Title: MLO Valid Test Testking & Updated MLO Test Cram [Print This Page] Author: markcoo934 Time: before yesterday 21:10 Title: MLO Valid Test Testking & Updated MLO Test Cram BTW, DOWNLOAD part of TestkingPass MLO dumps from Cloud Storage: https://drive.google.com/open?id=1n2KsNRHRhFBlw-U_RM4V-EPWlltBOjnJ
In order to cater to the different needs of people from different countries in the international market, we have prepared three kinds of versions of our MLO learning questions in this website. And we can assure you that you will get the latest version of our MLO Training Materials for free from our company in the whole year after payment on MLO practice quiz. Last but not least, we will provide the most considerate after sale service for our customers on our MLO exam dumps.
Our product is revised and updated according to the change of the syllabus and the latest development situation in the theory and the practice. The MLO exam torrent is compiled elaborately by the experienced professionals and of high quality. The contents of MLO guide questions are easy to master and simplify the important information. It conveys more important information with less answers and questions, thus the learning is easy and efficient. The language is easy to be understood makes any learners have no obstacles. The MLO Test Torrent is suitable for anybody no matter he or she is in-service staff or the student, the novice or the experience people who have worked for years. The software boosts varied self-learning and self-assessment functions to check the results of the learning.
Request Your Sample Materials of MLOTestkingPass has built customizable NMLS MLO practice exams (desktop software & web-based) for our customers. Users can customize the time and MLO questions of NMLS MLO Practice Tests according to their needs. You can give more than one test and track the progress of your previous attempts to improve your marks on the next try. NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q112-Q117):NEW QUESTION # 112
A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:
A. refer the purchase loan to another MLO in their company to obtain a referral fee.
B. advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
C. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
D. take both applications and do one loan "in house" and broker the second loan to another lender.
Answer: B
Explanation:
The MLO must advise the borrower that if they plan to purchase a new home shortly after refinancing, they must disclose this information upfront. Since the terms of the refinance loan require that the borrower occupy the property for 12 months, the MLO should suggest refinancing the current property as a non-owner- occupied loan if the borrower does not intend to stay in the home. This approach ensures compliance with the loan terms and avoids potential mortgage fraud.
* Other options (A, B, C) involve potential conflicts of interest or violations of the loan terms.
References:
* Fannie Mae Guidelines on occupancy requirements
* CFPB Guidelines on owner-occupied versus non-owner-occupied loans
NEW QUESTION # 113
Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?
A. 30 business days
B. 45 calendar days
C. 15 business days
D. 7 business days
Answer: D
Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Loan Estimate (LE) at least 7 business days before the closing (also called consummation) of the mortgage loan. This rule ensures that the borrower has sufficient time to review and understand the loan terms and costs.
The 7-day waiting period starts from the day the Loan Estimate is delivered or placed in the mail. This period allows the borrower to ask questions and possibly negotiate terms before finalizing the mortgage.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR ¡ì1026.19(e)
* Consumer Financial Protection Bureau (CFPB) Guidelines
NEW QUESTION # 114
Which of the following situations requires further documentation when reviewing bank statements for documentation of assets for down payment and closing costs?
A. When the bank statement shows very little activity on the account
B. When there is a large deposit that is not a payroll deposit
C. When the bank statement comes from an institution that does not have a local presence
D. When there are two borrowers on a loan and only one of the borrowers' names is shown on a bank statement
Answer: B
Explanation:
When underwriting a loan, large or unusual deposits that are not readily identifiable (such as payroll deposits) must be sourced and documented. This is to ensure the funds are not borrowed or from an unacceptable source.
"If a bank statement reveals a large deposit that is not payroll-related, the lender must document the source of funds."
- Fannie Mae Selling Guide, B3-4.2-02: Depository Accounts
References:
Fannie Mae, Verifying Assets
SAFE MLO National Test Study Guide
NEW QUESTION # 115
On an annual basis, a licensed state mortgage loan originator must complete three hours of continuing education on federal law and regulations, two hours on nontraditional mortgage products, and two hours on:
A. Government loan programs
B. How to complete the loan application
C. The operations of the secondary market
D. Ethics
Answer: D
Explanation:
According to the SAFE Act, state-licensed MLOs must complete at least eight hours of approved continuing education annually, including three hours of federal law and regulations, two hours of ethics (which includes instruction on fraud, consumer protection, and fair lending), and two hours of training on nontraditional mortgage products.
"The annual continuing education requirement must include at least-(A) 3 hours of Federal law and regulations; (B) 2 hours of ethics, including instruction on fraud, consumer protection, and fair lending issues; (C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace."
- SAFE Act, 12 U.S.C. ¡ì 5105(b)(2)(A)-(C)
References:
SAFE Act, 12 U.S.C. ¡ì 5105
NMLS, Education Requirements
NEW QUESTION # 116
Non-qualified mortgages offer more options for borrowers who:
A. are currently living with their parents.
B. are self-employed.
C. have no down payment.
D. are unemployed.
Answer: B
Explanation:
Non-qualified mortgages (Non-QM) are designed to help borrowers who do not meet the standard documentation or income verification requirements of traditional qualified mortgages (QM). Non-QM loans provide more flexibility in underwriting guidelines and are often used by borrowers such as:
* Self-employed individuals who may have inconsistent or difficult-to-verify income streams. These borrowers may use bank statements or asset-based verification instead of W-2 forms or tax returns to qualify for a loan.
Non-QMs cater to borrowers who have unique financial situations but still demonstrate the ability to repay.
Non-QM loans are not necessarily high-risk but offer alternatives for those who don't meet the stringent Qualified Mortgage rules.
Other options:
* Unemployed individuals (A) typically cannot qualify unless they have alternative forms of income.
* No down payment (C): Non-QM loans usually still require a down payment, though the amount may vary.
* Living with parents (D) is not a relevant factor in Non-QM lending.
References:
* Dodd-Frank Act and Ability-to-Repay (ATR) rule
* CFPB guidelines on Qualified vs. Non-Qualified Mortgages
NEW QUESTION # 117
......
Our MLO study question is compiled and verified by the first-rate experts in the industry domestically and they are linked closely with the real exam. Our test bank provides all the questions which may appear in the real exam and all the important information about the exam. You can use the practice test software to test whether you have mastered the MLO Test Practice materials and the function of stimulating the exam to be familiar with the real exam's pace. So our MLO exam questions are real-exam-based and convenient for the clients to prepare for the MLO exam. Updated MLO Test Cram: https://www.testkingpass.com/MLO-testking-dumps.html
You just need to show us your failure MLO certification, and we will refund you after confirmation, As well as you memorize these questions and answers in our dumps, you must pass NMLS MLO certification, So our products are absolutely your first choice to prepare for the test MLO certification, After you complete the payment of MLO exam dumps, we will send NMLS MLO exam dumps to you via email in 10 minutes in our working time, 12 hours in non-working time.
If my product is better than my competition's products, my customers will be MLO loyal to my company and product, A recent study shows that three-quarters of customers think companies should work to improve the quality of their lives. High Pass Rate MLO Study Tool Helps You Pass the Mortgage Loan Origination (SAFE MLO) Exam ExamYou just need to show us your failure MLO Certification, and we will refund you after confirmation, As well as you memorize these questions and answers in our dumps, you must pass NMLS MLO certification.
So our products are absolutely your first choice to prepare for the test MLO certification, After you complete the payment of MLO exam dumps, we will send NMLS MLO exam dumps to you via email in 10 minutes in our working time, 12 hours in non-working time.
Opportunities are only for the prepared mind.