Mlo practice exam Study guides, Class notes & Summaries

MLO PRACTICE EXAM1 Question and answers rated A+ 2023/2024Federally chartered bank loan officers - correct answer Which of the following do not need to be licensed? Year - correct answer Mortgage loan originators renew their licenses every: They are bank employees - correct answer What May be true about unlicensed loan originators? An individual who negotiates the terms of his own mortgage loan. - correct answer Which of the following must be licensed loan originators ?

MLO Practice Exam Questions and Answers | Latest Update | 2024/2025 | Already Passed A conforming loan requires private mortgage insurance when the borrower makes a down payment of less than: a. 10% b. 15 % c. 20% d. 5% c. 20% All of the following are advantages of the FHA mortgage loan except: a. Min down payment of 3.5% b. Loan is assumable c. No underwriting or qualification guidelines d. No pre-payment penalties c. No underwriting or qualification guidelines All...

MLO Practice Exam

MLO Practice Exam

MLO PRACTICE EXAM QUESTIONS AND ANSWERS | LATEST UPDATE | 2024/2025 | GRADED A+ A biographical summary is required for: Control Persons A lender has a financial audit every: Year A licensee's bankruptcy must be reported in how many business days? 30 A loan originator May only receive money from his broker or lender. A mortgage broker fee must be deposited in a segregated account within how many business days? 7 A mortgage lender must : Have a agent registered in Florida ...

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 - b.) Name and address of employer Section X of the URLA contains information on: a.) Assets and Liabilities b.) Information for Government Monitoring Purpose c.) Declarations d.) Details of transaction - b.) Information for Government Monitoring Purpose When determining the best options for a potential borrower, an MLO must always find what?...

MLO PRACTICE EXAM

MLO SAFE NMLS safe test practice exam questions and answers A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - Answer-2 (two) years Per the Dodd-Frank Act an abusive act would include which of the following: 1. One that materially interferes with the consumers ability to understand the product or service. 2. One that take unreasonable advantage of a consumers' lack of understanding. 3. One that takes unreasonable advantage of the consumer's...

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 Government Monitoring Purpose c.) Declarations d.) Details of transaction - ANSWER-b.) Information for Government Monitoring Purpose When determining the best options for a potential borrower, an MLO ...