Which fee is a mortgage loan originator forbidden from collecting? higher-priced loan.
3.5%
. Which advertising practice is prohibited by TILA?
What does the loan originator rule prohibit?
The rule prohibits
a creditor or any other person from paying, directly or indirectly, compensation
to a mortgage broker or any other loan originator that is based on a mortgage transaction’s terms or conditions, except the amount of credit extended.
Which loan characteristic may be used to determine the fee that a mortgage loan originator is paid quizlet?
Any compensation that is based on loan terms or conditions such as interest rate, annual percentage rate (APR), loan-to-value (LTV), etc., is prohibited. Which loan characteristic may be used to determine the fee that a mortgage loan originator is paid? The definition of
appraisal
is “an opinion of value.”
Which of the following is a duty of a mortgage loan originator?
Mortgage loan originators
educate, advise, and guide potential borrowers through the loan application process
. They have a passion for helping people and possess the ability to understand and navigate complex financial documents.
Which information will a mortgage loan originator not gather while taking a loan application?
Which information will an MLO NOT gather while taking a loan application?
history of making payments on past debts and obligations
.
Can a loan originator originate a loan for a family member?
The provision in the definition that loan originators are
individuals who take
an “application” implies a formality and commercial context that is wholly absent where an individual offers or negotiates terms of a residential mortgage loan with or on behalf of a member of his or her immediate family.
How is a loan originator paid?
Most mortgage loan originators receive a commission on the loans they originate. … Larger banks tend to pay their mortgage loan originators a
salary plus a small percentage of the final mortgage amount
. Smaller banks might pay a salary plus a percentage of the fees.
Which fee is a mortgage loan originator forbidden from collecting quizlet?
Which fee is a mortgage loan originator forbidden from collecting? higher-priced loan.
3.5%
. Which advertising practice is prohibited by TILA?
How soon after a borrower is provided with all required disclosures may a loan close?
According to the Consumer Financial Protection Bureau’s final rule, the creditor must deliver the Closing Disclosure to the consumer
at least three business days prior to the date of consummation of the transaction
.
Which is not included in the definition of a mortgage loan originator’s compensation?
Which is NOT included in the definition of a mortgage loan originator’s compensation?
referral fees or kickbacks(RESPA) not mloa rule
.
What is the difference between a loan originator and a mortgage broker?
A loan officer offers mortgage options only from the financial institution they work for, while a
mortgage broker acts as a matchmaker between you and a number of different mortgage lenders
. …
Is a mortgage loan originator the same as a loan officer?
A mortgage loan originator, or MLO — sometimes just known as a loan originator — is an
individual or entity integral to
the mortgage loan origination process, or the initiation of a loan. A “loan officer” generally describes just the professional you work with. …
What is the difference between a loan originator and a loan processor?
Mortgage processors
streamline the mortgage loan process
by compiling loan application documentation for the borrower. Loan originators work with both the loan underwriter and loan officer to push through the mortgage loan request.
Is being a loan originator hard?
Being a Loan Officer Can Be Really Lucrative
First and foremost, it is not an easy job. Sure, a mortgage broker or bank may tell you that it’s simple. And yes, you
may not have to work very hard
in the traditional sense, or take part in any back-breaking work.
What is a mortgage loan originator salary?
The average salary for a mortgage loan originator is
$244,188 per year
in the United States and $27,600 commission per year.
What type of mortgage is most likely to cause payment shock?
Interest rate changes are one of the major causes of payment shock. Mortgage borrowers—notably those with
adjustable-rate mortgages (ARMs)
—commonly experience the following scenarios that may lead to this risk: The expiration of an initial or temporary interest rate. The end of a fixed interest rate period.
