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Free MLO Exam Braindumps (page: 13)

Page 12 of 31
PDF with 120 Questions

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

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

Answer(s): B


Reference:

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



Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

  1. SAFE Act
  2. Truth in Lending Act (TILA)
  3. Real Estate Settlement Procedures Act (RESPA)
  4. Home Ownership and Equity Protection Act (HOEPA)

Answer(s): A


Reference:

https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/secure-fair-enforcement-for-mortgage-licensing-act/



Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

  1. Virtual currency funds
  2. Community second funds
  3. Personal unsecured loans
  4. Foreign assets located outside of the U.S. or its territories

Answer(s): B


Reference:

https://myhome.freddiemac.com/blog/homeownership/20171204-4Cs-qualifying-mortgage



In the loan application process, when must specific disclosures be provided to a borrower for an ARM?

  1. At closing
  2. At first mention of an ARM loan
  3. When a loan is locked in
  4. Within three days of a complete application

Answer(s): D


Reference:

https://www.minneapolisfed.org/article/2015/adjustable-rate-mortgage-disclosures






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