Mlo 7 - Study guides, Class notes & Summaries

"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C D. A borrower approaches a lender to refinance their existing negative amortization loan, which was originated by that same lender. Which of the following statements is incorrect? A. The lender must make...

MLO Test Study Guide Questions and Answers | Latest Update | 2024/2025 | Already Passed "Seller Concessions" as relates to the mortgage business are: Seller concessions are costs that the seller or lender are paying. A 1 year ARM has a margin of 1.25%, and at the time of adjustment its index is at .50%. What would be the fully indexed rate? Index plus Margin = Fully Indexed rate. 1.25% plus .50% = 1.75%. A 3/1 ARM is a: Hybrid ARMs are advertised as 3/1, 5/1, 7/1, or 10/1 ARMs....

MLO SAFE Test 2024 (Michigan) | Latest Update | 2024/2025 | Already Passed 10th Amendment - The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people. 203(b) - Fixed Rate Mortgages - 15, 20, 25, or 30 year term 203(k) - Rehab and Repair - Used for repairing the property 204(g) - Good Neighbor Next Door (GNND) - 50% discount for law enforcement, teachers, firefighters, or emerge...

MLO Exam Study Set (Combo of Ameritrain and Affinity) | Latest Version | 2024/2025 | Already Passed ____ agreement is a document that changes the order of priority of mortgage liens Subordination _____ is designed to help meet the lending needs of communities in which they operate HMDA ______ applies to federally related mortgage loans RESPA ______ covers the lender up to 100% of a loss FHA ______ provides a guideline for answering questions when a choice of action is avai...

Mlo 7,8,9(HEMC)questions with complete solutions 2023Which of the following best defined negative amortization Not only is no principal being paid, but not all of the interest due is being paid, hence the loan balance is growing due to this deffered interest Which of the following is the most adequate definition of rescind To withdraw, to take back, or to annul or to vacate What is the significance of the creditor or mortgage broker receiving an official loan application from a c...

(FCRA) Fair Credit Reporting Act - Regulation V - Gives consumers access to the same information about themselves that lenders use when making credit decisions Entitles consumers to free credit report upon adverse action or identity theft (Not Credit Score) allows consumers to dispute credit report Provides additional rights for identity theft victims and active duty military personnel (FCRA) Fair Credit Reporting Act - Regulation V Disclosures - A one-time written notice of derogatory inf...

MLO Exam 2021, Module 7

The Michigan Department of Insurance and Financial Services (MI-DIFS) - ACCURATE ANSWERS Primarily responsible for the regulation and supervision of different financial industries for the state of Michigan. The office of Consumer Finance - ACCURATE ANSWERS Responsible for licensing, regulation, and examination of mortgage professionals. Office of General Counsel - ACCURATE ANSWERS Responsible for providing legal advice and representation to the director and DIFS staff about enforcement act...

1. Which of the following statements is true regarding a mortgage loan originator (MLO)? A mortgage loan originator is the same as a mortgage broker. *A mortgage loan originator must have a separate license. A mortgage loan originator makes loans. A mortgage loan originator must have a real estate license. 2. A real estate appraiser's fee for professional service is based on which of the following? A percentage of the property's gross income. A percentage of the fair market va...

California State NMLS Practice Test 100% Correct Answers "Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C - Correct Answer️️ -D. A borrower approaches a lender to refinance their existing negative amortization loan, which was originated by that same l...