Mlo - Study guides, Class notes & Summaries

An Approve/Eligible determination: 1. Is an indication that a property appraised for its sales price 2. Authorization to release funds in a refinance transaction 3. An automated loan approval from the Fannie Mae Du system 4. A recommendation that is received by the Freddie Mac loan prospector automated underwriting system. - Answer 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptab...

Codes of Business Roles (COLP etc.) Money Laundering Introductions and Referrals Financial benefits

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 SAFE ACT MLO Exam - Ethics and Fraud Questions and Answers Already Passed 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...

MLO SAFE NMLS safe test practice questions and answers | 100% verified correct 2024/25

MLO SAFE NMLS safe test practice questions and answers | Latest 2024/25 | RATED A+

MLO SAFE NMLS safe test practice questions and answers Latest 2024/25

An Approve/Eligible determination: 1. Is an indication that a property appraised for its sales price 2. Authorization to release funds in a refinance transaction 3. An automated loan approval from the Fannie Mae Du system 4. A recommendation that is received by the Freddie Mac loan prospector automated underwriting system. - 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptable. The...

MLO FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS The consequences of mortgage fraud for consumers include: - correct answer .default loans and foreclosed property Private mortgage insurance(PMI) is insurance that protects mortgage lenders against loss: - correct answer if the borrower defaults Under the SAFE Act, which of the following pieces of information permanently identifies a mortgage loan originator(MLO) - correct answer The MLO's unique identifier Which of the following ag...

NMLS MLO EXAM