Nmls mlo exam Study guides, Class notes & Summaries

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...

What must a borrower do to avoid having late payments reported to a credit bureau? - Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - 3% What must condominium associations do with respect to property insurance? - Keep a "blank...

NMLS MLO EXAM PREP questions with correct answers.

What must a borrower do to avoid having late payments reported to a credit bureau? - Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - 3% What must condominium associations do with respect to property insurance? - Keep a "blank...

What must a borrower do to avoid having late payments reported to a credit bureau? correct answers Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? correct answers 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? correct answers Credit scores Max prepayment penalty on residential mortgages in the first year of the loan correct answers 3% What must condominium associatio...

NMLS MLO Exam Questions and Answers Max prepayment penalty on residential mortgages in the first year of the loan - Answer-3% What must condominium associations do with respect to property insurance? - Answer-Keep a "blanket" policy that protects the entire structure If a lender is planning on referring a borrower to a title company that the lender has ownership in, when must the AFBA must be provided to the borrower? - Answer-Before the referral to the title company is made Websit...

What must a borrower do to avoid having late payments reported to a credit bureau? - ️️Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - ️️3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - ️️Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - ️️3% What must condominium associations do with respect to proper...

NMLS MLO Exam

What must a borrower do to avoid having late payments reported to a credit bureau? Answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? Answer 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? Answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan Answer 3% What must condominium associations do with respect to property i...

NMLS MLO Exam Questions and Answers | Latest Version | 2024/2025 | Already Passed 2/3/6 caps ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and lifetime cap of 6% 3rd party recording fee tolerance? 10% 5/6 ARM with 2/6 caps, what does the 5/6 represent? Initial rate is fixed for first 5 years and may adjust once every 6 months thereafter A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing...