Mlo 7 - Study guides, Class notes & Summaries

"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C correct answers D. A borrower approaches a lender to refinance their existing negative amortization loan, which was originated by that same lender. Which of the following statements is incorrect? ...

1. Which of the following statements is true regarding a mortgage loan originator (MLO)? A mortgage loan originator is the same as a mortgage broker. *A mortgage loan originator must have a separate license. A mortgage loan originator makes loans. A mortgage loan originator must have a real estate license. 2. A real estate appraiser's fee for professional service is based on which of the following? A percentage of the property's gross income. A percentage of the fair market valu...

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...

MLO - Study Material Questions and Answers | Latest Update | 2024/2025 | Already Passed "Application" defined by RESPA is? The submission of a borrowers information in anticipation of a credit decision. "Higher-priced loans" are defined by which law. TILA A "jumbo" loan is also known as a(n) nonconforming loan - A jumbo loan is also known as a nonconforming loan. A borrower closed a loan last week with ABC Mortgage Company. Her name is on the National Do Not Call Registr...

NMLS: Safe Exam Questions & Answers 2023/2024 What's a straw buyer? - ANSWER-The real buyer will use the straw buyers name and qualifying information on the mortgage application to mask the actual buyers intent to purchase the property. Regardless of reduced documentation loans, what totes the MLO need? - ANSWER-Verification of Employment (VOE), Credit Report Review, Appraisal Prepayment penalties are allowed on fixed rate QM loans that are not higher priced if what following criteri...

MLO Exam 2021, Module 7

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

1) Mortgage loan fraud is reported at what level? correct answer: Federal 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: correct answer: SAFE ACT 3) The Nationwide Mortgage Licensing System & Registry (NMLS) was begun by which of the following organizations: correct answer: CSBS and AARMR 4) The NMLS online system was built and is maintained by which of the following organizations: correct answer: FINRA 7) Which of the following agencies revi...

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 ...

The __________ is designed (in part) to establish and maintain a nationwide mortgage licensing system and registry. correct answers S.A.F.E. Act An applicant who has had a loan originator license revoked previously is eligible for a license as long as __________ correct answers this applicant is NOT eligible for a license What entity works with the NMLSR to establish a backup licensing system, licensing and registration requirements, unique identifiers, and state licensing law requirements...