MLO Practice Exam Questions and Answers

A.  

Credit score modeling standards

B.  

Mortgage loan loss mitigation standards

C.  

Nontraditional mortgage lending standards

D.  

30-year conventional mortgage lending standards

A.  

Virtual currency funds

B.  

Community second funds

C.  

Personal unsecured loans

D.  

Foreign assets located outside of the U.S. or its territories

A.  

$1,446.98

B.  

$1,584.65

C.  

$1,640.65

D.  

$1,701.29

A.  

Appraisal fees

B.  

Title insurance

C.  

Discount points

D.  

Pest inspection fees

A.  

Every day from 9 a.m. to 5 p.m.

B.  

Every day except Sunday and legal holidays

C.  

Any days except Saturdays and Sundays

D.  

Any days that employees may access the office to work

A.  

Quit claim deed

B.  

Promissory note

C.  

Mortgage instrument

D.  

Occupancy certificate

A.  

Payments of interest for a specified amount of time.

B.  

Fixed payments every month, but the interest rate adjusts monthly.

C.  

Adjustable payments every month based on an adjustable interest rate.

D.  

Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.

A.  

fair lending.

B.  

mortgage fraud.

C.  

a forgetful borrower.

D.  

pricing discrepancies.

A.  

The MLO was terminated by his previous employer.

B.  

Another state denies the MLO's license application.

C.  

The state does not grant temporary authority to transitioning MLOs.

D.  

A week has elapsed between when the MLO's federal registration expired and sponsorship by a new employer.

A.  

Second home loans

B.  

Chattel-dwelling loans

C.  

Reverse mortgage loans

D.  

Home equity lines of credit (HELOCs)