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FAQ's - MLO's, Loan Officers, Mortgage Brokers, Mortgage Bankers

Part 1- Personal Lending

Part 2- Commercial Lending


Overview of Mortgage Lending in United States

1.1- 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 Industry

2.1- 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.)

Federal Mortgage-Related Laws











 



































 

































 
































































3.155- What are the Independent appraisal requirements ?

Loan Origination





























 


















Loan Inquiry and the Application Process (1003)

















 


























 






5.50- What is the Definition of a business day for delivery purposes and explain Homeownership Counseling Disclosure

Loan Qualification Requirements, Processing, and Underwriting



















































Closing





















  Financial Calculations/Mortgage Math/APR








 



























 









































Traditional and Non-Traditional Mortgage Products










 































 








Mortgage loan products

















 















10.32- Explain facts on interest only payments

Ethical issues and behavior related to loan origination activities









 
























 









  SAFE Act and CSBS/ARRMR Model State Law






























Commercial / Business Loans


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FAQ's - Tax Professionals, Consultants and Accountants

Part 1- Personal Tax

Part 2- Business & Corporate Tax



The purpose of Income Tax planning is to reduce the income taxes paid to federal, state, and local governments. Individuals and families can use two Income Tax Planning strategies to reduce their income tax burdens.

(1) They can Invest in available Tax Advantaged Investment Alternatives.
For example, the investment return provided by investments in municipal bonds is not taxable by the federal government and might also be exempt from state and local income taxes. Various retirement plans allow people to accumulate funds for use in retirement on a tax-deductible and tax deferred basis. People should carefully consider each type of Investment that provides tax advantages.

(2) They can take advantage of tax deductions and tax credits.
The federal Income Tax code allows individuals and families to deduct certain expenses and other amounts from their annual income before calculating their federal income tax liability. Interest paid on their home mortgages, medical expenses that exceed a certain percentage of annual income, contributions to qualifies retirement plans, and amounts contributed to charitable organizations are examples of such deductions. The Federal Income Tax code also allows certain credits to be deducted from an Individual's or a Family's Income Tax Liability. For example, low income workers raising children might be able to use the earned income credit to reduce the amount of federal income tax they must pay.

Income Tax planning can help Individuals and Families increase their current standard of living and increase the amount they can accumulate for retirement and other long term needs. It is an important part of most people's financial planning.

Continue to: www.ZTaxOnline.com






Personal Income Tax























Form 1040 (Individual Income Tax, Forms and Schedules)























  Personal Income Tax FAQ's









































































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Corporate and Business Taxes


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Glossary of Insurance Terms

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FAQ's - Risk Managers, Consultants, Brokers & Financial Advisors

Part 1- Insurance & Risk Management

Part 2-  Personal Financial Planning


Risk in our Society
































Insurance and Risk


























Risk Management





























Fundamental Legal Principles





































Analysis of Insurance Contracts

































The Liability Risk









































Understanding Homeowners Insurance













































Other Personal Property and Liability Insurance Coverages
























 Automobile Insurance and Society





















































Commercial Property Insurance
























Commercial Liability Insurance









































Crime Insurance & Surety Bonds








































Fundamentals of Life Insurance





















Types of Life Insurance & Annuities









14.8- What is "Annuitant" specific to Life Insurance and Annuities?

14.9- What is an "Annuity Unit" specific to Life Insurance and Annuities?

14.10- What is "Cash Surrender Value" specific to Life Insurance and Annuities?

14.11- What is "Convertible" specific to Life Insurance and Annuities?


14.13- What is "Debit Agent" specific to Life Insurance and Annuities?




14.17- What is a "Family Policy" specific to Life Insurance and Annuities?













14.35- What is "Renewable" specific to Life Insurance and Annuities?


14.37- What is "Retroactive Method" specific to Life Insurance and Annuities?



Life Insurance Contractual Provisions







15.6- What is "Absolute Assignment" specific to Life Insurance and Annuities?


15.8- What is an "Accidental Death Benefit Rider (double Indemnity)" specific to Life Insurance and Annuities?

15.9- What is an "Automatic premium loan provision" specific to Life Insurance and Annuities?


15.10- What is "Aviation Exclusion" specific to Life Insurance and Annuities?


15.12- What is "Class Beneficiary" specific to Life Insurance and Annuities?

15.13- What is "Collateral Assignment" specific to Life Insurance and Annuities?

15.14- What is "Contingent Beneficiary" specific to Life Insurance and Annuities?

15.15- What is "Cost Of Living Rider" specific to Life Insurance and Annuities?

15.16- What is "Entire Contract Clause" specific to Life Insurance and Annuities?

15.17- What is "Fixed Amount Option" specific to Life Insurance and Annuities?

15.18- What is "Fixed Period Option" specific to Life Insurance and Annuities?

15.19- What is "Grace Period" specific to Life Insurance and Annuities?

15.20- What is "Guaranteed Purchase Option" specific to Life Insurance and Annuities?

15.21- What is "Incontestable Clause" specific to Life Insurance and Annuities?

15.22- What is "Interest Option" specific to Life Insurance and Annuities?

15.23- What is "Irrevocable Beneficiary" specific to Life Insurance and Annuities?

15.24- What is "Life Income Option" specific to Life Insurance and Annuities?

15.25- What is "Misstatement of Age or sex clause" specific to Life Insurance and Annuities?

15.26- What are "Nonforfeiture Laws" specific to Life Insurance and Annuities?


Buying Life Insurance






16.5- What is "Benchmark net cost Indexes" specific to Life Insurance and Annuities?




16.9- What is "Interest Adjusted Method" specific to Life Insurance and Annuities?

16.10- What is "Linton Yield" specific to Life Insurance and Annuities?




16.14- What is the "Traditional net cost method" specific to Life Insurance and Annuities?

16.15- What is the "Yearly rate-of-return Method" specific to Life Insurance and Annuities?


Life Insurance Planning & Estate Planning








17.8- What is "Dying Intestate" specific to Life Insurance and Estate Planning?



17.11- What are "Incidents of Ownership" specific to Life Insurance and Estate Planning?












Employee Benefits and Retirement Plans





































Social Insurance




































  Types of Insurers and Marketing Systems































  Insurance Company Operations









23.8- What is an "Agent's Report" specific to Insurance Company Operations?









23.17- What is "Excess of loss Treaty" specific to Insurance Company Operations?



23.20- What is "Inspection Report" specific to Insurance Company Operations?

23.21- What is "Line Underwriter" specific to Insurance Company Operations?


23.23- Who are "Producers" specific to Insurance Company Operations?

23.24- Who is a "Public Adjuster" specific to Insurance Company Operations?

23.25- What is a "Quota-Share Treaty" specific to Insurance Company Operations?


23.27- What is "Rating Bureau" specific to Insurance Company Operations?



23.30- What is "Retention Limit" specific to Insurance Company Operations?


23.32- What is "Surplus-share treaty" specific to Insurance Company Operations?


23.34- What is "Underwriting" specific to Insurance Company Operations?

23.35- What is "Unearned Premium Reserve" specific to Insurance Company Operations?

Insurance Pricing






































Government Regulation of Insurance






























Part 2- Personal Financial Planning


  Heath Insurance Planning









Life Insurance Planning





Investment Planning






Retirement Planning






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