NMLS SAFE ACT MLO Exam - Federal Law questions with correct answers

If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months Answer C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inquiry or application. During this time, the company can call you. Under the Home Ownership and Equity Protection Act (HOEPA), which loan below would be considered a high-cost loan? A. $100,000 loan with fees of $7,500 B. $300,000 loan with fees of $22,500 C. $420,000 loan with fees of $20,500 D. $200,000 loan with fees of $16,500 Answer D. $200,000 loan with fees of $16,500 What does it mean that HUD Homes are initially offered on a "priority basis"?