Mlo practice exam Study guides, Class notes & Summaries

MLO Practice Exam Question and answers 100% correct 2023/2024Per Regulation Z, which of the following advertisements requires full disclosure of credit terms by an MLO? (A) "Affordable rates available" (B) "Stop paying rent" (C) "Low down payment" (D) "Assume loan at 6% interest" - correct answer "Assume loan at 6% interest" The ____ is responsible for providing a centralized and standardized system for mortgage licensing. - correct answer National Mortgage Licensing System & Re...

MLO PRACTICE EXAM

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?...

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MLO Practice Exam Question and answers correctly solved 2023/2024 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 - correct 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 tra

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

MLO Practice Exam questions with correct answers

MLO Practice Exam Question and answers already passed 2023/2024 There are five areas on the National Exam, which of the following is NOT one of those areas? Your Answer - correct answer State Regulations Which law was passed in 2010, which led to the creation of the CFPB, to help prevent another Great Recession? - correct answer Dodd Frank Wall Street Reform Act Which of the following is NOT a Prohibited Act? - correct answer Originating loans as a licensed MLO Which Mortgage Loan Ori...

MLO PRACTICE EXAM

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 must alw...