MLO 무료 덤프문제 온라인 액세스

Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

• A.Personal unsecured loans
• B.Virtual currency funds
• C.Foreign assets located outside of the U.S. or its territories
• D.Community second funds

What is the maximum APR that will qualify as a Safe Harbor qualified mortgage?

• A.An APR less than the APOR + 2.5%
• B.An APR equal to or less than the average prime offer rate (APOR)
• C.An APR less than the APOR + 1.0%
• D.An APR less than the APOR + 1.5%

Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

• A.It provides a three-day cooling-off period for all loans
• B.It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
• C.It allows borrowers five days to review the final amount needed for settlement.
• D.It ensures that the terms and fees that are quoted at the time of application do not change.

A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

• A.The total amount of the payments
• B.An average of the varying payment amounts over the life of the loan
• C.Payment amount during the fixed introductory period
• D.Fully indexed rate of the loan

Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

• A.Marital status
• B.Immigration status
• C.Receipt of child support
• D.Country of birth