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Review MLO Guide, MLO Exam Pass4sure

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Review MLO Guide, MLO Exam Pass4sure

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q130-Q135):NEW QUESTION # 130
Which of the following responses describes the main purpose of the secondary market?
  • A. To service second mortgage loans
  • B. To fund a second home loan
  • C. To fund second mortgage loans
  • D. To fund additional loans
Answer: D
Explanation:
The main purpose of the secondary market is to fund additional loans by allowing lenders to sell existing mortgages to investors. This process replenishes the lender's capital, enabling them to originate more loans.
The secondary market is where mortgage-backed securities (MBS) are bought and sold, providing liquidity to the mortgage market.
* Other options such as funding second mortgages or second home loans are specific transactions that do not capture the overall purpose of the secondary market.
References:
* Fannie Mae and Freddie Mac Secondary Market Guidelines
* HUD Secondary Mortgage Market Overview

NEW QUESTION # 131
Which of the following services is included in the definition of a settlement service?
  • A. Title company/escrow agent services
  • B. Sale of the mortgage loan on the secondary market
  • C. Homeowners association fees
  • D. Flood insurance
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 # 132
The SAFE Act defines a nontraditional mortgage as all of the following except:
  • A. An interest-only mortgage.
  • B. A payment option ARM with a down payment of 5%.
  • C. A 30-year fixed rate mortgage with a 25% down payment.
  • D. 15-year mortgage with an interest rate of 10%.
Answer: C
Explanation:
The SAFE Act defines a "nontraditional mortgage" as any loan product other than a 30-year fixed-rate mortgage. Nontraditional loans include adjustable-rate mortgages (ARMs), interest-only loans, payment option ARMs, and other products with features outside the standard fixed-rate structure.
"Nontraditional mortgage product means any mortgage product other than a thirty-year fixed-rate mortgage."
- SAFE Act, 12 USC § 5102(7); NMLS UST Outline
Thus, the 30-year fixed-rate mortgage with a 25% down payment is not nontraditional; all the other examples are.
References:
SAFE Act, 12 USC § 5102(7)
SAFE MLO National Test Study Guide

NEW QUESTION # 133
Which of the following factors is considered when determining the interest rate for a subprime mortgage?
  • A. The sales price of the property
  • B. The term of the loan
  • D. The property location
Answer: C
Explanation:
For subprime mortgages, the credit score of the applicants is a primary factor in determining the interest rate.
Subprime loans are designed for borrowers with lower credit scores, typically below 620, and are offered at higher interest rates due to the increased risk of default.
* Factors like the loan term (A), property location (B), and sales price (C) may influence other aspects of the loan, but the credit score is the key factor that determines whether a borrower qualifies for a subprime mortgage and the corresponding interest rate.
References:
Fannie Mae and Freddie Mac Subprime Lending Guidelines
CFPB Subprime Mortgage Standards

NEW QUESTION # 134
Which of the following duties requires licensure under the SAFE Act?
  • A. An individual who performs processing and underwriting duties at the direction of and subject to the supervision of a licensed individual
  • B. A licensed and registered real estate broker performing real estate brokerage activities
  • C. An individual who offers or negotiates terms of a residential mortgage loan for compensation or gain
  • D. An individual who performs administrative or clerical tasks on behalf of a mortgage loan originator
Answer: C
Explanation:
Under the SAFE Act, an individual must be licensed as a mortgage loan originator (MLO) if they take a residential mortgage loan application and offer or negotiate terms for compensation or gain. Activities such as only performing clerical or support duties, or acting solely as a real estate broker in their normal capacity, do not require an MLO license.
"The term 'mortgage loan originator'... means an individual who (i) takes a residential mortgage loan application; and (ii) offers or negotiates terms of a residential mortgage loan for compensation or gain."
- SAFE Act, 12 USC § 5102(4)
References:
SAFE Act, 12 USC § 5102(4)
NMLS Uniform State Content Outline

NEW QUESTION # 135
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