Nmls mlo exam Study guides, Class notes & Summaries

NMLS MLO Exam

What must a borrower do to avoid having late payments reported to a credit bureau? - ANSWER Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - ANSWER 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - ANSWER Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - ANSWER 3% What must condominium associations do with respect to pr...

NMLS MLO Exam Questions and answers, rated A+ 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 ...

NMLS MLO Exam

Due date of each payment Answer If an advertisement includes the amount or percentage of any payment, all of the following must also be disclosed, EXCEPT: Yes, records may be kept outside the state as long as they are made available in-state within 72 hours of a request from the Commissioner Answer Are licensees permitted to maintain records outside the state: Unfair or deceptive act or practice Answer According to the Consumer Protection Act, Geraldine's failure to make required disclosu...

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NMLS SAFE ACT MLO Exam - Ethics and Fraud | 105 Questions And Answers

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...

What must a borrower do to avoid having late payments reported to a credit bureau? correct answers Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? correct answers 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? correct answers Credit scores Max prepayment penalty on residential mortgages in the first year of the loan correct answers 3% What must condominium associ...

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...