MLO |Mortgage loan originator| Bundle Set

In the state of Massachusetts, what agency is responsible for overseeing regulation of the mortgage industry? Division of Banks Secretary of State The Office of the Governor Financial Affairs Commission CORRECT ANSWER Division of Banks Which of the following is true regarding the definition o...

Department of Financial Regulation Answer state regulatory agency responsible for oversight of VT financial service industry Who leads Department of Financial regulation? Answer Commissioner NMLS Answer Nationwide Mortgage Licensing System and Registry The Vermont Banking Division Answer wi...

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...

All of the following information is provided under Section X of the 1003, except: a.) Ethnicity b.) Name and address of employer c.) Sex d.) Race Answer b.) Name and address of employer Section X of the URLA contains information on: a.) Assets and Liabilities b.) Information for Governm...

MLO PRACTICE EXAM questions with correct answers

What must a borrower do to avoid having late payments reported to a credit bureau? Answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? Answer 3 times the fee What should not be over-weighted in an analysis of borrower...

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 a...

The federal Truth in Lending Act Answer regulates advertising with references to mortgage interest rates. Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a new GFE to a borrower? Answer The mortgage loan originator learns that the alimony the borrower rec...

AARMR stands for Answer American Association of Residential Mortgage Regulations AML Answer Anti-Money Laundering Blockbusting Answer Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion ar...

Massachusetts' predatory lending law Answer Predatory Home Loan Practices Act the S.A.F.E. Act Answer Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Massachusetts General Laws (MGL c. 255F) Answer The state's licensing law for the regulation of mortgage loan originators is Ch...

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it Answer A.)If the loan application is denied because of information in the report A Consumer...

What is the form to confirm tax records that's filled out with IRS? Answer 4506-T form APR Answer Annual percentage rate What is an APR? Answer The annual rate of interest that is charged for using credit What does an APR consist of? Answer Discount points, mortgage insurance premiums, adm...

MLO Test Questions with correct answers

Wraparound Mortgage Answer Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. Warranty Deed Answer A deed that contains a covenant that the grantor will protect the grantee against any and ...