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Free MLO Exam Braindumps (page: 4)

Page 3 of 31
PDF with 120 Questions

Non-qualified mortgages offer more options for borrowers who:

  1. are unemployed.
  2. are self-employed.
  3. have no down payment.
  4. are currently living with their parents.

Answer(s): B


Reference:

https://www.nerdwallet.com/article/mortgages/article-non-qm-loans



Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?

  1. ARM
  2. FHA
  3. Fixed
  4. Construction

Answer(s): A


Reference:

https://www.consumerfinance.gov/rules-policy/regulations/1026/19/



The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

  1. adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
  2. adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
  3. implement a written program to detect warning signs of identity theft.
  4. implement an internal watch system to prevent the misrepresentation of occupancy status.

Answer(s): C


Reference:

https://www.ftc.gov/business-guidance/privacy-security/red-flags-rule



Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

  1. Federally related mortgage loan
  2. Standard county related mortgage loan
  3. State registration related mortgage loan
  4. Unified commerce related mortgage loan

Answer(s): A


Reference:

https://www.quickenloans.com/learn/respa






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