MLO gold coast UPDATED ACTUAL
Exam Questions and CORRECT Answers
Tax fraud - CORRECT ANSWER - Notify the IRS
FORM 4506-T - CORRECT ANSWER - Gives the lender permision to request Electronic
transcripts of federal tax return fron the IRS of the borrower.
(FNMA/Fannie Mae) - CORRECT ANSWER - Federal National Mortgage Association, is
the nation's largest investor in residential mortgages
self-employed borrower - CORRECT ANSWER - Must have operated the business
profitably for at least 2 years to qualify for a loan
Main question underwriter Will ask to aprove the loan - CORRECT ANSWER - Is There a
likelihood of continued income?
Underwriter evaluates a loan as follows: - CORRECT ANSWER - 1. Sufficient value in
the property as collsteral
2. Title report, is the Title markeatable.
3. Is There flood zones?
PMI (Premium Mortgage Insurance) - CORRECT ANSWER - 78% paid of original value
or attained 22% equity, (HPA) Homeowners Protection Act 1998, requieres lender to cancel
PMI.
Nontraditional Mortgage Product by SAFE ACT - CORRECT ANSWER - Any mortgage
Product other than a 30 year fixed rate mortgage.
Exam Questions and CORRECT Answers
Tax fraud - CORRECT ANSWER - Notify the IRS
FORM 4506-T - CORRECT ANSWER - Gives the lender permision to request Electronic
transcripts of federal tax return fron the IRS of the borrower.
(FNMA/Fannie Mae) - CORRECT ANSWER - Federal National Mortgage Association, is
the nation's largest investor in residential mortgages
self-employed borrower - CORRECT ANSWER - Must have operated the business
profitably for at least 2 years to qualify for a loan
Main question underwriter Will ask to aprove the loan - CORRECT ANSWER - Is There a
likelihood of continued income?
Underwriter evaluates a loan as follows: - CORRECT ANSWER - 1. Sufficient value in
the property as collsteral
2. Title report, is the Title markeatable.
3. Is There flood zones?
PMI (Premium Mortgage Insurance) - CORRECT ANSWER - 78% paid of original value
or attained 22% equity, (HPA) Homeowners Protection Act 1998, requieres lender to cancel
PMI.
Nontraditional Mortgage Product by SAFE ACT - CORRECT ANSWER - Any mortgage
Product other than a 30 year fixed rate mortgage.
