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MLO |Mortgage loan originator| Bundle Set
MLO |Mortgage loan originator| Bundle Set
[Show more]MLO |Mortgage loan originator| Bundle Set
[Show more]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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Add to cartEqual 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)...
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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Add to cartIn 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...
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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Add to cartDepartment 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...
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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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 __________________________. Answer Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures Act Answer...
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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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 Answer b.) Name and address of employer 
 
Section X of the URLA contains information on: 
 
a.) Assets and Liabilities 
b.) Information for Governm...
MLO PRACTICE EXAM questions with correct answers
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Add to cartMLO PRACTICE EXAM questions with correct answers
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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Add to cartWhat 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...
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...
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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Add to cartThe 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...
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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Add to cartAARMR 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...
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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Add to cartMassachusetts' 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...
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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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 Answer A.)If the loan application is denied because of information in the report 
 
A Consumer...
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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Add to cartWhat 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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Add to cartMLO Test Questions with correct answers
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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Add to cartWraparound 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 ...
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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Add to cartFraud 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...
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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Add to cartPMI (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...
SAFE MLO Exam Prep questions with correct answers
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Add to cartSAFE MLO Exam Prep questions with correct answers
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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Add to cartThis 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...
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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Add to cartDue 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...
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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Add to cartCost 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...
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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Add to cartRegulation 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...
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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Add to cartIf 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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