Free MLO Exam braindumps download (MLO exam dumps Free)

Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?

Regulating the federal funds rate at which money is lent to banks
Regulating the number of mortgage loan originators in the mortgage industry
Regulating mortgage lenders on their mortgage origination practices and procedures
Deciding what quantity of mortgage-backed securities are purchased by the government

Answer(s): C

https://www.marketwatch.com/guides/banking/what-is-the-cfpb/

Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?

Answer(s): A

https://www.fema.gov/flood-insurance

During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

Answer(s): D

https://www.consumerfinance.gov/ask-cfpb/my-rate-or-the-fees-changed-between-my-loan-estimate-and-my-closing-disclosure-what-do-i-do-en-184/

When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

Answer(s): D

https://lendedu.com/blog/how-to-apply-for-a-heloc/

A borrower's monthly debt-to-income ratio is calculated by taking the:

borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.
eligible total monthly debt obligations, excluding the monthly housing expense, divided by the borrower's net monthly income.

Answer(s): B

https://www.investopedia.com/terms/d/dti.asp

Free MLO Exam Braindumps Mortgage Loan Origination Questions 41–45 (page: 10)