Principal loan originator - Study guides, Class notes & Summaries
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Florida MLO Test Prep with 100% correct answers
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Office of Financial Regulation (OFR) - The Office. 
Regulatory authority in Florida. Responsible for overseeing banks, credit unions, savings associations, etc. Licenses and regulates non-depository finace entities. 
 
 
 
Financial Services Commission (The Commission) 
The head of the Office of Financial Regulation and the Office of Insurance Regulation. Its memebers include the Governor, Attorney General, Chief Financial Officer and Commissioner of Agriculture Commission. responsible for final...
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MLO Practice Test with Complete Solutions | A+ Grade
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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. - 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 acceptable. The...
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Prepxl Practice Test 3 Questions With All Correct Answers Already Passed!!
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In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They 
would like to hold onto as much of their savings as they can, but they have chosen to make a down 
payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they 
can make to reach the conforming loan limit but still retain savings? 
- $47,900 
- $35,900 
- $95,800 
- $54,900 - $35,900. 
The down payment in this scenario will be $35,900. This is just enough to kee...
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NMLS Practice Questions with Correct Answers
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NMLS Practice Questions with Correct Answers 
 
A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Answer-Saturday 
 
The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of _______________ under TILA. - Answer-Trigger Terms...
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NMLS PRACTICE QUESTIONS & ANSWERS RATED 100% CORRECT!!
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"Integration" is - depositing cahs and then using that cahs to purchase real estate folowed by 
using that real estate as collateral on a loan which is paid back with large cash payments 
"Placement" is - the process of introducing unlawful proceeds into the financial system 
a 100k loan has a 7.5% payment cap and a current monthly payment of 1k At the next adjustment 
payment could not be increased more than - 1075% bc the 7.5% cap is on the payment not the 
mortgage 
a 2/1 buydown - reduce...
Too much month left at the end of the money?
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MLO Practice Test Questions And Answers Rated A+ New Update Assured Satisfaction
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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...
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CO REAL ESTATE CONTRACTS & REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/| latest update 2024/25|
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CO REAL ESTATE CONTRACTS & REGULATIONS EXAM REVIEW 
QUESTIONS AND ANSWERS, GRADED A+/ 
Real Estate Recovery Funds - -This is a fund maintained specifically for 
reimbursing members of the public who have been injured by a licensee's 
actions or omissions in a real estate transaction, and who have no other 
recourse against the licensee. A recovery fund is usually funded with a 
portion of the license application and renewal fees collected by the state's 
real estate licensing agency 
Transact...
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AZ NMLS Test Questions and Answers Already Passed
- Exam (elaborations) • 13 pages • 2022
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AZ NMLS Test Questions and Answers 
Already Passed 
Arizona Department of Financial Institutions regulates: brokers 
bankers 
escrow officers 
motor vehicle dealers 
Etc. 
AZDFI checks financial instutions every... 5 years 
The superintendent is the _____, is appointed by _____ and serves for a term of _____ Chief 
Officer; Governor; 5 years 
The superintendent needs at least ____ years of experience in the financial industry to serve 5 
years of experience within 15 years prior to appointment 
...
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NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE
- Exam (elaborations) • 79 pages • 2024
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NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 
2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE 
TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND 
ABOVE PASSRATE GUARANTEE 
MUST NOT MISS 
 FEDERAL MORTGAGE RELATED LAW 
 UNIFORM STATE CONTENT 
 GENERAL MORTGAGE LAW 
 MORTGAGE LOAN ORIGINATION 
 ETHICS 
An annual escrow analysis is used to do which of the following? 
A. Ensure the loan is properly amortized 
B. Prevent escrow overages 
C. Reduce burden on the servi...
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Florida Mortgage Loan Originator exam with complete verified solutions 2024
- Exam (elaborations) • 11 pages • 2024
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e registry form that must be used for branch office is the: 
MU3 
 
 
 
The registry that must be used for a non-licensed control person is the: 
MU2 
 
 
 
When would a person convicted of arson not be eligible for licensure? 
For a least 15 years from the trigger date. 
 
 
 
A mortgage lender without a servicing endorsement requires a net worth of: 
63,000.00 
 
 
 
A mortgage lender without a servicing endorsement may only service a loan for: 
6 months 
 
 
 
A branch manager of a mortgage b...
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