NMLS SAFE ACT MLO Exam - Federal Law (with Error-free Solutions)

If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months correct answers C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inquiry or application. During this time, the company can call you. Under the Home Ownership and Equity Protection Act (HOEPA), which loan below would be considered a high-cost loan? A. $100,000 loan with fees of $7,500 B. $300,000 loan with fees of $22,500 C. $420,000 loan with fees of $20,500 D. $200,000 loan with fees of $16,500 correct answers D. $200,000 loan with fees of $16,500 What does it mean that HUD Homes are initially offered on a "priority basis"? A. People who are buying the home as their primary residence are given 1st priority to make an offer. B. Real estate brokers who are properly registered with HUD are given 1st priority to make an offer. C. HUD Homes are initially offered at a below-market or "priority" rate to encourage quick sale. D. HUD will give priority financing to initial buyers of HUD Homes. correct answers A. People who are buying the home as their primary residence are given 1st priority to make an offer. HUD is the Department of Housing and Urban Development: the United States federal department that administers federal programs dealing with better housing and urban renewal; created in 1965 The Truth in Lending Act requires disclosure of A. the property appraisal. B. key terms of the credit transaction. C. closing costs. D. loan servicing practices. correct answers B. key terms of the credit transaction.