Mlo exam - Study guides, Class notes & Summaries

ECOA is Regulation ______ - ANSWER Regulation B TILA is administered by ______ - ANSWER CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - ANSWER 5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - ANSWER 7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - ANSWER FRB Loan amount, gender, race, & age; which is not required on HMDA? - ANSWER Age HMDA does not - ANSWER Set lending...

NMLS MLO EXAM PREP questions with correct answers.

MLO exam Question and answers 100% correct 2023/2024 What is the form to confirm tax records that's filled out with IRS? - correct answer 4506-T form APR - correct answer Annual percentage rate What is an APR? - correct answer The annual rate of interest that is charged for using credit What does an APR consist of? - correct answer Discount points, mortgage insurance premiums, administrative fees (ordination fees, processing fees, underwriting) Ballon payment - correct answer A fin...

SAFE MLO Exam questions with correct answers.

All but which of the following are not covered by RESPA? a) Simple assumptions b) The sale of loans on the secondary market c) Loans intended for sale to Freddie Mac d) Bridge loans - ANSWER-c) Loans intended for sale to Freddie Mac The requirement to include the credit repository's name and address on the adverse action notice is established through: a) ECOA b) FCRA c) ECOA & FCRA d) FACTA - ANSWER-b) FCRA

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...

MLO Exam - Vocabulary Question and answers 100% correct 2023/2024Primary market - correct answer Lenders make loans directly to Consumer Secondary market - correct answer Private investors and gov't agencies (FNMA, FALMC) buy and sell loans. Servicing - correct answer 1) collecting payments 2) liability Note - correct answer promise to pay money Safe Harbor - correct answer 8 part checklist, ATR, if lender verifies buyer's ability to repay and they default later, it is n

NMLS SAFE ACT MLO Exam - Federal Law If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - ANSWER-C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inqu...

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 Exam Questions With 100% Correct Answers 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's...