Mlo exam Study guides, Class notes & Summaries

A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower's right to cancel PMI - correct answerD. Borrower's right to cancel PMI The Priv...

MLO exam Question and answers 100% correct 2023/2024 What is the form to confirm tax records that's filled out with IRS? - correct answer 4506-T form APR - correct answer Annual percentage rate What is an APR? - correct answer The annual rate of interest that is charged for using credit What does an APR consist of? - correct answer Discount points, mortgage insurance premiums, administrative fees (ordination fees, processing fees, underwriting) Ballon payment - correct answer A fin...

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 - correct answer -C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inquiry or application. During this t...

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 analysis of borrower repayment capacity? - correct answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - correct answer 3% What must condominium as...

MLO exam questions with correct answer1.

800 Key Facts for MLO Exam Question and answers correctly solved 2023/2024RESPA - correct answer provides consumer protection for loans on residential properties (1-4 units) Nothing of value can be given in exchange for the referral of business with the exception of - correct answer real estate brokerage firms that are allowed to exchange referrals between themselves. RESPA - correct answer Reg X RESPA is primarily involved with - correct answer the disclosure of closing costs and the p...

SAFE MLO Exam 2021(UPDATED) Question and answers rated A+ 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, national origin or religion are moving into the area, and thus profiting by reselling at a higher price CC&R - correct answer covenants, ...

MLB MLO Exam

NMLS MLO EXAM PREP questions with correct answers.

NMLS SAFE ACT MLO Exam - Federal Law