MLO

MLO practice questions, page 5 of 5, with answer review and explanations.

Question 21

A second (subordinate) mortgage loan includes:

  1. government home purchase loan.
  2. conventional home purchase loan.
  3. home equity conversion mortgage.
  4. home equity lines of credit (HELOCs).

Question 22

Which of the following loans is subject to right of rescission?

  1. A purchase loan secured by a rental home
  2. A refinance loan secured by a vacation home
  3. A cash-out refinance loan on a primary residence
  4. A rate and term refinance loan through the same creditor

Question 23

Which of the following is an example of a non-fluctuating income source?

  1. Salaried W-2 position
  2. Self-employed income
  3. Commission-based W-2 income
  4. Part-time work with irregular hours

Question 24

After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

  1. 15 calendar days
  2. 20 calendar days
  3. 30 calendar days
  4. 60 calendar days