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MLO MOCK EXAM 2 QUESTIONS WITH 100% VERIFIED SOLUTIONS ALREADY PASSED!!
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MLO MOCK EXAM 2 QUESTIONS WITH 100% VERIFIED SOLUTIONS ALREADY PASSED!!
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MLO MOCK EXAM 2 QUESTIONS WITH100% VERIFIED SOLUTIONS ALREADY
PASSED!!
1 of 123
Term
A lender has how many days to notify the borrower of an
underwriting decision?
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The creditor must ensure that the
30 consumer receives the Closing
Disclosure no later than three days
before consummation.
, ECOA A mortgage.
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2 of 123
Term
Which federal legislation requires that the borrower have the right to
receive a copy of his or her credit report, without charge, annually?
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FACTA ECOA
HOEPA FCRA
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3 of 123
Term
The definition of "business day" for providing a Closing Disclosure
in the TRID regulations is:
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, All calendar days except
Sundays and the legal public Only business days defined by
holidays. the lender's operating hours.
All days except for saturdays Only weekdays excluding federal
and sundays. holidays.
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4 of 123
Term
According to the Fair Credit Reporting Act, if adverse action is taken
against a credit applicant because of information on a credit report,
the lender who used that report is required to:
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Provide to the consumer
the name, address, and
telephone number of the Notify the consumer of their right
consumer to dispute the report.
reporting agency that
furnished the
report.
Offer the consumer a free credit Send a copy of the credit report to
monitoring service. the consumer.
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, 5 of 123
Term
For purchase money transactions, the maximum insurable FHA LTV is:
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90% ltv with a 10% down payment 100% ltv with no down payment
option. necessary.
96.5 % LTV the reciprocal 80% ltv with a 20% down payment
of the 3.50% down requirement.
payment.
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6 of 123
Term
When does the creditor have to provide the Closing Disclosure to
the consumer?
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The creditor must ensure that
the consumer receives the
Borrower's receipt of
Closing Disclosure no later
public assistance.
than three days before
consummation.
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