MLO RELEVANT EXAM DUMPS, TEST MLO DUMP

MLO Relevant Exam Dumps, Test MLO Dump

MLO Relevant Exam Dumps, Test MLO Dump

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Tags: MLO Relevant Exam Dumps, Test MLO Dump, Accurate MLO Study Material, MLO Valid Exam Vce Free, MLO Reliable Exam Test

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Three Easy-to-Use and Compatible Formats of MLO Exam Questions

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q107-Q112):

NEW QUESTION # 107
The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

  • A. low balling.
  • B. appraising.
  • C. steering.
  • D. redlining.

Answer: D

Explanation:
Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.
* Steering (A) involves directing borrowers toward certain loan products for the lender's benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.
References:
* Fair Housing Act
* Equal Credit Opportunity Act (ECOA)


NEW QUESTION # 108
During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

  • A. postpone the closing, re-disclose and wait three business days.
  • B. tell the borrower to close the loan.
  • C. postpone the closing, re-disclose and wait three days.
  • D. close the loan, then re-disclose after the loan funds.

Answer: A

Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rules, any significant change to the Annual Percentage Rate (APR) beyond the allowed tolerance before closing requires the lender to provide a revised Closing Disclosure (CD). If the APR increases by more than 0.125% for fixed-rate loans, the lender must re- disclose the CD and provide the borrower with at least three business days to review the updated terms before consummation (closing).
* In this case, the interest rate increase from 3.250% to 3.875% is a significant change that impacts the APR, triggering the need for re-disclosure and the mandatory three-business-day waiting period.
* The lender must postpone the closing until the new three-day waiting period passes to ensure compliance with TRID regulations.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB TRID Guidelines


NEW QUESTION # 109
In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?

  • A. Only the borrower who makes the most income
  • B. Any person who has an ownership interest in the property
  • C. Only the person who will actually occupy the property
  • D. Only the borrower with the majority interest in the transaction

Answer: B

Explanation:
Under TILA's Right of Rescission, in a federally related mortgage loan (such as a refinance) secured by a primary residence, any person who has an ownership interest in the property has the right to rescind the transaction within three business days after the closing, delivery of the notice of right to rescind, or delivery of all material disclosures, whichever occurs last.
This right applies to all individuals with a legal interest in the property, not just the primary borrower or the person who will occupy the property. This ensures that all owners can consent to the mortgage terms.
References:
* Truth in Lending Act (TILA), Section 125
* Regulation Z, 12 CFR §1026.23


NEW QUESTION # 110
Interest-only mortgages are considered high risk compared to traditional mortgage products because:

  • A. scheduled payments do not reduce the loan's principal balance.
  • B. the borrower's ability to repay is not considered when making the credit decision.
  • C. the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
  • D. the interest rate exceeds the APOR by 6.5 percentage points.

Answer: A

Explanation:
Interest-only mortgages are considered higher risk compared to traditional mortgages because the borrower' s scheduled payments only cover the interest on the loan, and none of the principal balance is reduced during the interest-only period. As a result, the loan balance remains unchanged, which increases the risk for both the borrower and lender if the value of the home decreases or if the borrower cannot make larger payments when the principal becomes due.
* Other risks, such as exceeding the APOR (Average Prime Offer Rate) by a certain margin (C, D), apply to high-cost mortgages, not specifically interest-only loans.
References:
* CFPB Qualified Mortgage and Ability-to-Repay Rule
* Fannie Mae Guidelines on interest-only mortgages


NEW QUESTION # 111
A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

  • A. refer the purchase loan to another MLO in their company to obtain a referral fee.
  • B. take both applications and do one loan "in house" and broker the second loan to another lender.
  • C. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
  • D. advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.

Answer: D

Explanation:
The MLO must advise the borrower that if they plan to purchase a new home shortly after refinancing, they must disclose this information upfront. Since the terms of the refinance loan require that the borrower occupy the property for 12 months, the MLO should suggest refinancing the current property as a non-owner- occupied loan if the borrower does not intend to stay in the home. This approach ensures compliance with the loan terms and avoids potential mortgage fraud.
* Other options (A, B, C) involve potential conflicts of interest or violations of the loan terms.
References:
* Fannie Mae Guidelines on occupancy requirements
* CFPB Guidelines on owner-occupied versus non-owner-occupied loans


NEW QUESTION # 112
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