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[General] Trustable New MLO Test Tips Help You to Get Acquainted with Real MLO Exam Simula

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【General】 Trustable New MLO Test Tips Help You to Get Acquainted with Real MLO Exam Simula

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q57-Q62):NEW QUESTION # 57
When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:
  • A. fair lending.
  • B. mortgage fraud.
  • C. a forgetful borrower.
  • D. pricing discrepancies.
Answer: B
Explanation:
When multiple discrepancies in a borrower's Social Security number (SSN) are found within the same loan file, it raises concerns of mortgage fraud. The Social Security number is a critical identifier used to verify a borrower's identity, credit history, and employment. Inconsistent or altered SSNs may suggest attempts to hide the true identity of the borrower, which can be an indicator of fraudulent activity.
* Mortgage fraud involves deliberate misrepresentation of information on loan applications, documents, or other parts of the mortgage process. SSN discrepancies can point to identity theft or attempts to use multiple identities to obtain a loan fraudulently.
* This is a serious concern under the Fair Credit Reporting Act (FCRA) and can lead to legal action if discovered during underwriting or later in the loan process.
Mortgage loan originators (MLOs) must report such discrepancies as they may violate federal laws like RESPA and TILA and lead to further investigation.
References:
* Federal Trade Commission (FTC) guidelines on identity theft
* Mortgage Acts and Practices (MAP) Rule

NEW QUESTION # 58
In the loan application process, when must specific disclosures be provided to a borrower for an ARM?
  • A. When a loan is locked in
  • B. At first mention of an ARM loan
  • C. At closing
  • D. Within three days of a complete application
Answer: D
Explanation:
For an Adjustable-Rate Mortgage (ARM), specific disclosures must be provided to the borrower within three business days of receiving a completed loan application. These disclosures are required under TILA (Truth in Lending Act) and include detailed information about the loan's terms, how the interest rate can change, and what potential payment increases might occur over time.
* The Loan Estimate (LE), which includes ARM-specific information, must be provided within this timeframe to ensure the borrower understands the adjustable nature of the loan before proceeding further in the process.
Other options like at closing or when a loan is locked in are incorrect, as disclosures must be provided much earlier in the process.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* TILA-RESPA Integrated Disclosure Rule (TRID)

NEW QUESTION # 59
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:
  • A. never been licensed or registered as an MLO in any governmental jurisdiction.
  • B. had an MLO license suspended in any governmental jurisdiction.
  • C. been convicted of a felony within the past seven years.
  • D. taken and failed the SAFE MLO National Test three times within the last year.
Answer: C
Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements

NEW QUESTION # 60
When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:
  • A. if the HELOC requires private mortgage insurance
  • B. if the HELOC is insured by HUD.
  • C. if the company offering the HELOC has deposit accounts insured by the FDIC.
  • D. the APR and the costs of acquiring and maintaining the HELOC.
Answer: D
Explanation:
When applying for a Home Equity Line of Credit (HELOC), consumers should carefully review the APR and the total costs of acquiring and maintaining the HELOC. The APR reflects the overall cost of borrowing, including interest and certain fees, and is crucial for understanding the long-term expense of the HELOC.
Additionally, consumers should consider fees associated with setting up and maintaining the HELOC, such as annual fees, transaction fees, and closing costs.
* While HUD insurance (A) and FDIC deposit insurance (C) are unrelated to HELOCs, and private mortgage insurance (B) is generally not required for HELOCs, the APR and fees are critical factors that directly impact the cost of borrowing.
References:
* Truth in Lending Act (TILA) disclosure requirements for HELOCs
* CFPB HELOC Guide

NEW QUESTION # 61
Which of the following components of an ARM adjusts periodically?
  • A. Index and interest rate only
  • B. Index and margin only
  • C. Margin and interest rate only
  • D. Margin, Index and interest rate
Answer: A
Explanation:
In an Adjustable-Rate Mortgage (ARM), the components that adjust periodically are the index and the interest rate. Here's how it works:
* The index is the benchmark interest rate that fluctuates with market conditions (e.g., LIBOR, SOFR).
* The interest rate adjusts based on changes in the index, but the margin (the fixed percentage added to the index) remains constant throughout the life of the loan.
Thus, the index and interest rate are the variables that change periodically, while the margin remains fixed.
References:
* Fannie Mae Selling Guide for ARMs
* Freddie Mac ARM Guidelines

NEW QUESTION # 62
......
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