Business > EXAM > MLO Test - Study Material | 200+ Questions with 100% Correct Answers | Verified (All)
MLO Test - Study Material | 200+ Questions with 100% Correct Answers | Verified
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The federal Truth in Lending Act - ANS - regulates advertising with references to mortgage interest rates. Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a ... new GFE to a borrower? - ANS - The mortgage loan originator learns that the alimony the borrower receives (which was not included in her income analysis) will cease after she is remarried next month. What fact about a borrower may an underwriter take into consideration when approving a mortgage loan application? - ANS - likelihood of continued income ABC Bank receives a change of address request from a consumer. What requires the bank to follow up with him to verify the validity of the request? - ANS - Red Flag Rules In a purchase transaction closing, hypothecation occurs. This is described as - ANS - Using property as collateral without surrendering use or possession of it. Each of these loans would be excluded under the definition of a higher-priced loan EXCEPT - ANS - a purchase loan. [Show More]
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