MLO - Study Material questions with correct answers

The federal Truth in Lending Act Answer regulates advertising with references to mortgage interest rates. Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a new GFE to a borrower? Answer The mortgage loan originator learns that the alimony the borrower receives (which was not included in her income analysis) will cease after she is remarried next month. What fact about a borrower may an underwriter take into consideration when approving a mortgage loan application? Answer likelihood of continued income ABC Bank receives a change of address request from a consumer. What requires the bank to follow up with him to verify the validity of the request? Answer Red Flag Rules In a purchase transaction closing, hypothecation occurs. This is described as Answer Using property as collateral without surrendering use or possession of it. Each of these loans would be excluded under the definition of a higher-priced loan EXCEPT Answer a purchase loan.