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Why do you need to get help from PassTestking NMLS MLO Exam Questions?Our company has successfully launched the new version of the MLO study materials. Perhaps you are deeply bothered by preparing the MLO exam. Now, you can totally feel relaxed with the assistance of our MLO study materials. Our products are reliable and excellent. What is more, the passing rate of our MLO Study Materials is the highest in the market. Purchasing our MLO study materials means you have been half success. Good decision is of great significance if you want to pass the MLO exam for the first time. NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q147-Q152):NEW QUESTION # 147
Which of the following components of an ARM adjusts periodically?
A. Margin and interest rate only
B. Margin, index and interest rate
C. Index and margin only
D. Index and interest rate only
Answer: D
Explanation:
In an Adjustable-Rate Mortgage (ARM), the index is a benchmark interest rate that can change periodically, and the interest rate on the loan adjusts based on changes to this index, plus a fixed margin. The margin itself remains fixed throughout the life of the loan.
"The interest rate on an ARM is composed of two parts: the index (which fluctuates) and the margin (which is fixed). The interest rate adjusts periodically based on changes in the index."
- SAFE MLO National Test Study Guide; CFPB's Consumer Handbook on ARMs
References:
CFPB, Consumer Handbook on Adjustable-Rate Mortgages
SAFE MLO National Test Study Guide
NEW QUESTION # 148
Which of the following fees is a finance charge?
A. Pest inspection fees
B. Appraisal fees
C. Title insurance
D. Discount points
Answer: D
Explanation:
Under Truth in Lending Act (TILA) Regulation Z, a finance charge is defined as the cost of consumer credit as a dollar amount, including any charges payable directly or indirectly by the consumer and imposed as a condition of or an incident to the extension of credit. Discount points are a form of prepaid interest paid at closing to lower the interest rate, and are always considered a finance charge.
"Finance charges include interest, points, and other costs payable by the consumer at closing, such as loan fees and certain mortgage broker fees. Charges such as appraisal fees, title insurance, and pest inspection fees are typically not finance charges if not required by the creditor."
- 12 CFR ¡ì 1026.4(a); TILA/Regulation Z Commentary
References:
CFPB, What is a finance charge?
12 CFR ¡ì 1026.4(a), Regulation Z
NEW QUESTION # 149
Which of the following real estate methods allows investors to estimate the value of a property by taking the rent collected and dividing it by the capitalization rate?
A. Income approach
B. Cost approach
C. Sales comparison approach
D. Residual method approach
Answer: A
Explanation:
The income approach (sometimes called the capitalization approach) is a method used to estimate the value of income-producing properties. This method divides the net operating income (rent collected, less expenses) by the capitalization rate (cap rate) to determine value.
"The income approach to value is used to estimate the value of properties that generate income. The appraiser divides net operating income by a capitalization rate to derive the value."
- Fannie Mae Appraisal Guidelines; SAFE MLO National Test Study Guide
References:
Fannie Mae Selling Guide, Income Approach
SAFE MLO National Test Study Guide
NEW QUESTION # 150
Which of the following settlement costs is considered a prepaid item?
A. Recording fee
B. Closing fee
C. Real estate taxes
D. Title insurance
Answer: C
Explanation:
Prepaid items are costs that a borrower pays in advance at closing, such as interest, property taxes, and homeowners insurance. These are often collected to set up escrow accounts for future payments. Real estate taxes paid at closing are a classic example of a prepaid item.
"Prepaid items are charges that are paid in advance at closing for items such as interest, property taxes, and insurance premiums."
- CFPB, Your Home Loan Toolkit
References:
CFPB, What are prepaid items?
NEW QUESTION # 151
Which of the following types of income are considered as qualifying when applying for a mortgage loan?
A. Reimbursed expenses
B. Federal tax refund
C. Net rental income
D. Family gifts
Answer: C
Explanation:
Net rental income is considered qualifying income when applying for a mortgage, as it represents income generated from rental properties. Lenders typically calculate net rental income by subtracting property expenses from the total rental income, and they require documentation such as tax returns or lease agreements to verify this income.
* Reimbursed expenses (A), family gifts (C), and federal tax refunds (D) are generally not considered qualifying income, as they are one-time or non-recurring sources of funds.
References:
* Fannie Mae Selling Guide on qualifying income
* Freddie Mac Guidelines for rental income
NEW QUESTION # 152
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