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If a borrower only receives commission pay for 18 months, which of the following actions should a mortgage loan originator (MLO) take?
A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:
Which of the following loan types is covered by the Real Estate Settlement Procedures Act (RESPA)?
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?
Which of the following occupancy types are listed on the Uniform Residential Loan Application?
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:
Which of the following characteristics is unique to a home equity line of credit (HELOC)?