MLO exam questions with correct answers

What is the form to confirm tax records that's filled out with IRS? Answer 4506-T form APR Answer Annual percentage rate What is an APR? Answer The annual rate of interest that is charged for using credit What does an APR consist of? Answer Discount points, mortgage insurance premiums, administrative fees (ordination fees, processing fees, underwriting) Ballon payment Answer A final payment at the end of a loan term to pay off the entire remaining principal and interstate's balance, it is not covered by payments during the loan term Bridge mortgage Answer A mortgage that occurs between the termination of one mortgage and the beginning of the next, having a term of one year or less A mortgage banker/mortgage lender is what? Answer Any person who directly originates, Aires, or negotiates mortgage loa