Mlo test - Study guides, Class notes & Summaries

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan ori...

1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 3.How many d...

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 while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) - 1.) a.Protect consumers from excessive settlement costs and unearned fees b.Limit the amount...

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....

1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 3.How many d...

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 residents - Condominium Conforming mortgage limit for a single-family residence in most states is: - $484,350 The following entities buy or guarantee loans secured by real estate on the secondary mark...

1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 3.How many d...

Florida MLO Test Prep with 100% correct answers

MLO TEST STUDY TERMS Question and answers 2023/2024 verified to pass DODD-FRANK ACT - correct answer LEGISLATION THAT PROHIBITS STEERING CONSUMERS TO LOAN PRODUCTS THAT RESULT IN GREATER COMPENSATION TOR - correct answer Total Obligations Ratio APOR - correct answer Average Prime Offer Rate TILA DISCLOSURES - correct answer 1) LOAN ESTIMATE 2) CLOSING DISCLOSURES 3)C.H.A.R.M. BOOKLET 4) "WHEN YOUR HOME IS ON THE LINE."

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 while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) - 1.) a.Protect consumers from excessive settlement costs and unearned fees b.Limit the amount...