Open the auxiliary access

Firefly Open Source Community

   Login   |   Register   |
New_Topic
Firefly Open Source Community › Embedded Board › AIO-3588SJD4› MLO Exam Test | MLO Exam Papers
New Topic
Print Previous Topic Next Topic

[Hardware] MLO Exam Test | MLO Exam Papers

jamesgr721

142

Credits

0

Prestige

0

Contribution

registered members

Rank: 2

Credits
142

【Hardware】 MLO Exam Test | MLO Exam Papers

Posted at 8 hour before      View：2 | Replies：0        Print      Only Author   [Copy Link] 1#
P.S. Free & New MLO dumps are available on Google Drive shared by Free4Dump: https://drive.google.com/open?id=1SIEjVunn2WJUlxB3Xoi3j0BnrvKs92Kg
This format is for candidates who do not have the time or energy to use a computer or laptop for preparation. NMLS MLO PDF file includes real NMLS MLO questions, and they can be easily printed and studied at any time. Free4Dump regularly updates its PDF file to ensure that its readers have access to the updated questions.
You must make a decision as soon as possible! I don't know where you heard about MLO actual exam, but you must know that there are many users of our MLO study materials. Some of these users have already purchased a lot of information. They completed their goals with our MLO learning braindumps. Now they have a better life. As you know the company will prefer to employ the staffs with the MLO certification.
NMLS - MLO –High Pass-Rate Exam TestPassing the MLO exam is your best career opportunity. The rich experience with relevant certificates is important for enterprises to open up a series of professional vacancies for your choices. Our website's MLO learning quiz bank and learning materials look up the latest questions and answers based on the topics you choose. This choice will serve as a breakthrough of your entire career, so prepared to be amazed by high quality and accuracy rate of our MLO Study Guide.
NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q79-Q84):NEW QUESTION # 79
Which of the following loans is subject to right of rescission?
  • A. A cash-out refinance loan on a primary residence
  • B. A refinance loan secured by a vacation home
  • C. A rate and term refinance loan through the same creditor
  • D. A purchase loan secured by a rental home
Answer: A
Explanation:
The right of rescission is a provision under TILA (Truth in Lending Act) that gives borrowers the right to cancel certain types of loans within three business days after closing. This right applies specifically to refinance transactions on a borrower's primary residence, where they are taking cash out or refinancing their mortgage.
* Cash-out refinances on a primary residence (C) are subject to the right of rescission because they involve the homeowner's primary residence.
* Purchase loans (A) and loans secured by vacation homes (B) or other investment properties are not subject to this rule.
* Even if the same creditor is refinancing the loan (Option D), the right of rescission still applies if it's a refinance of the primary residence.
References:
* Truth in Lending Act (TILA) Section 125
* Regulation Z, 12 CFR §1026.23 on the right of rescission

NEW QUESTION # 80
Which of the following characteristics is unique to a home equity line of credit (HELOC)?
  • A. A borrower is permitted to receive additional advances.
  • B. A borrower is permitted to sell the property without paying off the loan.
  • C. A borrower is permitted to make interest-only payments for the term of the loan.
  • D. A borrower is permitted to borrow more than the property is worth.
Answer: A
Explanation:
A home equity line of credit (HELOC) is a revolving form of credit secured by the equity in the borrower's home. What is unique about a HELOC, compared to traditional closed-end loans, is that the borrower can take multiple draws or advances up to the credit limit during the draw period.
"A HELOC is a line of credit extended to a homeowner that uses the borrower's home as collateral. The distinguishing feature of a HELOC is that the borrower may take additional advances at his or her discretion, up to the approved credit limit, during the draw period."
- SAFE MLO National Test Study Guide
Other answers:
Interest-only payments can occur in some loan types but are not unique to HELOCs.
Borrowing more than the property is worth (being "underwater") is not allowed.
Selling the property without paying off the loan is not permitted; the HELOC must be satisfied at sale.
References:
CFPB, What is a HELOC?
SAFE MLO National Test Study Guide

NEW QUESTION # 81
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?
  • A. Notify the MLO's employer and/or the mortgage lender of the discovery
  • B. Take no action as the property was occupied at the time of application
  • C. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
  • D. Allow the application to be underwritten before raising any concerns
Answer: A
Explanation:
Mortgage loan originators are bound by ethical and legal requirements to disclose any material changes in a loan application that could affect the underwriting decision. Discovering that the property is no longer the borrower's primary residence is a significant change and may affect loan terms, program eligibility, and disclosures. According to the SAFE Act and industry best practices, the MLO must immediately report such information to their employer and/or the lender.
"A mortgage loan originator has a duty to promptly notify the lender of any material change in the application or circumstances of the borrower that could impact loan eligibility or the terms of the loan."
- SAFE MLO National Test Study Guide; NMLS UST Outline
Other options fail to fulfill the MLO's legal and ethical obligations and could be construed as misrepresentation or fraud.
References:
SAFE MLO National Test Study Guide
NMLS Uniform State Content Outline
CFPB, Mortgage Origination Rules

NEW QUESTION # 82
A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?
  • A. The borrower lacks a history in an industry that requires specific skills.
  • B. A recent college graduate holds a high-level position in the organization.
  • C. The borrower has been employed by the same company for three years.
  • D. The residence is more than 120 miles from the work location on a refinance.
Answer: C
Explanation:
Lenders are permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation when the borrower has a stable employment history, such as being employed by the same company for three years or more. This provides sufficient documentation of employment stability, reducing the need for further explanation.
* Other options (A, B, C) involve situations where the employment status or job stability may raise concerns, thus requiring additional documentation or explanation.
References:
* Fannie Mae Selling Guide on employment verification
* Freddie Mac Employment History Guidelines

NEW QUESTION # 83
Within three business days of receiving an application, which of the following information is a creditor required to provide to an applicant?
  • A. The applicant's right to select the appraiser
  • B. Timeline of the appraisal process
  • C. A copy of the appraisal report
  • D. The applicant's right to receive a copy of the appraisal report
Answer: D
Explanation:
The Equal Credit Opportunity Act (ECOA) Valuations Rule (Regulation B) requires creditors to provide a written notice to applicants within three business days of application stating their right to receive a copy of any appraisal report developed in connection with their application.
"A creditor must deliver or mail a notice of the applicant's right to receive a copy of all appraisals or valuations developed in connection with the application within three business days of receiving an application."
- 12 CFR § 1002.14(a)(2), Regulation B
Applicants do not have the right to select their appraiser.
References:
CFPB, ECOA Valuations Rule Summary

NEW QUESTION # 84
......
Free4Dump provides numerous extra features to help you succeed on the MLO exam, in addition to the NMLS MLO exam questions in PDF format and online practice test engine. These include 100% real questions and accurate answers, 1 year of free updates, a free demo of the NMLS MLO Exam Questions, a money-back guarantee in the event of failure, and a 20% discount. Free4Dump is the ideal alternative for your MLO test preparation because it combines all of these elements.
MLO Exam Papers: https://www.free4dump.com/MLO-braindumps-torrent.html
Many candidates reflect that they spend much time on preparation but fail, after purchasing our valid MLO exam collection, they only prepare for exam two days, they get a wonderful passing score, NMLS MLO Exam Test If you urgently need help, come to buy our study materials, For some relating medium- and high-level managerial positions MLO certification will be stepping stone to better development, Customizable mock tests comprehensively and accurately represent the actual Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification exam scenario.
for example, if the administrator was using the console on MLO ServerA, the command Route ServerA would have no effect, They're already here, Many candidates reflect that they spend much time on preparation but fail, after purchasing our valid MLO Exam Collection, they only prepare for exam two days, they get a wonderful passing score.
Seeing The MLO Exam Test, Passed Half of Mortgage Loan Origination (SAFE MLO) ExamIf you urgently need help, come to buy our study materials, For some relating medium- and high-level managerial positions MLO certification will be stepping stone to better development.
Customizable mock tests comprehensively and accurately represent the actual Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification exam scenario, We PDF4Test have been engaged providing good MLO study guide sheet many years which help thousands of examinees clearing exam with 98.89% passing rate which are famous in this field.
2026 Latest Free4Dump MLO PDF Dumps and MLO Exam Engine Free Share: https://drive.google.com/open?id=1SIEjVunn2WJUlxB3Xoi3j0BnrvKs92Kg
https://www.braindumpquiz.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