NMLS MLO Exam
What must condominium associations do with respect Keep a "blanket" policy that protects the entire structure
to property insurance?
If a lender is planning on referring a borrower to a title Before the referral to the title company is made
company that the lender has ownership in, when must
the AFBA must be provided to the borrower?
Website to obtain copy of your credit report that the annualcreditreport.com
credit bureaus are required to provide once per year at
no charge
2/3/6 caps ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and
lifetime cap of 6%
What does FHLB stand for and what do they provide? Federal Home Loan Bank, and they provide advances to financial institutions
for residential mortgage loans
According to the Dodd-Frank Act, how much risk must 5%
be retained by the securitizer for a loan that does not
meet QRM guidelines?
On a purchase transaction, what document contains the Sales Contract
purchase price for a property?
After a loan has been closed and funded, the creditor 60 days after closing
notices a tolerance violation with a fee between the LE
and CD. How long does the creditor have to reimburse
the borrower for the overcharge before being
considered in violation of the TRID rule?
According to the Dodd-Frank Act, how much risk must 5%
be retained by the securitizer for a loan that does not
meet QRM guidelines?
Overt Discrimination Refusing service to anyone of a certain race, ethnicity, etc.
Under ECOA can you ask how many children a No
borrower has?
What document specifies that a property is being used Mortgage
as security in the event of nonpayment of a debt?
On the LE, which piece of data tells applicants how TIP (Total Interest Percentage)
much they will be paying in interest over the life of the
loan as a percentage of the loan?
, NMLS MLO Exam
COFI comes from what region in the country? The 11th Federal Home Loan Bank (Arizona, California, and Nevada)
What disclosure is required to be provided to the Mortgage Loan Servicing Disclosure
applicant within 3 days of application under reg x?
Verification of cash used in a closing is documented by: last 2-3 months bank statements
The finance charge is the total cost of: the loan in dollars, including points and mortgage insurance
What IRS forms would you requrest from a borrower Form 1120
who is 40% shareholder in a C-Corporation?
Impersonating someone else in an attempt to obtain Pretexting
their personal financial information is called:
What type of funding occurs when a lender obtains Warehouse funding
funds from a line of credit at a commercial bank?
Late fee for FHA and VA loans 4%
Ginnie Mae _____ loans Guarantees
A mortgage on personal property is: Chattel mortgage
Who can transfer title insurance policy? Mortgagee
What document is NOT recorded? The Note
The borrower's IOU is: The Note
Escheat When a property owner dies without a will and the state is unable to locate any
heirs, so the state claims the property.
Disintermediation The withdrawal of funds out of savings accounts and into stocks and bonds
What must condominium associations do with respect Keep a "blanket" policy that protects the entire structure
to property insurance?
If a lender is planning on referring a borrower to a title Before the referral to the title company is made
company that the lender has ownership in, when must
the AFBA must be provided to the borrower?
Website to obtain copy of your credit report that the annualcreditreport.com
credit bureaus are required to provide once per year at
no charge
2/3/6 caps ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and
lifetime cap of 6%
What does FHLB stand for and what do they provide? Federal Home Loan Bank, and they provide advances to financial institutions
for residential mortgage loans
According to the Dodd-Frank Act, how much risk must 5%
be retained by the securitizer for a loan that does not
meet QRM guidelines?
On a purchase transaction, what document contains the Sales Contract
purchase price for a property?
After a loan has been closed and funded, the creditor 60 days after closing
notices a tolerance violation with a fee between the LE
and CD. How long does the creditor have to reimburse
the borrower for the overcharge before being
considered in violation of the TRID rule?
According to the Dodd-Frank Act, how much risk must 5%
be retained by the securitizer for a loan that does not
meet QRM guidelines?
Overt Discrimination Refusing service to anyone of a certain race, ethnicity, etc.
Under ECOA can you ask how many children a No
borrower has?
What document specifies that a property is being used Mortgage
as security in the event of nonpayment of a debt?
On the LE, which piece of data tells applicants how TIP (Total Interest Percentage)
much they will be paying in interest over the life of the
loan as a percentage of the loan?
, NMLS MLO Exam
COFI comes from what region in the country? The 11th Federal Home Loan Bank (Arizona, California, and Nevada)
What disclosure is required to be provided to the Mortgage Loan Servicing Disclosure
applicant within 3 days of application under reg x?
Verification of cash used in a closing is documented by: last 2-3 months bank statements
The finance charge is the total cost of: the loan in dollars, including points and mortgage insurance
What IRS forms would you requrest from a borrower Form 1120
who is 40% shareholder in a C-Corporation?
Impersonating someone else in an attempt to obtain Pretexting
their personal financial information is called:
What type of funding occurs when a lender obtains Warehouse funding
funds from a line of credit at a commercial bank?
Late fee for FHA and VA loans 4%
Ginnie Mae _____ loans Guarantees
A mortgage on personal property is: Chattel mortgage
Who can transfer title insurance policy? Mortgagee
What document is NOT recorded? The Note
The borrower's IOU is: The Note
Escheat When a property owner dies without a will and the state is unable to locate any
heirs, so the state claims the property.
Disintermediation The withdrawal of funds out of savings accounts and into stocks and bonds
