MLO SAFE NMLS Test | 357 Questions with 100% Correct Answers | Verified | Latest Update 2024

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.