Mortgage Loan Originator (MLO) Licensing Practice Test

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Prepare for the Mortgage Loan Originator Licensing Test. Utilize diverse question formats, including flashcards and multiple choice, with detailed explanations. Gear up for your MLO exam with comprehensive study material!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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How long does the intent to proceed under RESPA typically last?

  1. 5 business days

  2. 10 business days

  3. 15 business days

  4. 30 business days

The correct answer is: 10 business days

The intent to proceed under the Real Estate Settlement Procedures Act (RESPA) typically lasts for 10 business days. This timeframe is established to provide consumers with a brief window in which they can review the loan estimate and decide whether to move forward with the mortgage process. During these 10 business days, borrowers have the opportunity to ask questions, compare offers, and gather necessary information before committing to the loan, ensuring that they make informed decisions. This regulation promotes transparency and helps protect consumers in the mortgage process by giving them a clear timeframe to assess their options before proceeding.