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Free MLO Exam Braindumps (page: 12)

Page 11 of 31
PDF with 120 Questions

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

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

Answer(s): C


Reference:

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?

  1. $250,000
  2. $500,000
  3. $750,000
  4. $1,000,000

Answer(s): A


Reference:

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:

  1. tell the borrower to close the loan.
  2. close the loan, then re-disclose after the loan funds.
  3. postpone the closing, re-disclose and wait three days.
  4. postpone the closing, re-disclose and wait three business days.

Answer(s): D


Reference:

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:

  1. if the HELOC is insured by HUD.
  2. if the HELOC requires private mortgage insurance (PMI).
  3. if the company offering the HELOC has deposit accounts insured by the FDI
  4. the APR and the costs of acquiring and maintaining the HELOC.

Answer(s): D


Reference:

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






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