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MLO SAFE NMLS Bundled Exams with Complete Solution | Verified | Guaranteed Success $40.49   Add to cart

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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

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MLO SAFE NMLS Test | 357 Questions with 100% Correct Answers | Verified | Latest Update 2024

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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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MLO Practice Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024

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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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NMLS MLO Exam | 220 Questions with 100% Correct Answers | Verified | Latest Update 2024

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

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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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MLO Test Study Guide | 300 Questions with 100% Correct Answers | Verified | Latest Update 2024

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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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MLO Test Review | 75 Questions with 100% Correct Answers | Verified | Latest Update 2024

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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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NMLS Practice Test | 100 Hard Questions with 100% Correct Answers | Verified | Latest Update 2024

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

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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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SAFE MLO Exam Prep | Questions with 100% Correct Answers | Verified | Latest Update 2024

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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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NMLS SAFE ACT MLO Exam - Ethics and Fraud | 105 Questions with 100% Correct Answers | Verified | Latest Update 2024

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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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NMLS SAFE ACT MLO Exam - Federal Law | 100 Questions with 100% Correct Answers | Verified | Latest Update 2024

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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...

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