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MLO exams questions and answers & dumps PDF for Mortgage Loan Origination (SAFE MLO) Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q54-Q59):

NEW QUESTION # 54
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

A. The total amount of the payments
B. Fully indexed rate of the loan
C. An average of the varying payment amounts over the life of the loan
D. Payment amount during the fixed introductory period

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), for adjustable-rate mortgages (ARMs) like a 5/1 ARM, the MLO must calculate the borrower's monthly payment amount based on the fully indexed rate, not the introductory rate. The fully indexed rate is the sum of the index and the margin at the time of origination, reflecting the potential payment increases after the introductory period ends.
* This requirement ensures borrowers understand what their payments could be after the rate adjusts, helping them evaluate the true affordability of the loan.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB ARM Guidelines

NEW QUESTION # 55
If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

A. 60 days
B. 10 days
C. 30 days
D. 45 days

Answer: C

Explanation:
According to ECOA (Equal Credit Opportunity Act) and Regulation B, if a borrower waives the right to receive their appraisal three business days before consummation, and the transaction does not close, the creditor must still provide a copy of the appraisal within 30 days of determining that the loan will not consummate.
* This ensures that borrowers still receive essential documentation, even if the loan fails to close.
References:
* ECOA (Equal Credit Opportunity Act), 12 CFR §1002.14(a)(1)
* CFPB Guidelines on appraisal delivery timelines

NEW QUESTION # 56
Which of the following is an example of a non-fluctuating income source?

A. Part-time work with irregular hours
B. Salaried W-2 position
C. Commission-based W-2 income
D. Self-employed income

Answer: B

Explanation:
A salaried W-2 position is an example of non-fluctuating income because the borrower receives a consistent, fixed salary each pay period. This type of income is easy to verify and predict, making it ideal for mortgage qualification.
Other types of fluctuating income:
* Self-employed income (B) and commission-based income (C) vary based on the nature of work and can fluctuate month to month.
* Part-time work with irregular hours (D) also fluctuates due to varying work hours, making it inconsistent.
References:
* Fannie Mae Selling Guide for income verification
* Freddie Mac's Loan Product Advisor for employment income documentation

NEW QUESTION # 57
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

A. 120 days
B. 90 days
C. 60 days
D. 30 days

Answer: A

Explanation:
Under the CFPB mortgage servicing rules, a mortgage company cannot initiate foreclosure proceedings until a borrower's loan is at least 120 days delinquent. This rule is designed to give borrowers sufficient time to explore loss mitigation options, such as loan modification, forbearance, or repayment plans, before facing foreclosure.
* The 120-day delinquency rule applies to all residential mortgage loans, providing a mandatory grace period before foreclosure filing.
This requirement is part of the Dodd-Frank Act and is enforced under Regulation X.
References:
* CFPB Mortgage Servicing Rules
* 12 CFR Part 1024 (Regulation X)

NEW QUESTION # 58
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. 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.
C. take both applications and do one loan "in house" and broker the second loan to another lender.
D. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.

Answer: B

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 # 59
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As the tech industry continues to evolve and adapt to new technologies, professionals who hold the Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification are better equipped to navigate these changes and stay ahead of the curve, increasing their value to employers and clients. In today's fast-paced and ever-changing NMLS sector, having the NMLS MLO Certification has become a necessary requirement for individuals looking to advance their careers and stay competitive in the job market.

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