgage rates and prolonged listing periods have forced many sellers to shift their pricing strategies to sell their houses.

Interactive Discussion:

• From where you come, people and sellers are changing prices around your local housing market.
• How is all this affecting your purchases or sales?
• Share with other members to encourage interesting discussions.

Policies Relating to the Trump Administration That Could Affect Affordable Housing

The recent policy changes suggested by the Trump administration will affect the housing market’s affordability in the United States.

“Gold Card” Visa Program:

With an investment of $5 million into a citizenship program, immigrants will receive a visa, undoubtedly raising the demand for home prices in urban real estate markets.

The construction costs are anticipated to rise due to the imposed tariffs on Canadian lumber, Mexican drywall, and appliances so that affordability will become increasingly challenging.

Interactive Discussion:

• What do you think regarding these initiatives? How would they affect your thoughts on real estate investments or buying home plans?
• Talk about it and bring your ideas to the forum.

Los Angeles Post Wildfire Housing Market Soars

The housing market in Los Angeles, especially in Palisades and Altadena, has shown resilience after the recent wildfires.

Fresh Listings

• Land values have surged past high expectations, and more than 80 new listings for burned plots have entered the market since mid-February.

Investor Interest:

• Strong demand is evident, with small and mid-level investors buying plots for reconstruction or resale.

Engagement Question:

• How do natural calamities affect your investment real estate decision-making process?
• Have you looked into markets that are still trying to recover from such events?
• Together, let’s discuss what you think.

The Palm Beach luxury Real Estate Market is Booming.

There has been pronounced growth in these two regions of Florida, specifically in the luxury real estate markets of Palm Beach and West Palm Beach.

Volume of Transactions:

In 2024, Palm Beach County’s rental property sales, including condos and townhouses, exceeded 10,000, while single-family home sales surpassed 13,300.

Engagement Question:

What draws you to regions such as Palm Beach considered luxury areas? What would result from such migrations in the local housing markets? Interact with each other.

Trends in Global Real Estate Investment – Increasingly Upward.

In the fourth quarter of 2024, global real estate investment volumes surged by 37% compared to last year, suggesting a market recovery that was previously anticipated.

Interactive Discussion:

• Have you ever thought about investing in international real estate?
• Which elements of the global market guide your investment choices?
• Network with other investors and devise winning strategies together.

Challenges in Commercial Real Estate Due to Changing Workplaces.

• The commercial real estate sector is undergoing transformational changes due to the adoption of hybrid work models and a greater focus on Environmental, Social, and Governance (ESG) policies.

Interactive Discussion:

• How does hybrid work impact your business activities and the required office facilities?
• How do ESG factors influence your decisions in the real estate industry?
• Engage with the community and discuss this new phenomenon.

At GCA Forums News, we aim to create content that informs and stirs your reader’s urge to act, think, and participate. We urge everyone to partake in these discussions and share their experiences with the community. Your insights are of the utmost importance in helping us achieve a healthy and conducive ecosystem for everyone.

Note:

This information concerning market trends and news is accurate as of March 3, 2025. For guided instruction, please speak to a certified real estate or finance entity.

GCA Forums Headline News: Weekend Edition (February 24, 2025 – March 2, 2025)

Presented by Great Content Authority (GCA) Forums, powered by Gustan Cho Associates, NMLS 873293, a dba of NEXA Mortgage, the nation’s largest mortgage broker and correspondent lender.

This weekend edition of GCA Forums News includes the most important comprehensive overview and summary of GCA Forums Daily News between Monday, February 24, and March 2, 2025, on GCA Forums. Headline news stories may affect Americans in one or more ways, especially consumers, homeowners, home sellers, real estate investors, renters, and potential buyers.

At GCA Forums News, we pride ourselves on incorporating reliable real estate and mortgage information. As such, we pledge to provide our readers with timely changes in the housing sector, interest rates, economic policies, and business activity that affect American citizens. You will find these updates helpful whether you are selling, buying, or renting your house, as they will help you understand the US economy and its changes.

Changes in mortgage rates, difficulty in home buying, trends in real estate investment, job statistics, inflation, and home improvement all form the week’s summary.

Let us focus on the United States households and businesses and the headlines that matter.

Mortgage Rates and Home Buying Capability

Mortgage Rates Today: A Buyer’s Breakeven Point Approaches

A potential silver lining in mortgage rates has emerged for homeowners hoping to buy a house. As of February 27, 2025, the February 27-year fixed mortgage rate declined to 6.76%, its lowest value over two months.

Some reasons for this rate of mortgage decline include:

• A slowing economy is causing investors to be worried, meaning the Federal Reserve might lower rates in 2025.
• A mitigating inflation that lessens the burden on interest rates.
• Greater demand from potential homebuyers as the lowered rates slightly enhance affordability.

Even if the drop in mortgage rates is a hopeful sign, affordability continues to be a problem, with home prices still significantly high.

Problems in Affording a House: How Much Do Houses Cost?

• Even with the lower rates, housing affordability is challenging for many first-time buyers and middle-class members.
• An average American struggles to overcome this to qualify for a mortgage.
• Affordable homes in competitive markets keep prices accessible, but home prices continue to rise.
• Salaries are increasing at a slower rate as inflation and property prices rise.
• Bidding wars caused by a lack of available homes make buying homes much more challenging.

Industry experts predict that home prices may start declining around 2025. But a drastic drop in home values is very feasible due to a shift in the imbalance of supply and demand

How Federal Policies Affect Housing Costs

Tariffs and Material Costs: The Pricing Issue with New Homes

• Federal tariffs on Canadian lumber and Mexican drywall are predicted to inflate construction pricing even more.
• This will add more issues to an existing problem: an affordability crisis.
• This increase in home-building expenses is passed on to the consumer, leading to the construction of new homes at even higher prices.
• Inflated drywall costs add thousands of dollars in expenses for renovation and construction projects.
• Consequently, there is an even lower supply of new homes, higher expenses for home buyers, and still no relief for the housing market deficit.

Labor Market Dynamics: The Myth of a Construction Worker Shortage

• The broader effort to brush undocumented workers has negative effects on the pool of available workers in the construction, roofing, and home remodeling industries.
• A low supply of skilled workers leads to increased expenditures on wages by contractors.
• Construction operations taking longer than anticipated result in houses not being completed when they are supposed to be.
• Homebuyers and property investors looking to build or renovate are faced with higher expenses.

Suppose there is no change in these unattainable conditions. In that case, the supply of new homes being built will stagnate, causing greater problems for the housing shortage situation.

Challenges of Home Ownership

• Increasing expenses on home insurance: Another hurdle on the path of homeownership.
• Particular states hit by hurricanes, wildfires, and flooding are witnessing a large increase in home insurance premiums.

Factors contributing to the increasing costs:

• Climate risk is raising an insurer’s claim and risk exposure.
• Supply chain challenges lead to costly home repairs.
• Insurers abandoning high-risk states results in fewer coverage choices.
• Costs are starting to strain the budget for California, Texas, and Florida homeowners.
• The energy and maintenance costs associated with owning a home are ballooning.

In addition to the mortgage, paying for the upkeep of a house has become extremely expensive, with the following adding to its cost:

• Soaring gas and electricity costs lead to increased utility bills.
• Labor and material markup inflict costly repairs on the house.
• Multiple states’ increasing property taxes leave homeowners with a burdensome expense.
• Homeownership is becoming increasingly less appealing as these costs are now more difficult for many homeowners to manage, making renting a more desirable option.

Home renovation and improvement trends Rethinking Consumer Behavior: Stalling Major Remodels

• Increased interest rates and inflation mean homeowners turn towards smaller upgrades, delaying major improvement projects.

Key trends:

• Reduced consumer spending results in fewer luxury remodels.
• Increased labor costs mean more homeowners perform DIY repairs.
• People focusing on energy efficiency results in an increase in smart home technology upgrades.

This change in spending mentality has led to lower sales in retailers such as Lowe’s and Home Depot.

Trends In The Property Market

Analysis of Home Sales: Are Buyers Coming Back To The Market?

• Due to a reduction in mortgage rates, there has been a 3.5% rise in existing home sales in February.
• Sales from new homes also grew by 4.1% because builders had offered particular buyers’ incentives.
• While there is a decrease in sales for luxury homes, there is a surge in sales for affordable houses.

Insights Into The Rental Market: Renters Are Feeling The Pinch

• Significant increases in rent prices are evident, especially in large cities.
• Rental prices are high because there are few availabilities in the market.
• Homeownership is becoming less possible for many people, which is causing more people to rent for longer durations.

Due to the limited supply of houses and affordability problems, the rental market is predicted to remain active until 2025.

Economic Indicators And Other Business News

Unemployment Trends: Stability In The Job Market By 2025

• The US unemployment rate, which has remained at 3.8%, shows little change, indicating a stable labor force.
• Increased health care, technology, and finance employment compensate for lower retail trade and manufacturing employment.
• Workers face more challenges with expenses because salary increases are reaching a standstill.

Inflation And Consumer Spending

The inflation rate dropped to 2.9% in February, which could allow the Fed to consider lowering interest rates.

Americans remain cautious with their spending, contributing to a small decline in consumer spending.

There has also been a slowdown in economic activity, evident in the 0.5% drop in retail sales.

FAQs on GCA Forums NewsWhat are the current mortgage rates?

• The average 30-year fixed mortgage rate as of February 27, 2025, is February 6, 27 improvement from January’s 7.12%.

How do federal policies affect housing costs?

• Affordability continues to shrink because tariffs on materials and labor shortages make constructing new homes expensive.

What challenges are homeowners facing today?

• Homeownership is becoming less and less affordable due to rising energy and insurance costs on top of general maintenance expenses.

What are the latest real estate trends?

• Increased home sales due to declining mortgage rates have been seen; however, accumulating expenses still create a ceiling on affordability.

How is the rental market performing?

• Demand continues to soar due to low vacancy rates, with urban areas especially taking the brunt of rising rent prices.

This week’s real estate, economy, and mortgage news has many obstacles and prospects for homeowners, investors, and renters alike. One positive update is a decline in mortgage rates; however, affordability and rising expenses are still weighing on many US citizens.

Check-in at GCA Forums New for fresh perspectives and the latest information on your investments, finances, and home.

GCA Forums Daily Headline News Report for February 28th, 2025, that I want to write in today’s report? The topics and sections of the GCA Forums Daily Headline News Report for February 28th, 2025, are given below:

According to the percent poll and focus study report from our viewers and members of GCA Forums Headline News, a significant proportion of viewers proposed improving GCA Forums News membership while appealing to and retaining viewers. Our viewers proposed a combination of timely, relevant, and engaging topics to capture the attention of homebuyers, real estate investors, mortgage professionals, and business enthusiasts.

Here are some key daily headline news categories that can significantly increase traffic to the site and audience engagement.

The daily headline news categories for the marketing strategy to increase the viewership of GCA Forums News include the following:

Mortgage Market Updates & Interest Rates (Core Content)

Because of the nature of their business, Gustan Cho Associates are into mortgage and housing news, and so should the rest of the industry. The daily updates on mortgage rates, market changes, and lending practices should always be done.

What to Cover?

• Daily updates on mortgage rates (conventional, FHA, VA, DSCR, non-QM).
• Changes in policy from the Fed and the effects on mortgage rates.
• Forecasts of the direction mortgage rates will move in.
• Changes in lender requirements (for example, Fannie Mae and Freddie Mac perubahan rules).
• Trends relating to credit scoring and debt-to-income ratios that impact receiving a mortgage approval.

How Does This Happen?

• Real estate investors, homebuyers, and refinancers track mortgage rates constantly.
• A mortgage professional will utilize this information for clients instead of needing to track it themselves.

Market Indicators And Housing News (Hopeful for Investors and Homebuyers)

Providing information on the state of the housing market, including home sales and prices, will lead to increased interest from sellers and buyers.

What to Focus On?

• Rates of affordability among first-time home buyers and problems on their way to purchasing a home.
• Always changing inventory levels in housing available.
• Updates on home price indices across the country and region.
• With the best and worst housing markets for buyers and sellers.
• Insights on the rental markets include multifamily homes (wonderful for investors).

Why Does This Happen?

• Information gathering has revealed that real estate news impacts everyone, including homeowners and investors.
• With well-supported data, outstanding information is provided on someone thinking about purchasing or selling their home.

Inflation And The Federal Reserve Reports (Cant Miss For Investors and Homebuyers)

• Mortgage rates, the economy, and home affordability are directly correlated to Fed policy decisions and inflation, alongside the cash flow into the economy.

What To Cover?

• CPI reports the personal consumption expenditure index and fed interest rate decisions.
• Inquiries and speculation activity around real estate changes and rate adjustment prediction, including real estate impacts.
• How home affordability is impacted by inflation.

What Works and Why?

• Mortgage borrowers want answers about whether their interest rates will increase or decrease.
• Investors monitor inflation indicators relevant to the real estate and financial sectors.

Economic Reports & Job Market Trends (Appeals to Entrepreneurs & Homebuyers)

• The economy directly influences housing affordability, approval of mortgages, and investment potential.

What to Cover?

• Monthly reports on employment and unemployment figures.
• Comparison of wage increases to appreciation in housing prices.
• GDP growth and associated risks of a recession.
• Effects of economic changes on mortgage lending.
• Stock market behavior and business confidence.

Why Does It Work?

• Followers of economic cycles tend to be interested in how these trends impact their buying power in the housing market.
• It draws the attention of professionals, investors, and business owners.

Government Policy and Housing Regulations (Important for Borrowers & Realtors)

Changes to housing policy and the introduction of new mortgage regulations affect the lending process.

What to Cover?

• Updates on the limits on loans from the FHA, VA, USDA, and conventional loans.
• Proposals for tax credits for new home buyers.
• Rent control legislation and changes in tenant protection laws.
• Fair housing laws and discrimination prohibition policies.
• The government backs government programs aimed at preventing foreclosure.

Why Does It Work?

• Investors and homebuyers want to see how new policies may assist or hinder their goals.
• Help real estate professionals to stay updated.
• Tips on investing in real estate and building wealth (Perfect for Entrepreneurs and Investors).
• Investors are always looking for pro tips because real estate is the best asset class for building wealth.

What to Focus On?

• The most profitable cities for rental property LLCs.
• Trends in investor-friendly mortgage programs and DSCR loans.
• Updates on short-term rental (Airbnb) markets.
• Trends in multifamily and commercial real estate investments.
• Real estate investors’ tax planning.

Why This Works?

• High-end readers are interested in real estate investment topics.
• In the case of the GCA Forums News, investors seek expert-backed tips to create maximum ROI.

Business and Financial News in Focus (Great for Entrepreneurs & Investors)

• The most important business stories impact the housing and lending markets.
• Writing on key finance news strengthens your credibility.

What to Focus On?

• Activity in the stock market and prominent earning releases.
• News within banking & financial institutions (for example, bankrupt mortgage lenders).
• Real estate affecting crypto & digital assets.
• Updates on credit and small business loans.

Why This Works?

• Actionable real estate coverage gives investors, entrepreneurs, and finance professionals a good outlook.
• Builds the GCA Forums News reputation for credibility in business news.

Foreclosures, Distressed Properties & Housing Crisis (Hot Topic for Investors & Buyers)

With all the economic uncertainty, the chances of getting a good deal on real estate become more appealing as there are more foreclosures, distressed homes, and homes for sale.

What to Cover?

National and local foreclosure rates and trends.

REO (Real Estate Owned) and short sale markets.

The impact of job market changes on foreclosure rates.

What is offered in the market for buyable distressed properties?Understanding the Functionality

• It focuses on investors who are searching for bargains on auctioned properties.
• Provides distressed homeowners with knowledge on how to prevent foreclosure.

Engagement And Discussions: Daily Hight Topics and Real Estate Stories

Including trending and viral news from real estate can widen the target audience beyond only enthusiasts of the field.

What Topics To Focus On?

• Scandals and Controversies in Real Estate.
• Viral success stories (or horror stories) of homebuying.
• Impact of significant mortgage frauds.
• Viral unusual listings of properties.

Why Does It Work?

• Engaging and relatable content that can be easily shared increases participation.
• It drags the attention of people who might not be keen on mortgages.

Expert Answers and Forum Discussion Highlights (Boosts GCA Forum Engagement!)

Summarize leading threads from the GCA Forums and present them with expert input.

What To Cover?

• Having an “Ask an Expert” mortgage session.
• Weekly highlights of important discussions from the GCA Forums News.
• The audience made inquiries regarding mortgages and housing.

Why Does It Work?

• Engagement with and membership to the forum is boosted.
• Positions GCA Forums News as the expert for mortgage discussions.

Final Remarks: The Winning Recipe

For optimal engagement and membership growth, GCA Forums Daily Headline News should:

• Combine breaking news with unique expert commentary.
• Simplify and demystify mortgage subjects to the public.
• Motivate readers and members of the community to engage in a discussion forum.
• Utilize popular real estate stories that can be shared across platforms.

By addressing these topics daily, GCA Forums News can become a go-to news source for homebuyers, mortgage professionals, and investors.

https://www.youtube.com/watch?v=Lf0j92eyhu4&list=RDNSLf0j92eyhu4&start_radio=1

On “Forbes Newsroom,” Randy Economy, the Chairman of Saving California, explained his new recall effort to remove Gov. Gavin Newsom (D-CA) from office before his term is due to end in early 2027.

Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more.

Gavin Newsom: A Biography In Detail

Life Before Becoming A Public Figure

• On October 10, 1967, Gavin Christopher Newsom was born to Tessa Thomas Menzies and William Alfred Newsom III, an appellate court judge in San Francisco.
• Following his graduation from the local elementary school, Gavin experienced several challenges, including his lifelong battle with dyslexia.
• However, Gavin’s determination helped him graduate with a political science degree from Santa Clara University in 1989.

Personal Life:

• Newsom married his first wife, Jennifer Siebel, in 2008.
• Their marriage has produced four children.
• Gavin and Siebel divorced in 2021, after which he began dating Jennifer Newsom.
• After taking a loan from the Getty family, Newsom started his career in 1992 when he opened his wine shop in San Francisco.
• After a successful year, he expanded his venture to restaurants, hotels, and wineries, marking the beginning of Newsom’s entrepreneurship.

Political Progression And Career

• Appointed by Mayor Willie Brown as a ‘San Francisco Parking and Traffic Commission’ member, Gavin officially started his political career in 1996.
• Following his successes in the local elections between 1998 and 2002, he was appointed to the ‘Board of Supervisors’ and later to the ‘Mayor of San Francisco’ from 2004 to 2011.
• Newsom’s decision to issue marriage certificates to same-sex couples grabbed national attention.
• It made him one of the youngest publicly recognized mayors in the history of California.
• Lieutenant Governor of California (2011–2019): Newsom was first elected in 2010 and re-elected in 2014 as California’s lieutenant governor after serving two terms as mayor.

Governor of California (2019–Present):

• In 2018, Newsom became the 40th Governor of California.
• He has made significant progress in healthcare, gun control, and environmental issues.
• After overcoming a recall election in 2021, he was re-elected in 2022.

Personal Life:

• Newsom married Jennifer Siebel Newsom, a filmmaker and actress with whom he shares four children.
• Newsom’s life experience, including the day-to-day ongoing battle with dyslexia, has shaped his personal policy advocacy, especially in education and learning disabilities.

Recent Developments:

• Throughout 2024, Newsom has been speculated to be running for the Democratic presidential nomination in 2028.
• With his political communications and policy skills, he has remained a key figure in American politics.

No other Californian politician has single-handedly redefined the San Francisco Bay Area in the way Gavin Newsom has, both as a social entrepreneur and an influential politician. Newsom has guided deftly California’s policies while navigating the deeper waters of national integration.

https://youtu.be/BMFyH4U0ZzY?si=n0f1h2j4mfidONaL

• This discussion was modified 2 months, 2 weeks ago by  Gustan Cho.

Melania Trump Made HUGE Announcement on Her Marriage, And It’s Shocking. Melania Trump recently shared important updates about her duties and location as First Lady for Donald Trump’s second term. She revealed that she, along with their son Barron, will spend time in the White House, New York City, and Mar-a-Lago which is located in Palm Beach, Florida. This enables Barron, who is a student at New York University, to continue his studies while having the opportunity to use the White House whenever necessary.

European expats in New York City emphasize their independence from America by declaring that they will, if necessary, voice and argue bills to their husbands. She intends to stick to her policies from the last term and is already readying herself for a more hands-on role in the White House.

With these updates, Melania Trump highlights yet another effort to consolidate her positions as mother, wife, and First Lady and at the same time, an influential figure in the political landscape.

Brace yourself, because Melania Trump just dropped a jaw-dropping announcement that’s leaving everyone in shock! After years of speculation, rumors, and questions about her relationship with Donald Trump, Melania has finally spoken out. What she revealed will have you questioning everything you thought you knew about their marriage! Stick around, because this revelation is more shocking than anyone could have predicted—and it’s about to shake up everything!

https://youtu.be/VZ6zAZMPNQA?si=Z-1N1sVH1xhcUx8N

• This discussion was modified 2 months, 2 weeks ago by  Gustan Cho.

youtu.be

Melania Trump Made HUGE Announcement on Her Marriage, And It's Shocking

Melania Trump Made HUGE Announcement on Her Marriage, And It's ShockingBrace yourself, because Melania Trump just dropped a jaw-dropping announcement that’s ...

What FBI Found In Usha Vance’s Mansion Will Leave You Shocked

For years, Usha Vance’s sprawling estate stood as a testament to power and influence, its towering gates shielding more than just luxury. That changed when the FBI arrived, their search warrant unlocking secrets long buried within its walls. What they uncovered sent ripples through Washington-hidden documents, cryptic messages, and a revelation so shocking it left even seasoned agents reeling. But what was concealed behind those opulent doors? And why had it remained a secret for so long? Today, the truth finally comes to light.

JD and Usha Vance: A Detailed Analysis

JD Vance:

• The Vice Presidency Candidate of Trump Vance and His Journey from ‘HillBilly Elegy’ to Now

Life Before Politics:

• Family Background
• Upbringing
• Education

James David Vance, known as JD, was born on August 2, 1984, in Middletown, Ohio. He had an extremely rough childhood coming from the Rust Belt, and being raised by his grandmother gave him an up-close look at the struggles pounded by the white working class. Before pursuing higher studies, Vance served in the United States Marine Corps, which included Iraq. He graduated with a BA from the Ohio State University and later received a Juris Doctor from Yale Law School.

In 2016 Vance published “Hillbilly Elegy,” a memoir talking about his family and the socioeconomic hurdles they had to cross. The book deepens into America’s working class and was later made into a film. This book got a lot of fame and captured the nation’s attention.

At first, in the 2016 elections, Vance was openly critical of Trump, but his views changed with time. By 2022, he won Tulip’s endorsement and later became a US Senator from Ohio. While in the Senate, he embraced and implemented Nationalist and conservative policies. Trump selected Vance as his Vice Presidential candidate in 2024, and they won the elections and were sworn in on January 20, 2025.

Usha Vance: A Distinguished Legal Expert and The Second Lady

Her Life History and Education

On January 6, 1986, San Diego County of California welcomed Usha Vance, a child of Indian immigrants. She performed well during her schooling and graduated with a bachelor’s in history from Yale University. Later, she completed her Master’s in Philosophy from Clare College Cambridge. She earned her Juris Doctor degree from Yale Law School.

Her Work History

Usha has had a wonderful legal career, the most notable of which was her clerkships with Judge Brett Kavanaugh of the US Court of Appeals and Chief Justice John Roberts at the US Supreme Court. In addition, she was a civil litigation and appeal attorney at Munger, Tolles, and Olson.

Her Role as The Second Lady

As the Second Lady, Usha Vance has been interested in and engaged with the public, often accompanying Vice President Vance to other official functions. She has taken a particular interest in family affairs and continues to champion numerous cultural and educational projects.

Her Personal Life

Usha Vance married JD Vance in 2014, and they have three children together: Ewan, Vivek, and Mirabel. They live in Cincinnati, Ohio.

Usha and JD’s interfaith marriage—she is a practicing Hindu and Christian—demonstrates the intermixing of various cultural practices they bring together for their children.

In-laws and Extended Family

Usha’s parents, Mr. and Mrs. Krish and Lakshmi Chilukuri, are an educated pair with a molecular biologist for a mother and an engineer for a father. They placed considerable emphasis on their daughters’ education and preservation of culture. In “Hillbilly Elegy,” JD describes his family as part of a Appalachian culture family and lineage, dominated by stoic strength throughout hardship.

Friends and Community Engagement

The Vances have retained numerous friends from college, military service, and professional fields. They remain active in their community by enhancing initiatives that tackle economic problems and multicultural understanding.

This synthesis provides insight into the reality of Vice President JD Vance and Second Lady Usha Vance, their personal lives and achievements, and their family and community devotion.

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• This discussion was modified 2 months, 2 weeks ago by  Gustan Cho.

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What FBI Found In Usha Vance’s Mansion Will Leave You Shocked

What FBI Found In Usha Vance’s Mansion Will Leave You ShockedFor years, Usha Vance's sprawling estate stood as a testament to power and influence, its toweri...

Brandon Johnson: Advocate of Progress and Chicago’s Newest Mayor​

Brandon Johnson has dedicated his life to education, community organizing, and public service, which makes him a worthy candidate for Chicago’s 57th mayor. He was sworn in on May 15, 2023. Johnson has come a long way from a public school teacher to a city leader, which shows his willingness to accept all challenges and work to meet the city’s growth aspirations.

Early Life and Education

Johnson was born on March 27, 1976, and has nine siblings. He was brought up in a family that valued hard work, faith, and community service. His father was a pastor, which taught him the importance of serving the community. He attended Eastern Illinois University, graduating with a bachelor’s degree in education.

Career as an Educator

His first job was as a public school teacher. He taught at Jenner Academy in Cabrini-Green and Westinghouse College Prep in West Side Chicago. Being a teacher, he experienced the horrendous impacts of school closures, unemployment, and gun violence on children and their communities. These daunting experiences motivated him to bring about fundamental changes to education and community services.

Union Leadership and Advocacy

Johnson left the classroom to work as an organizer with the Chicago Teachers Union (CTU). While there, he strongly advocated for public school funding, affordable housing, and increased access to mental healthcare.

He emphasizes his concern for teachers and students by laboring with workers and their teachers through negotiations.

Political Career

Johnson won a seat on the Cook County Board of Commissioners in the 2018 elections for the 1st district. He advanced a progressive agenda that included the expansion of the public health sector, economic growth, and reforming the criminal justice system. Using this experience at the county level, he declared that he would run for the Mayor of Chicago in 2023. With a campaign based on equity, investment, justice, and attention to neglected areas, he triumphed in a close runoff against Paul Vallas. His election made him the fourth African American mayor of Chicago and the second from the city’s western side.

Mayoral Initiatives and Policies

Since taking office, Johnson has outlined his policy, promising to promote a progressive strategy to solve Chicago’s tremendous inequities. Some of the policies are:

Economic Equity:

• Johnson spearheaded the “One Fair Wage” measure to abolish the subminimum wage for tipped employees by July 1, 2028.

Affordable Housing:

• Johnson Sponsored the “Bring Chicago Home” measure to increase the tax on real estate transfer of properties sold above one million dollars to help fund affordable housing and housing for people experiencing homelessness.
• Even though Johnson’s solutions to the housing crisis encountered problems after the March 2024 referendum failed, he is still working towards an answer.

Public Safety and Community Investment:

• Johnson’s administration has pioneered efforts to improve public safety by addressing sociological issues like poverty and insufficient mental health care.
• His administration prioritizes fighting violence and building stronger neighborhoods within the community.

Climate and Environmental Justice:

• In February 2024, lawsuits were filed against several oil and gas companies, charging them with willfully deceiving the public about the environmental effects of their goods and Chicago’s climate change damages.

Obstacles and Concerns

• For all the achievements, challenges came during Mayor Johnson’s term. He tried to implement reforms in the Chicago Public Schools’ top leadership, which created a conflict that ultimately resulted in all seven board members being removed and replaced due to controversy over administrative actions.
• Moreover, he has been criticized by various community and business organizations for his solutions to manage the ongoing migrant crisis, his fiscal policies, and his tax hikes.
• Nonetheless, Johnson pushes forward with policies that he believes will bring transformational change.
• Brandon Johnson is married to Stacie, and they have three kids together.
• They live in Chicago’s Austin neighborhood.
• Brandon Johnson’s life as a father and community member has greatly impacted how he approaches governance with empathy and a focus on communities.
• From a teacher to the Mayor of Chicago, Johnson’s journey clearly illustrates his goal of building a more equitable and just Chicago. He continues to make his best efforts and work with others to solve the many problems the city and its residents face.

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What is the minimum loan amount i can get approved for on non-QM loans? What is the minimum loan amount on bank statement mortgage loans? What is the minimum loan amount on DSCR LOANS?

Go to the seven steps of financial responsibility if you want to learn them first. Search around for the words, first, second, etc.

This work is not fully completed. However it is fully written as far as the comprehensiveness of the necessary information is concerned.

In this article I will attempt to teach you a basic overview of how to manage your own personal lifetime financial management responsibilities. I will attempt to help you by teaching you, guiding you, and encouraging you to develop and create you very own unique personal lifetime financial management survival guide template manual plan. Then, all that you have to do is constantly refer to your plan and simply follow it. After all, it’s your very own personal financial survival plan for your life regarding your finances, which are the very backbone of giving the necessary support to your very own life’s adventures, dreams, hurdles, and emergencies.

When you begin this financial management adventure their will be an initial and immediate need for you to change one very important aspect of your life.

You are going to learn how to become your own teacher. You will learn the simple information that you will need that will guide you throughout your entire life. And as you learn this simple information, you will WRITE ABSOLUTELY EVERYTHING DOWN.

You will write it all down because you will continually review this material in order to guide you and keep you on course throughout the rest of your life.

For More Download the attached file

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Where can you legally depose dog feces? In the garbage bag for the garbageman to take? Where do dog kennels depose of dog feces?

GCA Forums Headline News for Wednesday, February 26th, 2025. GCA FORUMS HEADLINE NEWS for Monday, February 26th 2025: In this GCA FORUMS NEWS update, we like to cover the up-to-date fraud and corruption uncovered by Elon Musk and the Department of Government Efficiency team with regards to what other types of fraud and corruption they have uncovered. Any fraud or corruption discovered on the Federal Reserve Board and the Department of Treasury, including the IRS and the Social Security Administration? Homeland Secretary Kristi Hoem found leakers in her department. Can you please tell us more about the leakers from Homeland Security?

What is going on with the discovery of Barack Hussein Obama’s fraudulent, forged birth certificate that he was born in Hawaii when he was actually born in Kenya? What is going on with the uncovering of Georgia’s former governor candidate Stacy Abrahms and her $2 billion campaign donation by the Biden-Harris Administration? Was this the money distributed from the FORT KNOX missing gold? Any update on when U.S. Attorney General Pam Bondi is going to release the flight log list of Jeffrey Epstein, the JFK Assassination, and other classified documents President Donald Trump promised to declassify?

Kash Patel got confirmed as the Trump Administration FBI Director. Are there any upcoming indictments, arrests, or investigations pertaining to national security, fraud, corruption, political wrongdoings, and character assassinations of President Trump? California Senator Adam Schiff has been on the news. Any news on what FBI Director Kash Patel and/or U.S. Attorney General Pam Bondi will do against Adam Schiff and other crooked Democrat-elected politicians? The Dow Jones Industrial Average tanked 750 points on Friday. What was the reason and why?

What is the Dow Jones Industrial Average expected and forecasted? Are we in a recession? Is there another 2008 real estate and credit crash and financial crisis coming up? What is going on the economy, the stock markets, bitcoin, gold and silver, inflation, interest rates, mortgage rates, unemployment, CPI, the Federal Reserve Board, auto sales, home sales, housing inventory, housing demand, home values, and the overall United States economy? Can we have a true, transparent economic and financial report from GCA Forums Headline News for Monday, February 26, 2025?

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What are the types of monkeys to have for pets. Monkeys that are loyal, easy to train, affectionate, easy to housebreak, as little as possible, and a monkey who you can be your best friend. A pet monkey that can and will get along with people, especially little children. I saw many pet monkeys who are like human on youtube videos raised in Vietnam. I like to get a pet monkey for the United States.

Referring to Illinois as “the most sinister state in the nation” is rather dramatic and subjective. Governors in trouble: Out of the last ten governors, four have served time in federal prison for bribery, racketeering, and other crimes. For example, Rod Blagojevich was convicted for attempting to sell Obama’s senate seat. George Ryan was convicted of bribery and racketeering. Chicago is often called the most politically volatile city in the US, as it is extremely prone to corruption and patronage. In addition to these, corruption on state and local levels constantly makes headlines. It is clear why some people find Illinois particularly shady.

There’s a multitude of reasons why Illinois struggles to contain its reputation.

Here’s a comprehensive breakdown of potential reasons:

Illinois has been known for its scandalous political achievements.

From the busted government overspending budgets to corruption on the local city council level, the government in Illinois makes a lot of noise, and the civic world is captivated by the thrill of it all, mixing the components of democracy with the raw energy of a carnival.

It suffices to say that, like many other states, Illinois is known for its “high property tax rates” and “burdening homeowners.” Putting it in the same circle as “always criticized” states like New Jersey and Connecticut.

Pension Crisis:

• Illinois has exceptionally alarming unfunded public pension liabilities that exceed $139 billion.
• This makes Illinois one of the states with the highest public pension debt, negatively impacting its fiscal condition.

Budget Issues:

• In Illinois, budget deficits have historically been common, severely limiting available funding for essential public goods and services.

Crime Rates in Major Cities

Chicago’s Crime Reputation:

• Why is every violent crime reported on the news?
• Chicago is a key contributor to the gun violence problem, in which the city grabs headlines with its high number of shootings and homicides.
• While there is a lot of debate surrounding the crime rate of disorderly conduct, the city is known for sitting at the epicenter of crime and violence.

Organized Crime Legacy:

• Al Capone’s historical reign of organized crime during Prohibition funded Chicago’s notorious legacy with organized crime and painted a picture of contemporary Chicago.

Population Decline and Exodus

People are migrating from Illinois due to high taxes, crime, and lack of employment opportunities, leading to a glaringly obvious population exodus and decline.

Mass Exodus:

• Illinois has consistently been on the list of states bordering net population loss after people started pouring into Florida, Texas, and Indiana.

Infrastructure and Urban Challenges

• Illinois’s old rural regions and cities are struggling due to inadequate and underdeveloped infrastructure.

Urban Decay

Some neighborhoods in Chicago and other metropolitan areas have problems with poverty, school dropout rates, underfunded schools, and economic opportunities.

Reputation in Media and Pop Culture

What people think about the state of Illinois, based on media and other platforms, is:

• The existing narratives have an overarching theme of crime and corruption, which has further entrenched negative perceptions.
• The American media often depicts Chicago as a center of crime, exaggerating the city’s issues.

It is easy to point out Illinois’s many problems, but ignoring its strengths and nuances is to brand it the ‘most sinister state.’ The state also has its share of cultural history and economic activities and an ethnically diverse population pursuing art, education, and innovation. Over time, many of these issues can be dealt with through reform measures and greater public awareness.

There seems to be some misunderstanding about Illinois House Bill 5522 (HB 5522) and its effect on gun ownership. HB 5522, which Representative Maura Hirschauer filed in the 103rd General Assembly, intended to restrict the sale, transfer, or possession of certain firearms and magazines, which are commonly referred to as ‘assault weapons.’ Like many other bills, HB 5522 did provide some allowances for law enforcement, the army, and civilians who possessed such weapons lawfully before the bill’s enactment. Those eligible were required to register with state police and pay a fee of 25 dollars.

It’s crucial to remember that the bill did not seek to take firearms from existing lawful owners. Instead, it provided registered owners with means to hold ownership. The bill did not progress to becoming law in the 103rd General Assembly.

By contrast, Illinois has already implemented “Karina’s Bill” (House Bill 4144), removing firearms from individuals subjected to an emergency order of protection regarding domestic violence accusations. This law was made to protect survivors of domestic violence further by ensuring that firearms are taken out of potentially risky situations.

In conclusion, while Illinois has proposals and laws on the minimum restriction of controlled firearm possession that, in some instances, enables ownership, there is no law that actively screens ownership for all citizens without reasonable motives being provided. The state’s legislative disposition has sought to deal with issues of public safety in the context of domestic violence and the use of firearms.

https://www.youtube.com/watch?v=CXLIKiZGRRE

When you receive an IRS audit notification, it can be unsettling. Understanding what this process entails for managing your response effectively. You’ll need to gather your documents and prepare for a thorough review. Knowing your rights and how to communicate with the IRS examiner can significantly impact your experience. But what common issues might arise during this process, and how can you address them? Let’s explore these essential aspects.

Key Takeaways

– The IRS exam process begins with a notification, detailing the timeline and required documentation for review.
– Collect and organize all relevant tax returns and supporting documents to ensure accuracy during the examination.
– Be prepared for a thorough review by the IRS examiner, which may take several weeks to months.
– Maintain open communication with the IRS agent to clarify any uncertainties and address discrepancies proactively.
– After the audit, review findings carefully, and understand your right to appeal if you disagree with the results.

Understanding the IRS Audit Notification Process

When you receive an audit notification from the IRS, it can be both surprising and daunting. Understanding the audit triggers that lead to such notifications is crucial. These triggers can range from discrepancies in reported income to suspicious deductions.

Once you receive the notification, there’s a specific timeline you must adhere to. The IRS typically provides a deadline for your response, so it’s essential to act swiftly. Responding effectively means gathering all necessary documentation and addressing the concerns outlined in the notification.

This proactive approach not only demonstrates your willingness to cooperate but can also mitigate potential penalties. By staying organized and informed about the process, you can navigate the audit notification more confidently and efficiently.

Preparing for the IRS Exam

As you prepare for the IRS exam, it’s crucial to approach the process with a strategic mindset. To ensure your success, consider these key document organization tips and financial recordkeeping strategies:

1. Gather Documentation: Collect all relevant tax returns and supporting documents for the past few years.

2. Review for Accuracy: Verify your tax return accuracy by cross-checking figures against your records.

3. Organize Records: Use folders or digital tools to categorize documents by year and type, making it easy to access them during the exam.

4. Prepare Explanations: Be ready to explain any discrepancies or unusual entries in your financial records.

What to Expect During the Examination

What can you expect during the IRS examination process?

First, you’ll receive a notice detailing the examination timeline, which typically spans several weeks to months. During this period, be prepared to provide specific documentation requirements, sax returns, receipts, and relevant financial records.

The IRS examiner will review your documents thoroughly, so having everything organized can streamline the process.

Common Issues and How to Address Them

While navigating the IRS examination process, you might encounter several common issues that can complicate your experience.

Addressing these challenges proactively can help you maintain your taxpayer rights and ensure a smoother process. Here are some common issues and how to tackle them:

1.Documentation Discrepancies: Ensure all records are accurate and well-organized to avoid misunderstandings.

2.Lack of Communication: Keep an open line of communication with your IRS agent to clarify any uncertainties.

3. Understanding Your Rights: Familiarize yourself with your taxpayer rights to ensure fair treatment.

4. Appeal Process: If you disagree with findings, know that you have the right to appeal and should follow the necessary steps promptly.

Finalizing the Audit and Next Steps

After addressing common issues during the IRS examination process, you’re now ready to finalize the audit and understand the next steps.

Start by reviewing the auditor’s findings and considering your audit resolution strategies. If you disagree with any conclusions, prepare to present your case, as this could significantly impact your tax liability implications.

Once you’ve resolved the issues, the IRS will issue a final report, summarizing the audit results. You’ll need to follow post-exam procedures, which may include paying any owed taxes or appealing findings if necessary.

Keep in mind that timely responses are crucial; failure to act could complicate your situation further. Stay organized and proactive to ensure a smooth conclusion to your audit experience.

In Conclusion

So, you’ve danced through the IRS exam process, twirling around documents and dodging discrepancies like a seasoned performer. Remember, it’s not just an audit; it’s a riveting show where you’re the star—albeit one under the spotlight. With the right prep and communication, you can turn this tax tango into a smooth waltz. After all, who doesn’t love a good audit story? Just keep your paperwork handy, and you’ll be ready for an encore when the IRS calls!

When we speak to taxpayers who have unfortunately fallen into the IRS Collection Division and believe their hardship can be settled with a hardship letter and the IRS just goes away unfortunately that’s not how it works. These individuals are confronted with the prospect of dealing with federal tax issues imposed by the (IRS) and not having a clear understanding of what the rules are and what’s available to the taxpayer.

If you find yourself dealing with any tax-related issues in Orlando, Florida or anywhere in the Central Florida or for that matter anywhere in the USA we are a phone call away. 407-531-8705

Book Your Free Tax Consultation

Peter Kici EA