MLO FREE PRACTICE EXAMS & MLO BRAINDUMPS

MLO Free Practice Exams & MLO Braindumps

MLO Free Practice Exams & MLO Braindumps

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Tags: MLO Free Practice Exams, MLO Braindumps, MLO New Learning Materials, MLO Free Download Pdf, Clear MLO Exam

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NMLS MLO Braindumps, MLO New Learning Materials

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q27-Q32):

NEW QUESTION # 27
Which of the following components of an ARM adjusts periodically?

  • A. Margin, Index and interest rate
  • B. Index and interest rate only
  • C. Margin and interest rate only
  • D. Index and margin only

Answer: B

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 # 28
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

  • A. been convicted of a felony within the past seven years.
  • B. never been licensed or registered as an MLO in any governmental jurisdiction.
  • C. taken and failed the SAFE MLO National Test three times within the last year.
  • D. had an MLO license suspended in any governmental jurisdiction.

Answer: A

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 # 29
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

  • A. A payment to an attorney for services actually rendered
  • B. A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan
  • C. A payment to its own employees for lender referral activities
  • D. A payment to a real estate agent for loan referral activities

Answer: D

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits any payment, kickback, or unearned fee in exchange for loan referrals. This includes payments to real estate agents or other third parties for referring business to lenders or mortgage brokers. Such payments are illegal because they could inflate the cost of settlement services and are not tied to any actual services rendered.
* Payments for actual services (A, D), such as payments to attorneys or contractors for legitimate work, are allowed under RESPA, but paying for loan referrals (B) is strictly prohibited.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidance


NEW QUESTION # 30
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

  • A. Loan Estimate only
  • B. Both the Loan Estimate and Closing Disclosure
  • C. Uniform Residential Loan Application
  • D. Closing Disclosure only

Answer: B

Explanation:
If a mortgage loan includes a prepayment penalty, it must be disclosed on both the Loan Estimate (LE) and the Closing Disclosure (CD). These disclosures, mandated under the TILA-RESPA Integrated Disclosure (TRID) rule, ensure that borrowers are aware of any penalties they may face for paying off the loan early. The prepayment penalty must be clearly stated to comply with TILA (Truth in Lending Act) requirements.
* The Loan Estimate provides an early overview of loan terms, and the Closing Disclosure finalizes those terms.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.38
* CFPB Guidelines on prepayment penalties


NEW QUESTION # 31
Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

  • A. The SAFE Act
  • B. The Truth in Lending Act (TILA)
  • C. The Dodd-Frank Act
  • D. The Equal Credit Opportunity Act

Answer: A

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all state-licensed mortgage loan originators (MLOs) to complete annual continuing education (CE) as part of their licensure requirements. This includes 8 hours of CE, covering topics like federal law, ethics, and nontraditional mortgage products.
The goal of the SAFE Act is to ensure MLOs are knowledgeable about regulations, ethical practices, and current mortgage industry trends. Failing to complete the required education can result in a license being suspended or revoked.
Other Acts:
* The Dodd-Frank Act (B) sets broader regulations, such as those related to mortgage loan origination compensation.
* TILA (C) governs disclosures and loan terms but does not mandate CE.
* ECOA (D) focuses on preventing discrimination in credit but does not require CE.
References:
* SAFE Act, 12 USC §5101
* NMLS Continuing Education Requirements


NEW QUESTION # 32
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