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Free MLO Exam Braindumps (page: 9)

Page 8 of 31
PDF with 120 Questions

What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?

  1. $50,000 for residential property structures
  2. $150,000 for residential property structures
  3. $250,000 for residential property structures
  4. $350,000 for residential property structures

Answer(s): C


Reference:

https://www.policygenius.com/homeowners-insurance/do-i-need-flood-insurance/



When does the Loan Estimate expire?

  1. After the 3rd business day
  2. After the 5th business day
  3. After the 7th business day
  4. After the 10th business day

Answer(s): D


Reference:

https://www.bankersonline.com/qa/disclose-estimated-date-closing-costs-expire



Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

  1. hiring procedures and training.
  2. compliance management, training and internal controls.
  3. secondary marketing practices of selling loans to investors.
  4. compliance management, senior management and branch locations.

Answer(s): B


Reference:

https://www.movingforwardsmallbusiness.com/swot-weakness-examples-business-case-studies/



A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:

  1. FHA mortgage.
  2. balloon mortgage.
  3. qualified mortgage.
  4. deferred-payment mortgage.

Answer(s): B


Reference:

https://www.zillow.com/learn/mortgage-principal/






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