Mlo 7 - Study guides, Class notes & Summaries

MLO Exam 2021, Module 7(updated)Questions with complete solution appraisal management company - correct answer a business entity that - for a management fee - administers a network of certified and licensed appraisers to fulfill real estate appraisal assignments on behalf of mortgage lending institutions assets - correct answer items of value closing - correct answer the final stage in a real estate transaction where ownership of real property is transferred from seller to buyer accordi...

MLO Question and answers 100% correct 2023/2024CRA stands for - Credit Reporting Agency Name the 3 CRAs - Equifax, TransUnion, Experian Length of time a chapter 7 bankruptcy shows on credit report - 10 years Length of time chapter 13 bankruptcy shows on credit report - 7 years Length of time most financial information will show on credit report - 7 years Front-end/Housing Expense DTI Ratio Formula - PITIA / Gross monthly income

NMLS Exam Questions with Correct A Acceleration Clause - Answer-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender ...

Real Estate: Practice Questions and Answers 100% Pass A broker obtained an offer with a deposit from a buyer on June 10, 2008, which states that the offer was irrevocable for five days from date. There had been no acceptance by the next day when the buyer called and revoked his offer. The broker should: get an acceptance by June 15th. get an acceptance by June 16th. return the deposit to the buyer. place the deposit in escrow. return the deposit to the buyer. Informing a person th...

SAFE MLO Exam Prep Questions with complete solution 2023/2024 ECOA is Regulation ______ - correct answer Regulation B TILA is administered by ______ - correct answer CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - correct answer 5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - correct answer 7 days

Which of the following best defined negative amortization correct answers Not only is no principal being paid, but not all of the interest due is being paid, hence the loan balance is growing due to this deffered interest Which of the following is the most adequate definition of rescind correct answers To withdraw, to take back, or to annul or to vacate What is the significance of the creditor or mortgage broker receiving an official loan application from a consumer correct answers It star...

NMLS EXAM 1 Questions with solutions 2024 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA A. S.A.F.E --The complete na...

NMLS EXAM 1 Questions with Complete Solutions 7) Which of the following agencies reviewed and approved the model state law written by CSBS and AARMR: A. HUD B. USDA C. Dept of Veterans Affairs D. OTS - Answer-A. Yes, the Department of Housing and Urban Development reviewed the legislation for definitions, education and testing requirements, financial responsibility and criminal background standards for MLOs and found it met the minimum requirements for the SAFE Act. 8) According to th...

California State NMLS Practice Test Graded A+ "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 D. A borrower approaches a lender to refinance their existing negative amortization loan, which was originated by that same lender. Which of the following s...

"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 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? A. The lender must make...