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Free MLO Exam Braindumps (page: 16)

Page 15 of 31
PDF with 120 Questions

Which of the following statements describes an advantage of a purchase money second mortgage?

  1. The borrower pays two mortgage payments.
  2. The borrower avoids paying into the escrow account.
  3. The borrower avoids paying private mortgage insurance (PMI).
  4. The borrower's loan closes faster than a regular mortgage.

Answer(s): C


Reference:

https://www.investopedia.com/terms/s/secondmortgage.asp



The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

  1. the purchase price of the property.
  2. the appraised value of the property.
  3. the lesser of the purchase price or appraised value.
  4. the purchase price, plus the mortgage insurance for FHA loans.

Answer(s): C


Reference:

https://www.fha.com/define/loan-to-value-ratio



How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?

  1. 45 days
  2. 50 days
  3. 60 days
  4. 90 days

Answer(s): C


Reference:

https://www.compliancecohort.com/blog/how-to-calculate-10-tolerance-under-trid



What is the maximum civil penalty that is permitted to be imposed for each violation or failure to comply with the SAFE Act?

  1. $2,500 for each act or omission
  2. $25,000 for each act or omission
  3. $2,500 for each act or omission; $25,000 maximum
  4. $25,000 for each act or omission; $250,000 maximum

Answer(s): B


Reference:

https://www.doddfrankupdate.com/DFU/ArticlesDFU/CFPB-civil-penalties-adjusted-84429.aspx






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