Online Access Free MLO Exam Questions

Within three business days of receiving an application, which of the following information is a creditor required to provide to an applicant?

• A.The applicant's right to receive a copy of the appraisal report
• B.The applicant's right to select the appraiser
• C.A copy of the appraisal report
• D.Timeline of the appraisal process

Which of the following settlement costs is considered a prepaid item?

• A.Recording fee
• B.Title insurance
• C.Real estate taxes
• D.Closing fee

How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?

• A.60 days
• B.90 days
• C.50 days
• D.45 days

The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

• A.adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
• B.implement an internal watch system to prevent the misrepresentation of occupancy status
• C.adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
• D.implement a written program to detect warning signs of identity theft.

Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?

• A.£250,000
• B.$750,000
• C.$1,000,000
• D.£500,000