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[General] NMLS MLO Pdf Braindumps | MLO Exam Papers

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【General】 NMLS MLO Pdf Braindumps | MLO Exam Papers

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q146-Q151):NEW QUESTION # 146
Which of the following circumstances may indicate fraud with respect to the assets a borrower will use for closing?
  • A. Disclosure of gift funds
  • B. Borrower's receipt of a large bonus from an employer
  • C. Bank deposits that are not supported by income or other disclosures
  • D. Parental loans disclosed but not yet received
Answer: C
Explanation:
In mortgage loan origination, a key focus is ensuring the borrower has the financial means to cover the costs of the mortgage, including closing costs, down payments, and reserves. Fraud may be indicated when there are discrepancies or inconsistencies in the borrower's disclosed assets and income. Here's a detailed explanation of why Option A is the correct answer:
* Bank Deposits that are not supported by income or other disclosures (Option A):
* This is a red flag for possible fraud. If large or frequent deposits are reflected in the borrower's bank accounts but cannot be linked to their income or other sources of funds disclosed in the application (e.g., salary, bonuses, or documented gifts), it raises suspicions that the borrower may be trying to misrepresent their financial position.
* The Uniform Residential Loan Application (URLA) or 1003 form requires borrowers to disclose their assets, liabilities, and income sources in detail. Mortgage underwriters will carefully review these disclosures and cross-check them with bank statements to verify the legitimacy of deposits.
* According to Fannie Mae's Selling Guide, large, unexplained deposits need to be sourced and seasoned (i.e., must be in the borrower's account for a specific period, typically two months) to ensure the funds are legitimate. Unsupported deposits that cannot be explained could indicate that the funds are coming from non-disclosed sources, such as unreported loans, which could impact the borrower's ability to repay the loan.
* Disclosure of gift funds (Option B):
* Disclosing gift funds is a legitimate and common source of funds for closing costs and down payments, especially for first-time homebuyers. As long as the gift funds are properly documented (typically via a gift letter from the donor), this would not raise concerns of fraud.
Lenders typically require that the gift funds come from a verifiable source, and a gift letter confirming that the funds are a true gift, not a loan that must be repaid, is crucial.
* Parental loans disclosed but not yet received (Option C):
* If a borrower discloses a loan from a parent but has not yet received the funds, this may raise underwriting concerns about whether the borrower truly has sufficient assets for closing.
However, this does not indicate fraud as long as the loan is disclosed. The lender would verify that the loan will be received and accounted for prior to closing. The loan could potentially affect the borrower's debt-to-income ratio (DTI) but wouldn't necessarily suggest deception.
* Borrower's receipt of a large bonus from an employer (Option D):
* Receiving a large bonus from an employer is not in itself suspicious as long as the bonus is documented and can be verified by the lender. Borrowers often use bonuses as part of their qualifying income, and these are acceptable as long as they are stable and likely to continue, as outlined in Fannie Mae or Freddie Mac guidelines. Therefore, this would not indicate fraud unless there was an attempt to misrepresent the amount or source of the bonus.
In conclusion, Option A (Bank deposits that are not supported by income or other disclosures) is the most likely indicator of potential fraud because it involves unexplained and unverified funds, which may suggest misrepresentation of the borrower's financial standing.
References:
* Fannie Mae Selling Guide: Verifying Assets
* Uniform Residential Loan Application (URLA) Guidelines
* RESPA (Real Estate Settlement Procedures Act) Compliance

NEW QUESTION # 147
Which of the following services is included in the definition of a settlement service?
  • A. Title company/escrow agent services
  • B. Homeowners association fees
  • C. Flood insurance
  • D. Sale of the mortgage loan on the secondary market
Answer: A
Explanation:
Under RESPA (Real Estate Settlement Procedures Act), settlement services include activities related to closing the mortgage loan, such as title company services and escrow agent services. These services are integral to the settlement process and ensure that the transaction is completed legally and correctly.
* Flood insurance (A) is required for properties in flood zones but is not considered a settlement service.
* Homeowners association fees (B) and the sale of the mortgage loan on the secondary market (D) are also not part of the settlement services.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2602
* CFPB RESPA Guidelines on settlement services

NEW QUESTION # 148
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?
  • A. The Bank Secrecy Act
  • B. The National Bank Act
  • C. The Real Estate Settlement Procedures Act
  • D. The National Currency Act
Answer: A
Explanation:
The Bank Secrecy Act (BSA) requires mortgage lenders and other financial institutions to adopt anti-money laundering (AML) policies to detect and prevent money laundering and other financial crimes. Under BSA, lenders must:
* Implement a written AML compliance program.
* Report suspicious activities using Suspicious Activity Reports (SARs).
* Maintain records and report large cash transactions to prevent illegal financial activities such as money laundering and fraud.
Other laws mentioned:
* The National Bank Act and National Currency Act focus on the regulation of national banks.
* The Real Estate Settlement Procedures Act (RESPA) addresses settlement and disclosure requirements but does not cover AML rules.
References:
* Bank Secrecy Act (BSA)
* Financial Crimes Enforcement Network (FinCEN) guidelines

NEW QUESTION # 149
The SAFE Act requires a mortgage loan originator (MLO) to:
  • A. Maintain a valid unique identifier issued by the AARMR.
  • B. Retake the SAFE MLO National Test after failing to maintain a valid license for a period of four years.
  • C. Register with the Conference of State Bank Supervisors (CSBS).
  • D. Obtain and annually maintain a license.
Answer: D
Explanation:
The SAFE Act requires all state-licensed mortgage loan originators (MLOs) to obtain and maintain an active license through their state's regulatory agency, including meeting annual renewal and continuing education requirements.
"Each mortgage loan originator must obtain a license from, and annually renew a license with, the State in which the mortgage loan originator maintains a unique identifier."
- SAFE Act, 12 U.S.C. § 5104(a)(1)-(2)
AARMR and CSBS administer the NMLS system, but licenses are maintained through state agencies. While re-taking the national test is required after some periods of inactivity, it is not required specifically after failing to maintain a license for four years unless mandated by the state.
References:
SAFE Act, 12 U.S.C. § 5104
NMLS, State-Licensed MLO Requirements

NEW QUESTION # 150
Which of the following responses best defines a red flag?
  • A. A pattern, practice or specific activity that indicates the possible existence of identity theft
  • B. Effective oversight by lenders to prevent borrower identity theft
  • C. Reasonably foreseeable risk taken by borrowers to prevent identity theft
  • D. Proof that specific activity shows identity theft
Answer: A
Explanation:
A red flag is a pattern, practice, or specific activity that indicates the possible existence of identity theft. The Red Flags Rule requires financial institutions and creditors to develop and implement programs to detect, prevent, and mitigate identity theft.
"Red flags are patterns, practices, or specific activities that indicate the possible existence of identity theft."
- FTC, Red Flags Rule: Identity Theft Prevention Program
References:
FTC, Red Flags Rule
SAFE MLO National Test Study Guide

NEW QUESTION # 151
......
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