QUESTION: 25

Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

Credit score modeling standards
Mortgage loan loss mitigation standards
Nontraditional mortgage lending standards
30-year conventional mortgage lending standards

Answer(s): C

Reference:

https://www.instituteonline.com/mortgage/nmls-approved-continuing-education

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QUESTION: 26

How many days before consummation must a borrower receive a revised Loan Estimate?

4 business days
5 business days
7 business days
10 business days

Answer(s): C

Reference:

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

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QUESTION: 27

In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?

Only the borrower who makes the most income
Only the borrower with the majority interest in the transaction
Only the person who will actually occupy the property
Any person who has an ownership interest in the property

Answer(s): D

Reference:

https://www.investopedia.com/terms/r/right_of_rescission.asp

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QUESTION: 28

Which of the following components of an ARM adjusts periodically?

Index and margin only
Index and interest rate only
Margin and interest rate only
Margin, Index and interest rate

Answer(s): B

Reference:

https://www.investopedia.com/terms/a/arm.asp

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Free MLO Exam Braindumps (page: 8)

QUESTION: 25

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QUESTION: 26

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QUESTION: 27

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QUESTION: 28

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