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Exam (elaborations)

MLO Practice Exam Question and answers already passed
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7

March 2025

2024/2025

A+
MLO Practice Exam Question and answers already passed All of the following information is provided under Section X of the 1003, except: a.) Ethnicity b.) Name and address of employer c.) Sex d.) Race - correct answer b.) Name and address of employer Section X of the URLA contains information on: a.) Assets and Liabilities b.) Information for Government Monitoring Purpose c.) Declarations d.) Details of transaction - correct answer b.) Information for Government Monitoring ...
LEWISSHAWN55
$14.99 More Info

Exam (elaborations)

MLO Practice Exam Questions and Answers | Latest Update | 2024/2025 | Already Passed
Available in bundle

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10

June 2024

2023/2024

A
Available in bundle
MLO Practice Exam Questions and Answers | Latest Update | 2024/2025 | Already Passed A conforming loan requires private mortgage insurance when the borrower makes a down payment of less than: a. 10% b. 15 % c. 20% d. 5% c. 20% All of the following are advantages of the FHA mortgage loan except: a. Min down payment of 3.5% b. Loan is assumable c. No underwriting or qualification guidelines d. No pre-payment penalties c. No underwriting or qualification guidelines All...
SterlingScores
$11.26 More Info

Exam (elaborations)

MLO Practice Test Questions and Answers | Latest Update | 2024/2025 | Already Passed
Available in bundle

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43

June 2024

2023/2024

A+
Available in bundle
MLO Practice Test Questions and Answers | Latest Update | 2024/2025 | Already Passed A borrower is applying for a loan on a single-family residence. His income is $21.50 per hour and he works 40 hours a week. He is paid semi-monthly. The loan. Originator has calculated the principal and interest Houston payment at $755 per month and the monthly escrow payment is $135. The current monthly debts are a car payment for $289, a credit card for $49, a cell phone bill for $63 and utilities o...
SterlingScores
$12.67 More Info

Exam (elaborations)

MLO PRACTICE EXAM QUESTIONS AND ANSWERS | LATEST UPDATE | 2024/2025 | GRADED A+
Available in bundle

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3

June 2024

2023/2024

A
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MLO PRACTICE EXAM QUESTIONS AND ANSWERS | LATEST UPDATE | 2024/2025 | GRADED A+ A biographical summary is required for: Control Persons A lender has a financial audit every: Year A licensee's bankruptcy must be reported in how many business days? 30 A loan originator May only receive money from his broker or lender. A mortgage broker fee must be deposited in a segregated account within how many business days? 7 A mortgage lender must : Have a agent registered in Florida ...
SterlingScores
$10.07 More Info

Exam (elaborations)

MLO Test Practice Questions with Complete Solutions | A+ Grade
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4

April 2024

2023/2024

A+
1. Included in the Loan Estimate, all of the following are part of the finance charge except the: (A) appraisal cost. (B) VA funding fee. (C) per diem interest. (D) origination charges - A) appraisal cost. 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a property with a sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the dow...
FLYINGCOLORS
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Exam (elaborations)

MLO Practice Test with Complete Solutions | A+ Grade
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33

April 2024

2023/2024

A+
An Approve/Eligible determination: 1. Is an indication that a property appraised for its sales price 2. Authorization to release funds in a refinance transaction 3. An automated loan approval from the Fannie Mae Du system 4. A recommendation that is received by the Freddie Mac loan prospector automated underwriting system. - 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptable. The...
FLYINGCOLORS
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Exam (elaborations)

MLO Practice Exam questions with Complete Solutions | A+ Grade
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8

April 2024

2023/2024

A+
All of the following information is provided under Section X of the 1003, except: a.) Ethnicity b.) Name and address of employer c.) Sex d.) Race - b.) Name and address of employer Section X of the URLA contains information on: a.) Assets and Liabilities b.) Information for Government Monitoring Purpose c.) Declarations d.) Details of transaction - b.) Information for Government Monitoring Purpose When determining the best options for a potential borrower, an MLO must always find what?...
FLYINGCOLORS
$9.49 More Info