I took the MLO exam on August 4, 2018 in Korea. And I passed the exam safely! Fighting!
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1. Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?
A) Every day from 9 a.m. to 5 p.m.
B) Every day except Sunday and legal holidays
C) Any days that employees may access the office to work
D) Any days except Saturdays and Sundays
2. Which of the following must be included on all residential mortgage loan application forms?
A) The borrower's previous five year employment history
B) A borrower's driver's license number
C) A mortgage loan originator's unique identifier
D) The maiden name of the borrower's mother
3. The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:
A) Gramm-Leach-Bliley Act(GLBA).
B) Bank Secrecy Act (BSA).
C) Truth in Lending Act (TILA).
D) Real Estate Settlement Procedures Act(RESPA).
4. When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:
A) the APR and the costs of acquiring and maintaining the HELOC.
B) if the HELOC is insured by HUD.
C) if the HELOC requires private mortgage insurance
D) if the company offering the HELOC has deposit accounts insured by the FDIC.
5. A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?
A) No additional information required
B) An updated statement showing a zero balance
C) A letter from the borrower explaining that they paid it off
D) Oral confirmation from the borrower
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: B |
I took the MLO exam on August 4, 2018 in Korea. And I passed the exam safely! Fighting!
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