NMLS MLO Exam with Complete Solutions | A+ Grade

What must a borrower do to avoid having late payments reported to a credit bureau? - Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - 3% What must condominium associations do with respect to property insurance? - Keep a "blanket" policy that protects the entire structure If a lender is planning on referring a borrower to a title company that the lender has ownership in, when must the AFBA must be provided to the borrower? - Before the referral to the title company is made Website to obtain copy of your credit report that the 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