QUESTION: 9

Non-qualified mortgages offer more options for borrowers who:

are unemployed.
are self-employed.
have no down payment.
are currently living with their parents.

Answer(s): B

Reference:

https://www.nerdwallet.com/article/mortgages/article-non-qm-loans

Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?

ARM
FHA
Fixed
Construction

Answer(s): A

Reference:

https://www.consumerfinance.gov/rules-policy/regulations/1026/19/

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QUESTION: 11

The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
implement a written program to detect warning signs of identity theft.
implement an internal watch system to prevent the misrepresentation of occupancy status.

Answer(s): C

Reference:

https://www.ftc.gov/business-guidance/privacy-security/red-flags-rule

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QUESTION: 12

Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

Federally related mortgage loan
Standard county related mortgage loan
State registration related mortgage loan
Unified commerce related mortgage loan

Answer(s): A

Reference:

https://www.quickenloans.com/learn/respa

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Free MLO Exam Braindumps (page: 4)

QUESTION: 9

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QUESTION: 10

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QUESTION: 11

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QUESTION: 12

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