NMLS SAFE ACT MLO Exam - Ethics and Fraud | 105 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 38 Pages

A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower's right to cancel PMI - D. Borrower's right to cancel PMI The Privacy Rule of the Gramm-Leach-Bliley Act requires that financial institutions provide the consumer with a Consumer Privacy Policy disclosure A. each time the servicing is transferred. B. each time the policy is revised. C. annually as long as the relationship continues. D. at closing only. - C. annually as long as the relationship continues. Which of the following is true of a dual contract? A. It deprives the seller of receipt of the full price of the property. B. It deprives third parties of their proper fees. C. It defrauds the lender providing the funds for the purchase of the property. D. It is usually used so the real estate agent may earn a higher commission. - C. It defrauds the lender providing the funds for the purchase of the property.