Free NMLS MLO Exam Dumps Questions & Answers

Which of the following is an acceptable reason for denying a forward mortgage under the Equal Credit Opportunity Act (ECOA)?

• A.  Marital status
• B.  Receipt of child support
• C.  Retirement age
• D.  Immigration status

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

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

According to Fannie Mae, a loan with a purchase transaction loan amount of $160,000, sales price of
$180,000, and an appraised value of $200,000 has a loan-to-value ratio of what percentage?

• A.  80%
• B.  88%
• C.  89%
• D.  90%

A second (subordinate) mortgage loan includes:

• A.  home equity lines of credit (HELOCs;
• B.  government home purchase loan.
• C.  conventional home purchase loan.
• D.  home equity conversion mortgage.

Private mortgage insurance (PMI) is required to be automatically removed by a lender/servicer when which of the following events occur?

• A.  If the borrower produces an appraisal that shows that the borrower currently has more than 20% equity
• B.  When the borrower has been current for at least five years and has a loan to value of 80% or less
• C.  When the principal balance of the loan reaches 78% of the original value when scheduled
• D.  When the borrower provides a cancellation request