National Mortgage Loan Originator (MLO) Test With Uniform State Content (UST)

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An MLO advertises a 'No Closing Costs' loan on a large billboard. However, the fine print at the very bottom, which is unreadable from a car, states that the borrower is still responsible for third-party fees like appraisal and title insurance. This advertising practice is a potential violation of which regulation?

The Equal Credit Opportunity Act (ECOA) The Home Mortgage Disclosure Act (HMDA) The Mortgage Acts and Practices (MAP) Rule - Regulation N The Fair and Accurate Credit Transactions Act (FACTA)

Correct Answer:

The Mortgage Acts and Practices (MAP) Rule - Regulation N

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