MLO - Study Material Questions and Answers | Latest Update | 2024/2025 | Already Passed

MLO - Study Material Questions and Answers | Latest Update | 2024/2025 | Already Passed "Application" defined by RESPA is? The submission of a borrowers information in anticipation of a credit decision. "Higher-priced loans" are defined by which law. TILA A "jumbo" loan is also known as a(n) nonconforming loan - A jumbo loan is also known as a nonconforming loan. A borrower closed a loan last week with ABC Mortgage Company. Her name is on the National Do Not Call Registry and on ABC's internal do not call list. ABC cannot call her because she is on ABC's internal list. A borrower elects to buy down the interest rate on his mortgage loan. This appears on the GFE as a charge to the borrower. A borrower elects to lower his settlement costs by paying a slightly higher interest rate. This appears on the GFE as a credit to the borrower. A borrower gets a 15-year interest only loan for $85,000 at 6%. At the end of the loan term, how much will the borrower owe the lender? $85,000 A borrower has an additional three-business day waiting period before the loan closes if the true APR on a fixed rate loan deviates from the initial TIL by more than 1/8%. A borrower is buying a house for $180,000. He provides a down payment of $40,000. If he pays three discount points, what is the total cost of the points? $4,200 A borrower sends a check to his mortgage servicer that is less than the required payment stated in the terms of the contract. If the servicer accepts the payment, it may credit the payment as of five business days after receiving it. A borrower with less than perfect credit or other risk factors may qualify most easily for what type of loan? subprime - Subprime loans fill a need for those with less than perfect credit who want to own a home. Some lenders and investors are willing to make these riskier loans because they can get much higher interest rates and fees than they can with other real estate loans. A bridge mortgage is described as mortgage that occurs between the termination of one mortgage and the beginning of the next. - A bridge mortgage (also referred to as a swing loan or gap loan) is a mortgage that occurs between the termination of one mortgage and the beginning of the next. A buyer makes an offer of $156,000 on a house that was appraised for $162,000. If the seller accepts his offer, how much will he have to pay down on an FHA loan (assuming a credit score of at least 580)? B. $5,460 A Chapter 7 bankruptcy could show on a credit report for a maximum of 10 Years A conforming loan is a loan that follows the secondary market criteria set by Fannie Mae/Freddie Mac. A consumer has an ARM with an initial rate of 6% and a rate cap 2/6. What's the highest her interest rate could be over the life of the loan?