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MLO SAFE NMLS Bundled Exams with Complete Solution | Verified | Guaranteed Success
MLO SAFE NMLS Bundled Exams with Complete Solution | Verified | Guaranteed Success
[Show more]MLO SAFE NMLS Bundled Exams with Complete Solution | Verified | Guaranteed Success
[Show more]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 Feder...
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Add to cartTaking 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 Feder...
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 - b.) Name and address of employer 
Section X of the URLA contains information on: 
a.) Assets and Liabilities 
b.) Information for Government Monitor...
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Add to cartAll 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 - b.) Name and address of employer 
Section X of the URLA contains information on: 
a.) Assets and Liabilities 
b.) Information for Government Monitor...
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 c...
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Add to cartWhat 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 c...
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 au...
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Add to cartAn 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 au...
This form of occupancy would have the lowest interest based on risk - owner-occupied 
This form of occupancy would have the highest interest based on risk - non-owner occupied 
Characterized by ownership extending only to the interior dwelling and the shared ownership of 
common external areas by re...
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Add to cartThis form of occupancy would have the lowest interest based on risk - owner-occupied 
This form of occupancy would have the highest interest based on risk - non-owner occupied 
Characterized by ownership extending only to the interior dwelling and the shared ownership of 
common external areas by re...
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...
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Add to cartHigher 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...
A discount point is BEST described as a charge the borrower pays to: 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the closing costs of a loan 
D.) A lender to ensure against fo...
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Add to cartA discount point is BEST described as a charge the borrower pays to: 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the closing costs of a loan 
D.) A lender to ensure against fo...
1.) Who does the CFPB protect? 
2.) What does the CFPB do? - 1.) The Consumer Financial Protection Bureau protects consumers in 
the financial marketplace. 
2.) CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws 
that relate to protecting consumers whi...
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Add to cart1.) Who does the CFPB protect? 
2.) What does the CFPB do? - 1.) The Consumer Financial Protection Bureau protects consumers in 
the financial marketplace. 
2.) CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws 
that relate to protecting consumers whi...
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...
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Add to cartECOA 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...
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. Borro...
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Add to cartA 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. Borro...
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 - C. 3 months 
An established business relationship with a company also will be created if you m...
Preview 4 out of 37 pages
Add to cartIf 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 - C. 3 months 
An established business relationship with a company also will be created if you m...
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