Mlo - Study guides, Class notes & Summaries

NMLS SAFE ACT MLO Exam - Ethics and Fraud Questions and Answers Already Passed 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. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower...

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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 Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed? Correct Answer: Regulation Z While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application? Correct ...

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MLO FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS The consequences of mortgage fraud for consumers include: - correct answer .default loans and foreclosed property Private mortgage insurance(PMI) is insurance that protects mortgage lenders against loss: - correct answer if the borrower defaults Under the SAFE Act, which of the following pieces of information permanently identifies a mortgage loan originator(MLO) - correct answer The MLO's unique identifier Which of the following ag...

MLO FINAL UPDATED Actual Questions and CORRECT Answers Every Dec 31st - CORRECT ANSWER- Florida mortgage license expire: 3 - CORRECT ANSWER- The pre licensing course must contain how many hours of federal law? 3 - CORRECT ANSWER- The pre licensing course must contain how many hours of ethics material?

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 automated underwriting system. - Answer 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptab...

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 capacity? - Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - 3% What must condominium associations do with respect to property insurance? - Keep a "blank...

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