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Question 1 of 6

1. Question
MORTGAGE ORIGINATOR REQUIREMENTS

A mortgage broker argues that Truth in Lending Act requirements apply only to lenders that directly extend credit to consumers.

Why is this statement inaccurate?
- A) TILA applies only to real estate agents
- B) TILA was expanded to apply to mortgage originators in addition to creditors
- C) Mortgage brokers are exempt from all federal lending regulations
- D) TILA applies only to FHA loans
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Question 2 of 6

2. Question
MORTGAGE ORIGINATOR REQUIREMENTS

A loan originator prepares mortgage loan documents but fails to include the NMLS unique identifier on the paperwork.

Why could this create a compliance violation?
- A) NMLS identifiers are required only for commercial loans
- B) Federal law requires mortgage originators to be licensed or registered and include their NMLS unique identifier on loan documents
- C) NMLS identifiers are optional if the lender is federally chartered
- D) Only underwriters are required to display NMLS identifiers
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Question 3 of 6

3. Question
ANTI-STEERING REQUIREMENTS

A mortgage company pays a loan originator higher compensation for placing borrowers into loans with less favorable terms and higher interest rates.

Why could this violate federal anti-steering rules?
- A) Compensation based on loan terms is prohibited
- B) Mortgage originators must always receive identical salaries regardless of production
- C) Higher compensation is required on adjustable-rate mortgages
- D) Anti-steering rules apply only to FHA loans
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Question 4 of 6

4. Question
ANTI-STEERING REQUIREMENTS

A lender offers a quarterly bonus to loan originators based solely on the number of residential mortgage loans originated during the quarter.

How are these incentive payments treated under anti-steering provisions?
- A) They are prohibited because all incentive compensation is illegal
- B) They are permitted because anti-steering rules do not prohibit compensation based on the number of loans originated
- C) They are prohibited unless approved by the borrower
- D) They are permitted only for commercial mortgage transactions
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Question 5 of 6

5. Question
MORTGAGE ORIGINATOR COMPENSATION

A mortgage originator receives compensation directly from both the borrower and the lender in the same transaction without a permitted exception applying.

Why could this create a compliance issue?
- A) Mortgage originators cannot receive compensation from both the borrower and lender unless a permitted exception applies
- B) Mortgage originators are required to receive compensation from both parties
- C) Compensation restrictions apply only to commercial loans
- D) Federal law requires consumers to pay all compensation directly to originators
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Question 6 of 6

6. Question
ABILITY-TO-REPAY REQUIREMENTS

A lender approves a residential mortgage loan without reviewing the borrower income, debts, or overall financial ability to make the required payments.

Why could this violate federal lending requirements?
- A) Ability-to-repay rules apply only to investment properties
- B) Creditors are required to consider the borrower ability to repay the loan using specified factors
- C) Borrowers are solely responsible for determining repayment ability
- D) Ability-to-repay standards apply only to FHA-insured loans
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