Mlo practice exam - Study guides, Class notes & Summaries

MLO Practice Exam

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 Monitoring Purpose c.) Declarations d.) Details of transaction - b.) Information for Government Monitoring Purpose When determining the best options for a potential borrower, an MLO must always find what?...

MLO SAFE NMLS safe test practice exam questions and answers A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - Answer-2 (two) years Per the Dodd-Frank Act an abusive act would include which of the following: 1. One that materially interferes with the consumers ability to understand the product or service. 2. One that take unreasonable advantage of a consumers' lack of understanding. 3. One that takes unreasonable advantage of the consumer's...

MLO Practice Exam

NMLS Exam Questions with Correct A Acceleration Clause - Answer-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender ...

MLO Practice Exam

Real Estate: Practice Questions and Answers 100% Pass A broker obtained an offer with a deposit from a buyer on June 10, 2008, which states that the offer was irrevocable for five days from date. There had been no acceptance by the next day when the buyer called and revoked his offer. The broker should: get an acceptance by June 15th. get an acceptance by June 16th. return the deposit to the buyer. place the deposit in escrow. return the deposit to the buyer. Informing a person th...

MLO EXAM PRACTICE TEST