Safe mlo Study guides, Class notes & Summaries

MLO Test Questions and answers correctly solved 2023/2024Which of the following best describes a 2nd mortgage loan? (A) A conventional mortgage that is conforming (B) A conventional mortgage that is non-conforming (C) A conforming loan that is non-conventional (D) A non-conforming loan that is non-conventional - correct answer (B) A conventional mortgage that is non-conforming WHY? Non-conforming because it is a Second Mortgage and that falls outside the Frannie Mae - Freddie Mac guide...

SAFE MLO Exam Prep questions with correct answers.

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

SAFE MLO Exam Prep questions with correct 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 __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home sellers from requiring home buyers to purchase title insurance from...

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...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan ori...

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

SAFE MLO Exam questions with correct answers.

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