MLO SAFE NMLS safe |356 test practice questions And Correct Answers

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ️️Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ️️The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ️️Home sellers from requiring home buyers to purchase title insurance from a particular company providing title services. The Dodd-Frank Act modifies ECOA to require a creditor to furnish a copy of an appraisal developed in connection with a first mortgage_____________________ and absolutely not later than ________ business days prior to closing. - ️️upon completion and 3 business days TIL (Truth In Lending Disclosure) & GFE (Good Faith Estimate) - ️️Per the Dodd Frank Act, a single disclosure form combines these 2 statements. Per the Dodd-Frank Acvt, to be a "qualified mortgage" total points and fees may not exceed ________% of the total loan amount. - ️️3% (three percent) Per a provision of the Dodd-Frank Act mortgage lenders are to determine that a borrower has a reasonable ability to repay a loan. Does this provision apply to all loans or just owner occupied loans? - ️️All loans, whether owner occupied or not. A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - ️️2 (two) years