QUESTION: 37

Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

The APR
The MLO's personal website
The MLO's business address
The number of days that the rate is available

Answer(s): A

Reference:

https://www.topofmind.com/mortgage-advertising-on-social-media-a-quick-guide-for-loan-officers/

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QUESTION: 38

Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

An electronic paystub
A copy of a check register
The income stated on the loan application
The borrower's attestation that he expects a raise within 30 days

Answer(s): A

Reference:

https://www.investopedia.com/terms/a/ability-to-repay.asp

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QUESTION: 39

An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO's future business. This illegal practice is known as:

redlining.
fee splitting.
blockbusting.
paying it forward.

Answer(s): B

Reference:

https://www.consumerfinance.gov/rules-policy/regulations/1024/14/

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QUESTION: 40

Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

The SAFE Act
The Dodd-Frank Act
The Truth in Lending Act (TILA)
The Equal Credit Opportunity Act (ECOA)

Answer(s): A

Reference:

https://www.oncourselearning.com/mortgage/faq/what-are-the-continuing-education-requirements-for-mortgage-loan-originators

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Free MLO Exam Braindumps (page: 11)

QUESTION: 37

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QUESTION: 39

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QUESTION: 40

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