MLO SAFE Exam questions with correct answers

Wraparound Mortgage Answer Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. Warranty Deed Answer A deed that contains a covenant that the grantor will protect the grantee against any and all claims. URAR Answer Uniform Residential Appraisal Report Usury Answer Interest charged in excess of the legal rate established by law. Shared Appreciation Mortgage (SAM) Answer A mortgage in which a borrower receives a below-market interest rate in return for which the lender receives a portion of the future appreciation in the value of the property. Real Estate Settlement Procedures Act Answer Regulation X Truth-In-Lending Act Answer Regulation Z Home Mortgage Disclosure Act Answer Regulation C Equal Credit Opportunity Act Answer Regulation B Mortgage Disclosure Improvement Act Answer Implemented through TILA section 35.