MLO

Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)? A. Regulating the federal funds rate at which money is lent to banks B. Regulating the number of mortgage loan originators in the mortgage industry C. Regulating mortgage lenders on their mortgage origination practices and...

Which of the following loan types may be considered a qualified loan under ability-to-pay rulesA . An interest-only mortgageB . A loan with a balloon paymentC . A loan with negative amortizationD . A mortgage with an adjustable rateView AnswerAnswer: D Explanation: Under the Ability-to-Repay (ATR) Rule and Qualified Mortgage...

The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?A . Encouraging a target valueB . Withholding payment from an appraiserC . Asking the appraiser to substantiate a valueD . Communication directly between the loan officer and...

A second (subordinate) mortgage loan includes:A . government home purchase loan.B . conventional home purchase loan.C . home equity conversion mortgage.D . home equity lines of credit (HELOCs;View AnswerAnswer: D Explanation: A second (subordinate) mortgage loan refers to a mortgage taken out after the primary mortgage and is subordinate to...

During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:A . tell the borrower to close the loan.B . close the loan, then re-disclose after the loan funds.C . postpone the closing, re-disclose and wait three days.D . postpone the closing, re-disclose...