MLO National Exam questions with correct answers

PMI (Private Mortgage Insurance) Answer Insurance that protects the lender in case the borrower defaults -equity less than 20% of the home's value -varies in cost by length of time required Form 1008 form Answer Transmittal Summary (details, terms, specifics of loan transaction) Mortgage Call Reports (MCR) are filed: Answer Quarterly Self-Testing Violations Answer Mandated by ECOA when it is more likely than not a violation occurred appraisal approaches Answer Sales, Cost and Income approaches pre-payment penalties are discussed in which documents Answer The note, Loan Estimate and the Closing Disclosure Recording fees and tolerances Answer Tolerance of 10% ARM's not offered with which loan program Answer USDA loans