FAQ's - MLO's, Loan Officers, Mortgage Brokers, Mortgage Bankers Overview of Mortgage Lending in United States1.1- The History of the mortgage industry 1.2- Start of the mortgage industry 1.3- Events leading to the implementation of the federal laws and need for consumer protection. 1.4- What is Role of the Mortgage Loan Originator in consumer protection. 1.5- What is a Mortgage Loan Originator (MLO) and its Job decsiption 1.6- What is a Mortgage Broker and its Job Description? 1.7- What is a Mortgage Banker and its Job Description? 1.8- What is a Registered Mortgage Loan Originator (RMLO) and its Job Description? 1.9- What is a mortgage lender/funder and its Job description? 1.10- What is a mortgage investor and its Job Description? 1.11- What is a mortgage servicer and its Job Description? 1.12- What is a mortgage underwriter and its Job Description? 1.13- What is a mortgage examiner and its Job Description? 1.14- What is a mortgage regulator and its Job Description? Regulatory Authorities Overseeing the Mortgage Industry2.1- What Regulatory Authority Oversees the Mortgage Industry? 2.2- What is the Consumer Financial Protection Bureau (CFPB) 2.3- How does the Federal Govt. oversee the CFPB? 2.4- What Functions are performed by the CFPB? 2.5- What is the oversight authority of CFPB? 2.6- How are complaints Filed with CFPB? 2.7- What is Department of Housing and Urban Development (HUD)? 2.8- What is the Primary function of HUD? 2.9- What are the Programs offered by HUD? 2.10- How many housing agencies are required to be listed on the housing counseling disclosure? 2.11- What Types of loans trigger the requirement for a counseling agency to consult with a borrower? 2.12- What Entities does HUD oversees? 2.13- What is the Fair Housing Law Protections (e.g., health status, etc.) Loan Origination Loan Inquiry and the Application Process (1003) 5.37- What is Time period for the delivery of the Special Information Booklet (Know Before You Owe)? 5.50- What is the Definition of a business day for delivery purposes and explain Homeownership Counseling Disclosure Loan Qualification Requirements, Processing, and UnderwritingClosing7.14- What documents are Required that pertain to the specifics when using a property as collateral? Financial Calculations/Mortgage Math/APR8.38- Explain Prohibition on mortgage insurance on certain loan types Traditional and Non-Traditional Mortgage Products9.26- What are Conventional/nonconforming (e.g., Jumbo, Alt-A) loans? Explain Facts on “jumbo loans” 9.27- What is the Definition of “non-conforming” loan? Give some Examples of “non-traditional loans” Continue to: Continue to: ![]() | FAQ's - Tax Professionals, Consultants and Accountants The purpose of Income Tax planning is to reduce the income taxes
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