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Free MLO Exam Braindumps (page: 7)

Page 6 of 31
PDF with 120 Questions

A second (subordinate) mortgage loan includes:

  1. government home purchase loan.
  2. conventional home purchase loan.
  3. home equity conversion mortgage.
  4. home equity lines of credit (HELOCs).

Answer(s): D


Reference:

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



Which of the following loans is subject to right of rescission?

  1. A purchase loan secured by a rental home
  2. A refinance loan secured by a vacation home
  3. A cash-out refinance loan on a primary residence
  4. A rate and term refinance loan through the same creditor

Answer(s): C


Reference:

https://www.consumerfinance.gov/rules-policy/regulations/1026/23/



Which of the following is an example of a non-fluctuating income source?

  1. Salaried W-2 position
  2. Self-employed income
  3. Commission-based W-2 income
  4. Part-time work with irregular hours

Answer(s): A


Reference:

https://www.financestrategists.com/financial-advisor/personal-finance/income-sources/



After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

  1. 15 calendar days
  2. 20 calendar days
  3. 30 calendar days
  4. 60 calendar days

Answer(s): C


Reference:

https://files.consumerfinance.gov/f/documents/cfpb_ecoa-regulation-b_faqs-covid-19.pdf






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