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NMLS MLO Exam With Correctly Verified Questions And Answers 2024
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NMLS MLO Exam With Correctly Verified Questions And Answers 2024
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NMLS MLO Exam With Correctly VerifiedQuestions And Answers 2024
What tmust ta tborrower tdo tto tavoid thaving tlate tpayments treported tto ta tcredit tbureau? t-
tcorrect tanswer.Pay twithin t30 tdays tof tdue tdate
Max tpenalty tif ta tborrower tis trequired tto tuse ta tspecific ttitle tcompany tor tsettlement tagent?
t- tcorrect tanswer.3 ttimes tthe tfee
What tshould tnot tbe tover-weighted tin tan tanalysis tof tborrower trepayment tcapacity? t-
tcorrect tanswer.Credit tscores
Max tprepayment tpenalty ton tresidential tmortgages tin tthe tfirst tyear tof tthe tloan t- tcorrect
tanswer.3%
What tmust tcondominium tassociations tdo twith trespect tto tproperty tinsurance? t- tcorrect
tanswer.Keep ta t"blanket" tpolicy tthat tprotects tthe tentire tstructure
If ta tlender tis tplanning ton treferring ta tborrower tto ta ttitle tcompany tthat tthe tlender thas
townership tin, twhen tmust tthe tAFBA tmust tbe tprovided tto tthe tborrower? t- tcorrect
tanswer.Before tthe treferral tto tthe ttitle tcompany tis tmade
Website tto tobtain tcopy tof tyour tcredit treport tthat tthe tcredit tbureaus tare trequired tto tprovide
tonce tper tyear tat tno tcharge t- tcorrect tanswer.annualcreditreport.com
2/3/6 tcaps t- tcorrect tanswer.ARM tinitial tadjustment tmax tis t2%, tsubsequent tadjustment
tperiod tmax tis t3%, tand tlifetime tcap tof t6%
What tdoes tFHLB tstand tfor tand twhat tdo tthey tprovide? t- tcorrect tanswer.Federal tHome
tLoan tBank, tand tthey tprovide tadvances tto tfinancial tinstitutions tfor tresidential tmortgage
tloans
According tto tthe tDodd-Frank tAct, thow tmuch trisk tmust tbe tretained tby tthe tsecuritizer tfor ta
tloan tthat tdoes tnot tmeet tQRM tguidelines? t- tcorrect tanswer.5%
On ta tpurchase ttransaction, twhat tdocument tcontains tthe tpurchase tprice tfor ta tproperty? t-
tcorrect tanswer.Sales tContract
, After ta tloan thas tbeen tclosed tand tfunded, tthe tcreditor tnotices ta ttolerance tviolation twith ta
tfee tbetween tthe tLE tand tCD. tHow tlong tdoes tthe tcreditor thave tto treimburse tthe tborrower
tfor tthe tovercharge tbefore tbeing tconsidered tin tviolation tof tthe tTRID trule? t- tcorrect
tanswer.60 tdays tafter tclosing
According tto tthe tDodd-Frank tAct, thow tmuch trisk tmust tbe tretained tby tthe tsecuritizer tfor ta
tloan tthat tdoes tnot tmeet tQRM tguidelines? t- tcorrect tanswer.5%
Overt tDiscrimination t- tcorrect tanswer.Refusing tservice tto tanyone tof ta tcertain trace,
tethnicity, tetc.
Under tECOA tcan tyou task thow tmany tchildren ta tborrower thas? t- tcorrect tanswer.No
What tdocument tspecifies tthat ta tproperty tis tbeing tused tas tsecurity tin tthe tevent tof
tnonpayment tof ta tdebt? t- tcorrect tanswer.Mortgage
On tthe tLE, twhich tpiece tof tdata ttells tapplicants thow tmuch tthey twill tbe tpaying tin tinterest
tover tthe tlife tof tthe tloan tas ta tpercentage tof tthe tloan? t- tcorrect tanswer.TIP t(Total tInterest
tPercentage)
COFI tcomes tfrom twhat tregion tin tthe tcountry? t- tcorrect tanswer.The t11th tFederal tHome
tLoan tBank t(Arizona, tCalifornia, tand tNevada)
What tdisclosure tis trequired tto tbe tprovided tto tthe tapplicant twithin t3 tdays tof tapplication
tunder treg tx? t- tcorrect tanswer.Mortgage tLoan tServicing tDisclosure
Verification tof tcash tused tin ta tclosing tis tdocumented tby: t- tcorrect tanswer.last t2-3 tmonths
tbank tstatements
The tfinance tcharge tis tthe ttotal tcost tof: t- tcorrect tanswer.the tloan tin tdollars, tincluding
tpoints tand tmortgage tinsurance
What tIRS tforms twould tyou trequrest tfrom ta tborrower twho tis t40% tshareholder tin ta tC-
Corporation? t- tcorrect tanswer.Form t1120
Impersonating tsomeone telse tin tan tattempt tto tobtain ttheir tpersonal tfinancial tinformation tis
tcalled: t- tcorrect tanswer.Pretexting
What ttype tof tfunding toccurs twhen ta tlender tobtains tfunds tfrom ta tline tof tcredit tat ta
tcommercial tbank? t- tcorrect tanswer.Warehouse tfunding
Late tfee tfor tFHA tand tVA tloans t- tcorrect tanswer.4%
Ginnie tMae t_____ tloans t- tcorrect tanswer.Guarantees
A tmortgage ton tpersonal tproperty tis: t- tcorrect tanswer.Chattel tmortgage
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