MLO Practice Exam Questions and Answers | Latest Update | 2024/2025 | Already Passed

MLO Practice Exam Questions and Answers | Latest Update | 2024/2025 | Already Passed A conforming loan requires private mortgage insurance when the borrower makes a down payment of less than: a. 10% b. 15 % c. 20% d. 5% c. 20% All of the following are advantages of the FHA mortgage loan except: a. Min down payment of 3.5% b. Loan is assumable c. No underwriting or qualification guidelines d. No pre-payment penalties c. No underwriting or qualification guidelines All of the following information is provided under Section X of the 1003, except: a.) Ethnicity b.) Name and address of employer c.) Sex d.) Race b.) Name and address of employer Choose the best answer. All of the following are Government loan programs or types, except: a.) Nonconventional b.) Federal Housing Administration c.) Nonconforming d.) Department of the Veterans Administration c.) Nonconforming Conforming conventional loans can be used on all of the following except: a. Primary b. Vacation c. Rental d. Commercial d. Commercial George works as a machine operator and makes $3,212 Semi-monthly. What is his GMI? $6,424.00 If a buyer puts down less than 10% on a conventional loan, what is the maximum percentage they can receive in seller concessions 3% If a buyer puts down less than 10% on a VA loan, what is the maximum percentage they can receive in seller concessions? 4% If you are an MLO speaking to a potential client in person and at section X of the URLA they refuse to provide the information for monitoring purposes, what must you do? Mark only the ones you can confirm through visual observation JoAnn is refinancing her home. The estimated value of her home is $400,000, and her new loan amount is $325,525. JoAnn makes $33.50 an hour, and works 40 hours a week. Her new PITI payment is $1,650. She also has a car payment of $430 a month, a Visa payment of $88 a month, and a student loan payment of $345 a month. She also takes guitar lessons, which cost $270 a month. What is JoAnn's Gross Monthly Income? a. $1,340.00