MLO exam with Complete Solutions | A+ Grade

What is the form to confirm tax records that's filled out with IRS? - 4506-T form APR - Annual percentage rate What is an APR? - The annual rate of interest that is charged for using credit What does an APR consist of? - Discount points, mortgage insurance premiums, administrative fees (ordination fees, processing fees, underwriting) Ballon payment - A final payment at the end of a loan term to pay off the entire remaining principal and interstate's balance, it is not covered by payments during the loan term Bridge mortgage - A mortgage that occurs between the termination of one mortgage and the beginning of the next, having a term of one year or less A mortgage banker/mortgage lender is what? - Any person who directly originates, Aires, or negotiates mortgage l