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MLO TESTS COMPILATION BUNDLE
MLO TESTS COMPILATION BUNDLE
[Show more]MLO TESTS COMPILATION BUNDLE
[Show more]Fraud for profit is a complex scheme involving... Correct Answer: multiple parties, 
including mortgage lending professionals, in a financially motivated 
attempt to defraud the lender of large sums of money. 
 
If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and d...
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Add to cartFraud for profit is a complex scheme involving... Correct Answer: multiple parties, 
including mortgage lending professionals, in a financially motivated 
attempt to defraud the lender of large sums of money. 
 
If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and d...
What must a borrower do to avoid having late payments reported to a credit bureau? Correct Answer: Pay within 30 days of due date 
 
Max penalty if a borrower is required to use a specific title company or settlement agent? Correct Answer: 3 times the fee 
 
What should not be over-weighted in an ...
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Add to cartWhat must a borrower do to avoid having late payments reported to a credit bureau? Correct Answer: Pay within 30 days of due date 
 
Max penalty if a borrower is required to use a specific title company or settlement agent? Correct Answer: 3 times the fee 
 
What should not be over-weighted in an ...
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Correct Answer: Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures ...
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Add to cartTaking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Correct Answer: Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures ...
Which of the following best describes a 2nd mortgage loan? 
(A) A conventional mortgage that is conforming 
(B) A conventional mortgage that is non-conforming 
(C) A conforming loan that is non-conventional 
(D) A non-conforming loan that is non-conventional Correct Answer: (B) A conventional mortg...
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Add to cartWhich of the following best describes a 2nd mortgage loan? 
(A) A conventional mortgage that is conforming 
(B) A conventional mortgage that is non-conforming 
(C) A conforming loan that is non-conventional 
(D) A non-conforming loan that is non-conventional Correct Answer: (B) A conventional mortg...
1x sold
Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z 
 
Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed...
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Add to cartWhich law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z 
 
Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed...
Gramm, Leach, Bliley and the Safeguard Rules. Correct Answer: All of the borrower's information must be kept Confidential under Gramm, Leach, Bliley and the Safeguard Rules. 
 
You do not have the right to change documentation to assist the borrower in meeting program guidelines. Correct Answer: ...
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Add to cartGramm, Leach, Bliley and the Safeguard Rules. Correct Answer: All of the borrower's information must be kept Confidential under Gramm, Leach, Bliley and the Safeguard Rules. 
 
You do not have the right to change documentation to assist the borrower in meeting program guidelines. Correct Answer: ...
A mortgage broker also owns a title company Is this business arrangement allowed by RESPA? 
A. No, this is considered a business conflict of interest. 
B. No, this is an illegal business arrangement. 
C. Yes, as long as the title company is legitimate and the arrangement is disclosed. 
D. Yes, but ...
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Add to cartA mortgage broker also owns a title company Is this business arrangement allowed by RESPA? 
A. No, this is considered a business conflict of interest. 
B. No, this is an illegal business arrangement. 
C. Yes, as long as the title company is legitimate and the arrangement is disclosed. 
D. Yes, but ...
S.A.F.E. ACT Correct Answer: * Secure And Fair Enforcement Mortgage Licensing Act 
* 2008 
*Establishes minimum standards for licensing and registering of mortgage loan originators. 
*Everyone has to be registered with NMLS&R 
 
N.M.L.S.&R. Correct Answer: National Mortgage Licensing System and Re...
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Add to cartS.A.F.E. ACT Correct Answer: * Secure And Fair Enforcement Mortgage Licensing Act 
* 2008 
*Establishes minimum standards for licensing and registering of mortgage loan originators. 
*Everyone has to be registered with NMLS&R 
 
N.M.L.S.&R. Correct Answer: National Mortgage Licensing System and Re...
1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? Correct Answer: Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases ...
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Add to cart1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? Correct Answer: Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases ...
Massachusetts' predatory lending law Correct Answer: Predatory Home Loan Practices Act 
 
the S.A.F.E. Act Correct Answer: Secure and Fair Enforcement for Mortgage Licensing Act of 2008 
 
Massachusetts General Laws (MGL c. 255F) Correct Answer: The state's licensing law for the regulation of m...
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Add to cartMassachusetts' predatory lending law Correct Answer: Predatory Home Loan Practices Act 
 
the S.A.F.E. Act Correct Answer: Secure and Fair Enforcement for Mortgage Licensing Act of 2008 
 
Massachusetts General Laws (MGL c. 255F) Correct Answer: The state's licensing law for the regulation of m...
The federal Truth in Lending Act Correct Answer: regulates advertising with references to mortgage interest rates. 
 
Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a new GFE to a borrower? Correct Answer: The mortgage loan originator learns that the alim...
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Add to cartThe federal Truth in Lending Act Correct Answer: regulates advertising with references to mortgage interest rates. 
 
Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a new GFE to a borrower? Correct Answer: The mortgage loan originator learns that the alim...
AARMR stands for Correct Answer: American Association of Residential Mortgage Regulations 
 
AML Correct Answer: Anti-Money Laundering 
 
Blockbusting Correct Answer: Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, ...
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Add to cartAARMR stands for Correct Answer: American Association of Residential Mortgage Regulations 
 
AML Correct Answer: Anti-Money Laundering 
 
Blockbusting Correct Answer: Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, ...
All of the following information is provided under Section X of the 1003, except: 
 
a.) Ethnicity 
b.) Name and address of employer 
c.) Sex 
d.) Race Correct Answer: b.) Name and address of employer 
 
Section X of the URLA contains information on: 
 
a.) Assets and Liabilities 
b.) Information f...
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Add to cartAll of the following information is provided under Section X of the 1003, except: 
 
a.) Ethnicity 
b.) Name and address of employer 
c.) Sex 
d.) Race Correct Answer: b.) Name and address of employer 
 
Section X of the URLA contains information on: 
 
a.) Assets and Liabilities 
b.) Information f...
The federal Truth in Lending Act Correct Answer: regulates advertising with references to mortgage interest rates. 
 
Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a new GFE to a borrower? Correct Answer: The mortgage loan originator learns that the alim...
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Add to cartThe federal Truth in Lending Act Correct Answer: regulates advertising with references to mortgage interest rates. 
 
Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a new GFE to a borrower? Correct Answer: The mortgage loan originator learns that the alim...
An Approve/Eligible determination: 
1. Is an indication that a property appraised for its sales price 
2. Authorization to release funds in a refinance transaction 
3. An automated loan approval from the Fannie Mae Du system 
4. A recommendation that is received by the Freddie Mac loan prospector a...
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Add to cartAn Approve/Eligible determination: 
1. Is an indication that a property appraised for its sales price 
2. Authorization to release funds in a refinance transaction 
3. An automated loan approval from the Fannie Mae Du system 
4. A recommendation that is received by the Freddie Mac loan prospector a...
According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? 
 
A.)If the loan application is denied because of information in the report 
 
B.) Whenever he request it Correct Answer: A.)If the loan application is denied because of information in the report 
 
...
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Add to cartAccording to the FCRA, when must a credit agency give a consumer a free copy of his credit report? 
 
A.)If the loan application is denied because of information in the report 
 
B.) Whenever he request it Correct Answer: A.)If the loan application is denied because of information in the report 
 
...
What do mortgage brokers do? Correct Answer: Act as intermediaries between borrowers and lenders. 
 
Which statement about Ginnie Mae is true? Correct Answer: Ginnie Mae guarantees mortgage-backed securities. 
 
All of the following are examples of primary market mortgage lenders except: Correct A...
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Add to cartWhat do mortgage brokers do? Correct Answer: Act as intermediaries between borrowers and lenders. 
 
Which statement about Ginnie Mae is true? Correct Answer: Ginnie Mae guarantees mortgage-backed securities. 
 
All of the following are examples of primary market mortgage lenders except: Correct A...
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