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MLO |Mortgage loan originator| Bundle Set $42.49   Add to cart

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MLO |Mortgage loan originator| Bundle Set

MLO |Mortgage loan originator| Bundle Set

23 items

MLO - Laws/Regulations |140 questions| with correct answers

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Equal Credit Opportunity Act (ECOA) CORRECT ANSWER Regulation B Equal Credit Opportunity Act (ECOA) CORRECT ANSWER Federal law that ensures all consumers are given an equal chance to obtain credit. CFPB CORRECT ANSWER The ECOA is enforced by ____________. Equal Credit Opportunity Act (ECOA)...

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MLO MA LAWs |40 questions| with correct answers

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In the state of Massachusetts, what agency is responsible for overseeing regulation of the mortgage industry? Division of Banks Secretary of State The Office of the Governor Financial Affairs Commission CORRECT ANSWER Division of Banks Which of the following is true regarding the definition o...

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MLO Vermont State Laws questions with correct answers

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Department of Financial Regulation Answer state regulatory agency responsible for oversight of VT financial service industry Who leads Department of Financial regulation? Answer Commissioner NMLS Answer Nationwide Mortgage Licensing System and Registry The Vermont Banking Division Answer wi...

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MLO SAFE NMLS safe test practice questions with correct answers

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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 __________________________. Answer Predatory Lending. RESPA-Real Estate Settlement Procedures Act Answer...

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MLO Practice Exam questions with correct answers

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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 Answer b.) Name and address of employer Section X of the URLA contains information on: a.) Assets and Liabilities b.) Information for Governm...

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MLO PRACTICE EXAM questions with correct answers

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MLO PRACTICE EXAM questions with correct answers

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NMLS MLO Exam questions with correct answers

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What must a borrower do to avoid having late payments reported to a credit bureau? Answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? Answer 3 times the fee What should not be over-weighted in an analysis of borrower...

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MLO Practice Test questions with correct answers

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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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MLO - Study Material questions with correct answers

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The federal Truth in Lending Act 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? Answer The mortgage loan originator learns that the alimony the borrower rec...

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SAFE MLO Exam questions with correct answers

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AARMR stands for Answer American Association of Residential Mortgage Regulations AML Answer Anti-Money Laundering Blockbusting Answer Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion ar...

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MLO EXAM questions with correct answers

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Massachusetts' predatory lending law Answer Predatory Home Loan Practices Act the S.A.F.E. Act Answer Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Massachusetts General Laws (MGL c. 255F) Answer The state's licensing law for the regulation of mortgage loan originators is Ch...

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MLO National Exam questions with correct answers

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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 Answer A.)If the loan application is denied because of information in the report A Consumer...

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MLO exam questions with correct answers

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What is the form to confirm tax records that's filled out with IRS? Answer 4506-T form APR Answer Annual percentage rate What is an APR? Answer The annual rate of interest that is charged for using credit What does an APR consist of? Answer Discount points, mortgage insurance premiums, adm...

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MLO Test Questions with correct answers

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MLO Test Questions with correct answers

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MLO SAFE Exam questions with correct answers

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Wraparound Mortgage Answer Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. Warranty Deed Answer A deed that contains a covenant that the grantor will protect the grantee against any and ...

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SAFE-NMLS-MLO-CA Exam Study (FULL SET) questions with correct answers

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Fraud for profit is a complex scheme involving... 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 does not se...

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MLO National Exam questions with correct answers

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PMI (Private Mortgage Insurance) Answer Insurance that protects the lender in case the borrower defaults -equity less than 20% of the home's value -varies in cost by length of time required Form 1008 form Answer Transmittal Summary (details, terms, specifics of loan transaction) Mortgage Ca...

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SAFE MLO Exam Prep questions with correct answers

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SAFE MLO Exam Prep questions with correct answers

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MLO Test questions with correct answers

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This form of occupancy would have the lowest interest based on risk Answer owner-occupied This form of occupancy would have the highest interest based on risk Answer non-owner occupied Characterized by ownership extending only to the interior dwelling and the shared ownership of common externa...

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NMLS MLO EXAM PREP questions with correct answers

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Due date of each payment Answer If an advertisement includes the amount or percentage of any payment, all of the following must also be disclosed, EXCEPT: Yes, records may be kept outside the state as long as they are made available in-state within 72 hours of a request from the Commissioner Answ...

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MLO National Test questions with correct answers

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Cost Approach Answer The real estate appraisal approach that considers the replacement value of the property (cost of land plus cost of construction minus depreciation) Reconveyance Answer defines the method in which a lien is removed from the property when payment is made in full Conventional...

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MLO National Test Combined Important Study Set questions with correct answers

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Regulation Z Answer The regulations issued under the Truth-in Lending Act that set forth the specific requirements that a lender must follow in order to comply with the Truth-In-Lending law. Revolving Debt Answer A type of credit arrangement in which a consumer is pre-approved for a line of cred...

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NMLS SAFE ACT MLO Exam - Federal Law questions with correct answers

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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 Answer C. 3 months An established business relationship with a company also will be created ...

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