Open the auxiliary access

Firefly Open Source Community

   Login   |   Register   |
New_Topic
Firefly Open Source Community › Embedded Computer › EC-R3568PC› Exam MLO Cram Questions & MLO Official Cert Guide ...
New Topic
Print Previous Topic Next Topic

Exam MLO Cram Questions & MLO Official Cert Guide

seanmar523

139

Credits

0

Prestige

0

Contribution

registered members

Rank: 2

Credits
139

Exam MLO Cram Questions & MLO Official Cert Guide

Posted at yesterday 08:41      View：21 | Replies：0        Print      Only Author   [Copy Link] 1#
DOWNLOAD the newest PrepPDF MLO PDF dumps from Cloud Storage for free: https://drive.google.com/open?id=1rLmLnVXPRmxrcSw3F-G1s7LUufQ8vrGV
Web-based MLO practice test of PrepPDF is accessible from any place. You merely need an active internet connection to take this NMLS MLO practice exam. Browsers including MS Edge, Internet Explorer, Safari, Opera, Chrome, and Firefox support this MLO Practice Exam. Additionally, this Mortgage Loan Origination (SAFE MLO) Exam (MLO) test is supported by operating systems including Android, Mac, iOS, Windows, and Linux.
Since our company’s establishment, we have devoted mass manpower, materials and financial resources into MLO exam materials and until now, we have a bold idea that we will definitely introduce our study materials to the whole world and make all people that seek fortune and better opportunities have access to realize their life value. Our MLO Practice Questions, therefore, is bound to help you pass though the exam and win a better future. We will also continuously keep a pioneering spirit and are willing to tackle any project that comes your way.
NMLS MLO Official Cert Guide | MLO PDF Cram ExamOur MLO exam questions are compiled by experts and approved by authorized personnel and boost varied function so that you can learn MLO test torrent conveniently and efficiently. We provide free download and tryout before your purchase and if you fail in the exam we will refund you in full immediately at one time. Our exam questions just need students to spend 20 to 30 hours practicing on the platform which provides simulation problems, can let them have the confidence to pass the MLO Exam, so little time great convenience for some workers. It must be your best tool to pass your exam and achieve your target.
NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q22-Q27):NEW QUESTION # 22
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?
  • A. Double fee method
  • B. Single fee method
  • C. Fee splitting
  • D. Tip sharing
Answer: C
Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation

NEW QUESTION # 23
Which of the following data should not be included in a borrower's personal data collected under the Home Mortgage Disclosure Act (HMDA)?
  • A. Religion
  • B. Race
  • C. Ethnicity
  • D. Sex
Answer: A
Explanation:
Under HMDA (Regulation C), lenders must collect and report applicant data including race, ethnicity, and sex, but not religion. Collecting data on an applicant's religion would be prohibited by the Equal Credit Opportunity Act (ECOA).
"The data reported under HMDA includes the applicant's ethnicity, race, sex, and income... religion is not collected or reported."
- 12 CFR § 1003.4(a); Regulation C
References:
CFPB, HMDA Data Collection
12 CFR § 1003.4(a)

NEW QUESTION # 24
Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?
  • A. Origination of an interim unsecured loan
  • B. Origination of a federally related mortgage loan
  • C. Origination of a chattel-secured loan
  • D. Origination of a timeshare loan
Answer: B
Explanation:
Under RESPA, a settlement service includes any service provided in connection with a real estate settlement, including the origination, processing, or funding of a federally related mortgage loan. A federally related mortgage loan is defined as any loan (other than temporary financing) secured by a first or subordinate lien on residential real property.
"Settlement service means any service provided in connection with a real estate settlement including but not limited to... the origination of a federally related mortgage loan."
- 12 CFR § 1024.2, Regulation X
Timeshare, chattel, and unsecured loans are not considered federally related mortgage loans under RESPA.
References:
CFPB, RESPA - Regulation X
SAFE MLO National Test Study Guide

NEW QUESTION # 25
A borrower's monthly debt-to-income ratio is calculated by taking the:
  • A. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
  • B. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
  • C. eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income
Answer: A
Explanation:
The debt-to-income (DTI) ratio is a key metric used by lenders to assess a borrower's ability to manage monthly payments and repay a mortgage. It is calculated by dividing the borrower's total monthly debt obligations, including:
* Monthly housing expenses (principal, interest, taxes, and insurance, also known as PITI).
* Any other recurring debt obligations (car loans, student loans, credit card payments, etc.).
This total is divided by the borrower's gross monthly income (before taxes and deductions). This calculation helps determine whether the borrower meets lending standards, with most lenders preferring a DTI ratio below 43% for qualified mortgages.
References:
Fannie Mae and Freddie Mac guidelines on debt-to-income ratio
CFPB Qualified Mortgage Rules

NEW QUESTION # 26
In a federally related mortgage loan transaction, a charge for a settlement service by a person for which no services or nominal services are performed is prohibited:
  • A. unless it is paid by the mortgage loan originator on the borrower's behalf.
  • B. only if it is paid by the borrower's real estate agent.
  • C. unless it is paid by the seller or the seller's real estate agent.
  • D. regardless of the sources of payment.
Answer: D
Explanation:
Under RESPA (Real Estate Settlement Procedures Act), it is illegal to charge a fee for a settlement service if no services or only nominal services are performed. This is true regardless of who pays the fee, whether it's the borrower, seller, real estate agent, or any other party. RESPA prohibits unearned fees, kickbacks, or payments for referrals in federally related mortgage transactions.
* Even if someone other than the borrower pays, the charge is still illegal if it is not justified by actual services performed.
References:
* RESPA Section 8 - Prohibition on kickbacks and unearned fees
* CFPB RESPA Guidelines

NEW QUESTION # 27
......
Do you want to have MLO exam training materials which can save you time and effort? Then you can choose PrepPDF. Our MLO exam training materials will provide you with free update service as long as one year. You will get the latest updated MLO Exam Training materials. We guarantee that after you purchase our MLO exam dumps, if you fail the MLO exam certification, we will give a full refund.
MLO Official Cert Guide: https://www.preppdf.com/NMLS/MLO-prepaway-exam-dumps.html
NMLS Exam MLO Cram Questions Best Certification Exam Dumps available Online, It can match your office software and as well as help you spare time practicing the MLO exam, PrepPDF has hired a team of professionals who work on a daily basis without caring about themselves to update the NMLS MLO practice material, Precise content.
These different expectations create gaps between the stakeholders that you must bridge in your usability business case, You can download the free demo of MLO pdf braindumps firstly to know about our service.
Quiz First-grade NMLS MLO - Exam Mortgage Loan Origination (SAFE MLO) Exam Cram QuestionsBest Certification Exam Dumps available Online, It can match your office software and as well as help you spare time practicing the MLO Exam, PrepPDF has hired a team of professionals who work on a daily basis without caring about themselves to update the NMLS MLO practice material.
Precise content, Last but not least, our MLO experts keep a watchful eye on the renewal of the Mortgage Loan Origination (SAFE MLO) Exam exam collection.
What's more, part of that PrepPDF MLO dumps now are free: https://drive.google.com/open?id=1rLmLnVXPRmxrcSw3F-G1s7LUufQ8vrGV
https://www.itcertmagic.com
Reply

Use props Report

Return to List
High mode
B Color Image Link Quote Code Smilies
You need to log in before you can reply Login | Register

This forum Credits Rules

  •  

Service Hotline : (+86)18688117175
Contact us
E-mail : global@t-firefly.com
Copyright © 2014-2022, FIREFLY TECHNOLOGY CO.,LTD. All Rightts Reserved. 粤ICP备14022046号-2
Quick Reply Back to top Back to list