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MLO Latest Braindumps Free | Exam MLO Training

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MLO Latest Braindumps Free | Exam MLO Training

Posted at yesterday 21:51      View：4 | Replies：0        Print      Only Author   [Copy Link] 1#
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q15-Q20):NEW QUESTION # 15
Which of the following facets of a loan could be considered predatory lending or steering?
  • A. Cash-out
  • B. Prepayment penalty
  • C. Lowered interest rate
  • D. Fixed interest rate
Answer: B
Explanation:
Prepayment penalties can be used as a tool for predatory lending or steering, especially if borrowers are not made aware of them or if such penalties are used to discourage refinancing or early payoff, which may not be in the borrower's best interest.
"Certain loan terms such as prepayment penalties... may be considered predatory when they are not adequately disclosed or when used to lock borrowers into unfavorable loans."
- CFPB, Protecting Consumers from Predatory Lending Practices
Cash-out and lowered interest rates are not inherently predatory, and a fixed interest rate is generally a consumer-friendly feature.
References:
CFPB, Predatory Lending
SAFE MLO National Test Study Guide

NEW QUESTION # 16
Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?
  • A. ARM
  • B. FHA
  • C. Fixed
  • D. Construction
Answer: A
Explanation:
Under Regulation Z, which implements the Truth in Lending Act (TILA), creditors offering Adjustable- Rate Mortgages (ARM) are required to provide disclosures that fully describe each variable-rate loan program in which the consumer expresses interest. These disclosures must explain:
* How the interest rate and payment could change over time
* The frequency of rate changes
* The index used to determine the rate
* Potential caps and limits on rate increases
These disclosures ensure transparency and protect consumers from unexpected payment shocks.
Other loan types:
* FHA loans (B) follow fixed or ARM terms, but the requirement for variable-rate disclosure is specific to ARMs.
* Fixed-rate loans (C) don't have variable rates, so they don't require such detailed disclosures.
* Construction loans (D) may involve different terms but aren't subject to this particular requirement.
References:
* Truth in Lending Act (TILA), specifically for Adjustable-Rate Mortgages
* 12 CFR Part 1026, Regulation Z

NEW QUESTION # 17
Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?
  • A. A seller providing financing to the purchaser of a dwelling owned by the seller
  • B. A loan processor performing clerical duties under the direction and supervision of a licensed broker
  • C. An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
  • D. An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
Answer: A
Explanation:
Under the SAFE Act, individuals who take an application and offer or negotiate terms of a residential mortgage loan for compensation or gain must be licensed as MLOs.
A seller providing financing for the sale of their own property (such as in an owner-finance transaction) is generally required to be licensed as an MLO unless specifically exempted by state or federal law (limited situations, e.g., seller-finance up to 3 properties per year).
Other individuals listed (processors, assistants, underwriters) do not require licensure as long as they are working under the direction and supervision of a licensed MLO and not negotiating loan terms or taking applications.
"Any individual who takes a residential mortgage loan application and offers or negotiates terms for compensation or gain must be licensed as a mortgage loan originator, unless specifically exempted."
- SAFE Act, 12 U.S.C. § 5102(4)
References:
SAFE Act, 12 U.S.C. § 5102(4)
NMLS Uniform State Content Outline

NEW QUESTION # 18
The ability to originate loans under temporary authority applies to which of the following?
  • A. Previously registered mortgage loan originators (MLOs)
  • B. Previously licensed real estate brokers
  • C. An MLO who is still waiting for their credit check to be completed
  • D. An MLO who has scheduled their test but not completed it
Answer: A
Explanation:
Temporary authority to originate loans applies to registered MLOs (from a depository institution) who become employed by a state-licensed mortgage company, as well as to state-licensed MLOs seeking licensure in another state, provided they meet all SAFE Act requirements.
"Temporary authority to originate loans applies to... registered mortgage loan originators seeking state licensure and state-licensed MLOs seeking licensure in a new state."
- SAFE Act, 12 U.S.C. § 5117; NMLS Temporary Authority Guidelines
It does not apply to real estate brokers or those who have not passed required testing/background checks.
References:
NMLS, Temporary Authority to Operate
SAFE Act, 12 U.S.C. § 5117

NEW QUESTION # 19
Which of the following responses describes the required amount of flood insurance coverage?
  • A. The outstanding principal balance of the loan
  • B. The minimum amount of National Flood Insurance Program coverage available
  • C. The original appraised value of the home
  • D. The property value on file with the county property valuation administrator office
Answer: A
Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is
$250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
National Flood Insurance Program (NFIP)
FEMA Flood Insurance Guidelines

NEW QUESTION # 20
......
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