MLO SAFE NMLS ELITE REVIEW FULLY SOLVED
EDITION COMPREHENSIVE REVIEW GUIDE
WITH SCENARIOS AND ANSWERS 2026
◉Min and Max Flood Insurance? Answer: $100,000 & $250,000
◉Penalty for violating FCRA? Enforced by who? Answer: $1000
(enforced by FTC)
◉Penalty for violating FACTA Answer: $5000 and/or 1 year in jail
◉Penalty for violating ECOA? Enforced by who? Answer: $10,000
(enforced by CFPB)
◉Penalty for violating RESPA? Enforced by who? Answer: $10,000
and/or 1 year in jail (enforced by CFPB)
◉Penalty for violating SAFE ACT? Answer: $30,058
◉Penalty for violating the DNC? Answer: $43,280
,◉Penalty for violating TRID? Answer: first time = $5000,
second=$25,000, third=$1,000,000
◉Penalty for violating GLBA Answer: up to 5 years in a jail and a fine
◉Penalty for violating 1003 Answer: may face a 5 year jail term
◉Penalty for violating TRID Answer: $1,000,000 per day
◉For violating Mortgage fraud Answer: 30 years in federal prison or
$1,000,000
◉When must the borrower receive the Privacy Policy Notice? Answer:
At first contact, and thereafter, once a year as long as they remain a
customer
◉4 elements of a valid contract Answer: CMLC;
Competent Parties
Mutual Agreement
Legal Object
Consideration
◉APR - Whats included? Answer: - fees related to the actual mortgage
, Finance charges
Interest
Loan origination fees
Mortgage broker fees
Credit lift insurance fees
Premiums for property and liability insurance
◉FHA's Downpayment is? Answer: down payment if FICO 500-579 =
10%
down payment if FICO 580 + = 3.5%
◉FHA loans Answer: Low down payments and no prepayment
penalties
Down payment can come from the borrower's own funds, gift funds or
housing authority grants
Are assumable
◉FHA - Borrower must occupy the property within how many days
after closing and plan to occupy the property for at least how long?
Answer: The borrower must occupy the property within
60 days after closing and plan to occupy the property for at least one (1)
year
EDITION COMPREHENSIVE REVIEW GUIDE
WITH SCENARIOS AND ANSWERS 2026
◉Min and Max Flood Insurance? Answer: $100,000 & $250,000
◉Penalty for violating FCRA? Enforced by who? Answer: $1000
(enforced by FTC)
◉Penalty for violating FACTA Answer: $5000 and/or 1 year in jail
◉Penalty for violating ECOA? Enforced by who? Answer: $10,000
(enforced by CFPB)
◉Penalty for violating RESPA? Enforced by who? Answer: $10,000
and/or 1 year in jail (enforced by CFPB)
◉Penalty for violating SAFE ACT? Answer: $30,058
◉Penalty for violating the DNC? Answer: $43,280
,◉Penalty for violating TRID? Answer: first time = $5000,
second=$25,000, third=$1,000,000
◉Penalty for violating GLBA Answer: up to 5 years in a jail and a fine
◉Penalty for violating 1003 Answer: may face a 5 year jail term
◉Penalty for violating TRID Answer: $1,000,000 per day
◉For violating Mortgage fraud Answer: 30 years in federal prison or
$1,000,000
◉When must the borrower receive the Privacy Policy Notice? Answer:
At first contact, and thereafter, once a year as long as they remain a
customer
◉4 elements of a valid contract Answer: CMLC;
Competent Parties
Mutual Agreement
Legal Object
Consideration
◉APR - Whats included? Answer: - fees related to the actual mortgage
, Finance charges
Interest
Loan origination fees
Mortgage broker fees
Credit lift insurance fees
Premiums for property and liability insurance
◉FHA's Downpayment is? Answer: down payment if FICO 500-579 =
10%
down payment if FICO 580 + = 3.5%
◉FHA loans Answer: Low down payments and no prepayment
penalties
Down payment can come from the borrower's own funds, gift funds or
housing authority grants
Are assumable
◉FHA - Borrower must occupy the property within how many days
after closing and plan to occupy the property for at least how long?
Answer: The borrower must occupy the property within
60 days after closing and plan to occupy the property for at least one (1)
year
