Sec1-Page104

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Question 1 of 8

1. Question
Which of the following charges is subject to zero tolerance under the TILA-RESPA rule?
- Prepaid interest
- Fees paid to the creditor, mortgage broker, or an affiliate of either
- Escrow deposits
- Property insurance premiums
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Question 2 of 8

2. Question
A creditor requires a settlement service but does not permit the consumer to shop for the provider. How is the fee paid to the unaffiliated third party treated?
- It is subject to zero tolerance
- It is subject to 10 percent cumulative tolerance
- It is not subject to any tolerance limitation
- It is excluded from the Loan Estimate
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Question 3 of 8

3. Question
Which of the following is also a zero tolerance charge?
- Recording fees
- Charges for third-party services selected from the creditor's list
- Transfer taxes
- Optional inspection fees
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Question 4 of 8

4. Question
When is a charge considered paid to the creditor, mortgage broker, or an affiliate of either?
- Whenever the creditor collects the funds, even if it passes them on to an unaffiliated third party
- Only when the charge is retained by that person or entity
- Whenever the fee appears on the Closing Disclosure
- Only when the borrower finances the charge into the loan
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Question 5 of 8

5. Question
How is the term affiliate defined for these tolerance rules?
- Any company that shares office space with the creditor
- Any company that advertises jointly with the creditor
- Any company that controls, is controlled by, or is under common control with another company
- Any outside service provider used more than once by the creditor
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Question 6 of 8

6. Question
If the consumer pays amounts at closing that exceed the Loan Estimate beyond the applicable tolerance threshold, when must the creditor refund the excess?
- No later than 30 calendar days after consummation
- No later than 45 calendar days after consummation
- No later than 60 calendar days after consummation
- Before the Closing Disclosure is issued
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Question 7 of 8

7. Question
For charges subject to zero tolerance, what must happen if the amount charged exceeds the amount disclosed on the Loan Estimate?
- Only the amount over 10 percent must be refunded
- The entire fee must be removed from the loan
- Any amount charged beyond the disclosed amount must be refunded to the consumer
- No refund is required if the fee was disclosed on the Closing Disclosure
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Question 8 of 8

8. Question
For charges subject to a 10 percent cumulative tolerance, when must a refund be made?
- Whenever any single charge exceeds its estimate
- Only when the total of the charges exceeds the disclosed total by more than 10 percent
- Whenever the borrower asks for a refund
- Only when a transfer tax was miscalculated
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