Mlo 2 Study guides, Class notes & Summaries

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) 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 __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

FREC Practice Test Questions & Answers 2023/2024 1. Which of the following statements is true regarding a mortgage loan originator (MLO)? a. A mortgage loan originator is the same as a mortgage broker. b. A mortgage loan originator must have a separate license. c. A mortgage loan originator makes loans. d. A mortgage loan originator must have a real estate license. - ANSWER-B 2. A real estate appraiser's fee for professional service is based on which of the following? a. A percentage...

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 - 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 - Answer b.) Information for Government Monitoring Purpose When determining the best options for a potential borrower, an MLO must alw...

1) Mortgage loan fraud is reported at what level? correct answer: Federal 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: correct answer: SAFE ACT 3) The Nationwide Mortgage Licensing System & Registry (NMLS) was begun by which of the following organizations: correct answer: CSBS and AARMR 4) The NMLS online system was built and is maintained by which of the following organizations: correct answer: FINRA 7) Which of the following agencies revi...

MLO SAFE NMLS safe test practice exam questions and answers A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - Answer-2 (two) years Per the Dodd-Frank Act an abusive act would include which of the following: 1. One that materially interferes with the consumers ability to understand the product or service. 2. One that take unreasonable advantage of a consumers' lack of understanding. 3. One that takes unreasonable advantage of the consumer's...

SAFE MLO Exam 2021(UPDATED) Question and answers rated A+ AARMR stands for - correct answer American Association of Residential Mortgage Regulations AML - correct answer Anti-Money Laundering Blockbusting - correct answer Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion are moving into the area, and thus profiting by reselling at a higher price CC&R - correct answer covenants, ...

UST Test Questions with Correct Answers A mortgage broker is prohibited from recording a mortgage or deed of trust for which the backing money is not immediately available to the mortgagor, unless: (A) the broker gets written authorization from the superintendent (B) before recording the mortgage or deed, the broker notifies the mortgagor of a definite date when the payment will be made and gets written permission from the mortgagor (C) the broker gets written permission from the escrow a...

2 Standard views: Answer CC MLO What is the hanging protocol of images: (2) Answer lateral alwasy up both breast mirror each other central ray enters on cc view Answer superiorly (cranio)- exits caudal central ray enters on MLO view Answer sumeromedial inferolateral Proper positioning is impportant because? (3) Answer Capture optimum breast tissue with the most amount of patient comfort Ensures you do not miss a possible cancer Communicates to the radiologist exactly where a...

NMLS SAFE ACT MLO Exam - Federal Law Final Review Test 2024. If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - correct answer C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for...

NMLS MLO Exam Questions and Answers 100% Accurate 2024 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 Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:06 / 0:15 Full screen What should not be over-weighted in an analysis of borrower repayment capacity? ...