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[General] Latest MLO Exam Question - MLO Latest Study Materials

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【General】 Latest MLO Exam Question - MLO Latest Study Materials

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q77-Q82):NEW QUESTION # 77
Which of the following scenarios describes an assumable loan?
  • A. A purchaser of a property may be able to take over the existing loan payments.
  • B. A borrower has an option to choose a loan servicer.
  • C. A loan holder can sell the loan.
  • D. A borrower has an option to take out a second mortgage
Answer: A
Explanation:
An assumable loan is a loan in which a purchaser of a property has the option to take over the existing loan payments under the same terms as the original borrower. This can happen with certain types of loans, such as FHA or VA loans, which allow the buyer to assume the mortgage, potentially at a more favorable interest rate than current market rates.
* Options like taking out a second mortgage (A), choosing a loan servicer (B), or selling the loan (D) do not describe assumable loans.
References:
* FHA Guidelines on Assumable Loans
* VA Loan Assumption Guidelines

NEW QUESTION # 78
A sign that an appraisal report may be overvaluing a property is that the:
  • A. Subject property and comparable properties were built by the same construction company.
  • B. Subject property address does not match the house number photographed by the appraiser.
  • C. Subject property is in the same neighborhood as the comparable properties.
  • D. Comparable properties are consistent with the subject property.
Answer: B
Explanation:
A mismatch between the subject property address and the house number photographed by the appraiser is a clear red flag. It suggests the photo may not be of the actual property being appraised, raising serious questions about the validity of the appraisal and possible overvaluation or fraud.
"Warning signs of appraisal fraud include... property photos that do not match the address or appearance of the subject property."
- Fannie Mae Appraiser Independence Requirements (AIR); SAFE MLO National Test Study Guide References:
Fannie Mae, Appraiser Independence Requirements
SAFE MLO National Test Study Guide

NEW QUESTION # 79
Which of the following events will cause a mortgage loan originator's (MLO's) temporary authority to cease in a given state?
  • A. A week has elapsed between when the MLO's federal registration expired and sponsorship by a new employer.
  • B. The MLO was terminated by his previous employer.
  • C. Another state denies the MLO's license application.
  • D. The state does not grant temporary authority to transitioning MLOs.
Answer: D
Explanation:
Temporary authority allows certain MLOs to originate loans while their license application is pending.
However, this authority only exists if the state participates and grants temporary authority. If a state does not grant temporary authority to transitioning MLOs, the individual cannot legally originate loans in that state under temporary authority.
"Temporary authority to operate applies only in states that have adopted the provisions of the SAFE Act regarding temporary authority. If a state does not grant temporary authority, the MLO cannot operate under it."
- SAFE Act, 12 U.S.C. § 5117; NMLS Guidance
Other events listed do not directly cause the loss of temporary authority unless dictated by state law.
References:
SAFE Act, 12 U.S.C. § 5117
NMLS, Temporary Authority to Operate FAQs

NEW QUESTION # 80
Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?
  • A. A state regulator
  • B. The Federal Trade Commission
  • C. NMLS
  • D. The Conference of State Bank Supervisors
Answer: A
Explanation:
For state-licensed, non-depository lenders, the primary regulatory authority is the state regulator in the jurisdiction where the lender operates. Each state has its own agency or department responsible for overseeing licensing, compliance, and enforcement of mortgage laws for non-depository institutions.
* The NMLS (A) is the system used to manage licenses but is not a regulatory authority.
* The Federal Trade Commission (B) oversees federal consumer protection laws but is not the primary regulator for state-licensed lenders.
* The Conference of State Bank Supervisors (CSBS) (D) helps coordinate state regulation but does not directly regulate individual lenders.
References:
SAFE Act, 12 USC §5101
NMLS and State Regulator Guidelines

NEW QUESTION # 81
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:
  • A. Truth in Lending Act (TILA).
  • B. Real Estate Settlement Procedures Act(RESPA).
  • C. Gramm-Leach-Bliley Act(GLBA).
  • D. Bank Secrecy Act (BSA).
Answer: D
Explanation:
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC §5311
* FinCEN Guidelines on SAR filing

NEW QUESTION # 82
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