Mlo test Study guides, Class notes & Summaries
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![MLO TEST STUDY TERMS Question and answers 2023/2024 verified to pass](/docpics/4152379/65985eaf5305f_4152379_121_171.jpeg)
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MLO TEST STUDY TERMS Question and answers 2023/2024 verified to pass
- Exam (elaborations) • 10 pages • 2024
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MLO TEST STUDY TERMS Question and answers 2023/2024 verified to pass 
DODD-FRANK ACT - correct answer LEGISLATION THAT PROHIBITS STEERING CONSUMERS TO LOAN PRODUCTS THAT RESULT IN GREATER COMPENSATION 
 
TOR - correct answer Total Obligations Ratio 
 
APOR - correct answer Average Prime Offer Rate 
 
TILA DISCLOSURES - correct answer 1) LOAN ESTIMATE 2) CLOSING DISCLOSURES 3)C.H.A.R.M. BOOKLET 4) "WHEN YOUR HOME IS ON THE LINE."
Florida MLO Test Prep with 100% correct answers
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MLO Test questions with correct answers
- Exam (elaborations) • 38 pages • 2023
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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 external areas by residents Answer Condominium 
 
Conforming mortgage limit for a single-family residence in most states is: Answer $484,350 
 
The following entities buy or guarantee loans secured by real e...
![MLO Test Questions with correct answers](/docpics/3082864/64b65117716f9_3082864_121_171.jpeg)
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MLO Test Questions with correct answers
- Exam (elaborations) • 70 pages • 2023
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MLO Test Questions with correct answers
![MLO Test Study Guide | 300 Questions with 100% Correct Answers | Verified | Latest Update 2024](/docpics/4247433/65a6df6f403ee_4247433_121_171.jpeg)
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MLO Test Study Guide | 300 Questions with 100% Correct Answers | Verified | Latest Update 2024
- Exam (elaborations) • 31 pages • 2024
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This form of occupancy would have the lowest interest based on risk - owner-occupied 
This form of occupancy would have the highest interest based on risk - non-owner occupied 
Characterized by ownership extending only to the interior dwelling and the shared ownership of 
common external areas by residents - Condominium 
Conforming mortgage limit for a single-family residence in most states is: - $484,350 
The following entities buy or guarantee loans secured by real estate on the secondary mark...
![Safe MLO test 2024(Questions & Answers)](/docpics/5013045/661e0f7411260_5013045_121_171.jpeg)
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Safe MLO test 2024(Questions & Answers)
- Exam (elaborations) • 19 pages • 2024
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1. How many times may a licensing candidate take the NMLS national examination before 
having to wait six months to retake it? - 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 to six months. 
2. Which of the following loan originator license applications would automatically be 
declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a 
mortgage loan ori...
![MLO TEST| 998 Questions with Complete Solutions | A+ Grade](/docpics/4462698/65c6628ce68ff_4462698_121_171.jpeg)
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MLO TEST| 998 Questions with Complete Solutions | A+ Grade
- Exam (elaborations) • 219 pages • 2024
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1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic 
groups are going to move into the area is nicknamed: 
1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 
2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is 
the name of the booklet you are required to give? 
1.CHARM Booklet 
2.ARM Disclosure 
3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 
3.How many d...
MLO TEST PRACTICE QUESTIONS
![MLO Test Prep | Questions with 100% Correct Answers | Verified | Latest Update 2024 | 34 Pages](/docpics/3966415/656f28822870a_3966415_121_171.jpeg)
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MLO Test Prep | Questions with 100% Correct Answers | Verified | Latest Update 2024 | 34 Pages
- Exam (elaborations) • 34 pages • 2023
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1.) Who does the CFPB protect? 
2.) What does the CFPB do? - 1.) The Consumer Financial Protection Bureau protects consumers in 
the financial marketplace. 
2.) CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws 
that relate to protecting consumers while they are shopping for, securing, and paying off mortgages. 
What is the purpose of RESPA? (3 things) - 1.) a.Protect consumers from excessive settlement costs 
and unearned fees 
b.Limit the amount...
![MLO SAFE Test 2024 (Michigan) with Complete Solutions](/docpics/5014267/661e337116f8b_5014267_121_171.jpeg)
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MLO SAFE Test 2024 (Michigan) with Complete Solutions
- Exam (elaborations) • 57 pages • 2024
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MLO SAFE Test 2024 (Michigan) with 
 
Complete Solutions 
 
Dodd-Frank - Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 
 
- Changed oversight & capitalization of financial institutions, added licensing an education 
standards, and limited riskier products in the marketplace 
- Established the CFPB 
 
- Defined and specifically outlawed UDAAPs 
 
CFPB - Consumer Financial Protection Bureau 
 
- The Bureau 
- Oversees and enforces Dodd-Frank specifically to protect consumers fr...
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