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NMLS MLO Exam with 100% Correct Questions and Answers.

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What must a borrower do to avoid having late payments reported to a credit bureau? - Corect AnswerPay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - Corect Answer3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Corect AnswerCredit scores Max prepayment penalty on residential mortgages in the first year of the loan - Corect Answer3% What must condominium associations do with respect to property insurance? - Corect AnswerKeep a "blanket" policy that protects the entire structure

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