Mlo test - Study guides, Class notes & Summaries

Higher priced Mortgage Loans (HPML) are defined as closed-end residential mortgage loans secured by the consumer's principal dwelling with an APR that exceeds the average offer rate (APOR) for comparable transactions by - 2.5 percentage points for a first lien jumbo residential mortgage loan. An Affiliated Business Arrangement disclosure is required to be given to the consumer? - At or prior to closing Under the TILA the consumer has a right of rescission on a credit transaction involving ...

MLO SAFE NMLS safe test practice questions

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS WITH VERIFIED ANSWERS Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring...

1. Included in the Loan Estimate, all of the following are part of the finance charge except the: (A) appraisal cost. (B) VA funding fee. (C) per diem interest. (D) origination charges - A) appraisal cost. 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a property with a sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the dow...

MLO SAFE Test 2024 Exam Questions With 100% Correct Answers Dodd-Frank - answer- Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - Changed oversight & capitalization of financial institutions, added licensing an education standards, and limited riskier products in the marketplace - Established the CFPB - Defined and specifically outlawed UDAAPs CFPB - answer- Consumer Financial Protection Bureau - The Bureau - Oversees and enforces Dodd-Frank specifically to protect c...

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+

1. Included in the Loan Estimate, all of the following are part of the finance charge except the: (A) appraisal cost. (B) VA funding fee. (C) per diem interest. (D) origination charges - A) appraisal cost. 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a property with a sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the dow...

MLO SAFE NMLS Test | Questions with 100% Correct Answers | Latest Update 2024 | Verified