Mlo laws - Study guides, Class notes & Summaries

Tennessee MLO Questions and Answers Rated A+ In order to qualify for licensure, lenders, brokers and servicers are required to obtain a surety bond payable to the state Mortg Lenders Surety Bond The minimum/initial bond amount is $200,000 Mortg Brokers Surety Bond The minimum/initial bond amount is $90,000 Mortg Loan SERVICERS Surety BOND is Actually just $200,000 In the event a recovery action is filed against the bond.. he licensee is required to immediately post a new bond...

NMLS UST Mortgage Exam Questions With Verified Answers A consumer calls to ask about a loan product. How does TILA require you to quote an interest rate to him? - answerThe APR and the interest rate A wraparound mortgage: - answerOccurs when a new mortgage plus an existing mortgage is structured as a single obligation Which of the following is true of an FHA borrower? - answerOnly 75% of rental income counts as qualifying income A mortgage on personal property is a(n): - answerChattel Mo...

MLO Exam Study Set (Combo of Ameritrain and Affinity) | Latest Version | 2024/2025 | Already Passed ____ agreement is a document that changes the order of priority of mortgage liens Subordination _____ is designed to help meet the lending needs of communities in which they operate HMDA ______ applies to federally related mortgage loans RESPA ______ covers the lender up to 100% of a loss FHA ______ provides a guideline for answering questions when a choice of action is avai...

UST Quiz and answer rated A+ 2024 The functions of participating in the NMLS, conducting background checks, and writing rules and regulations are required under the SAFE Act by: a. a state licensing agency b. a state legislature c. a state Attorney General d. The CFPB - correct answer a. A state licensing agency 2. Sam Schmeal was a licensed loan officer under the employ of Mortgages R' Us 8 years ago. During his last year of employment Sam had his license revoked when it was discover...

MLO - Laws/Regulations Questions and Answers | Latest Update | 2024/2025 | Already Passed ____ copies of the Notice of Right to Rescind must be given to every borrower with the right to rescind. 2 _____ hours of continuing education is required every year. 8 _____ hours of pre-licensing education is required for state-licensed MLOs. 20 ____________________ ratios are DTI ratios that take into account the payment of the monthly mortgage divided by the gross monthly income of the...

NMLS Exam Study Questions with Correct A Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. -Requires verification/documentation of the borrower's ability to repay the loan. -Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad authority to en...

MLO MA LAWs |40 questions| with correct answers

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB 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,...

NMLS Exam Questions and answers, graded A+ What does the SAFE Act stand for and what Act is it the key component of? - -1) Secure and Fair Enforcement For Mortgage Licensing Act of 2008 2) HERA: Housing and Economic Recovery Act of 2008 All mortgage laws except for what fall under the CFPB? - -The Fair Housing Act What is the objective of the SAFE Act - -1) Enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registrati...