Mlo final - Study guides, Class notes & Summaries

(MLO) Final Exam | questions and answers | updated

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) 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 __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

Due date of each payment Answer If an advertisement includes the amount or percentage of any payment, all of the following must also be disclosed, EXCEPT: Yes, records may be kept outside the state as long as they are made available in-state within 72 hours of a request from the Commissioner Answer Are licensees permitted to maintain records outside the state: Unfair or deceptive act or practice Answer According to the Consumer Protection Act, Geraldine's failure to make required disclosu...

Final Exam (MLO) Questions and Answers.

Traditional Mortgage 30 year fixed rate (mortgage) Balloon Payment A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized. Federal Deposit Insurance Corporation Created to protect borrowers deposits Federal Housing Administration Created to reassure lenders in cases of borrower defaults Mortgage Backed Securities (MBS) a type of asset-backed security (investment) that is s...

C-spine flexion / extension views assess what? - correct answers.Anterior and posterior movement or lack of movement due to an injury What does ERCP stand for? - correct answers.Endoscopic retrograde cholangiopancreatography What is an ERCP used for? - correct answers.To investigate biliary tree, CBD, gallbladder and pancreas Ball catchers view is good to assess what? - correct answers.Early stages of Rheumatoid Arthritis Low blood pressure and dizziness due to standing up too quickly - ...

Regulatory power - ANSWER-The SAFE Act gave the power to each state to license companies and MLO's as well as audit, investigate, fine, or suspend if the state feels the consumer is at risk Creation and purpose of the NMLS Registry - ANSWER-Nationwide Multistate Licensing System & RegistryThe NMLS is a registration system that was developed and maintained by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The CSBS and t...

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s predatory lending) Alienation Clause (Due on Sale Clause) - Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVC...