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Safe MLO Test Study Guide | 370+ Questions with 100% Correct Answers | Verified

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Prohibits Discrimination (including granting credit) - ANS - ECOA When is the latest time frame by which the MLO can distribute the Loan Estimate - ANS - 3 business days after receiving the application What is the difference between the note rate and the APR? - ANS - The note rate is the interest rate applied to the principal. The APR takes into account all fees and charges associated with a loan What is the minimum number of items that an MLO must review and verify under the Ability-to-Repay Rule to be confident that a borrower qualifies for a mortgage - ANS - 8 The FTC Disposal Rule: - ANS - Requires the establishment of policies and procedures governing document disposal If either the seller or buyer does not show up at the settlement, when should the Closing Disclosure be mailed - ANS - Immediately What does reverse redlining mean - ANS - Intentionally lending to certain demographics When applying for a mortgage, a joint financial statement is NOT required in which of the following circumstances - ANS - The potential borrower is over 50 years of age

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