EXAM NMLS MLO MATERIAL - MLO TRAINING MATERIAL

Exam NMLS MLO Material - MLO Training Material

Exam NMLS MLO Material - MLO Training Material

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Tags: Exam MLO Material, MLO Training Material, MLO Test Collection Pdf, Exam MLO Tutorial, Examcollection MLO Questions Answers

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

  • A. Federally related mortgage loan
  • B. Unified commerce related mortgage loan
  • C. State registration related mortgage loan
  • D. Standard county related mortgage loan

Answer: A

Explanation:
The Real Estate Settlement Procedures Act (RESPA) applies to federally related mortgage loans, which include:
* Loans made by lenders insured by a federal agency (such as FHA or VA loans)
* Loans intended for sale to Fannie Mae or Freddie Mac
* Loans from lenders that are federally regulated or insured
RESPA's goal is to protect consumers by requiring disclosures related to the costs of real estate transactions, preventing kickbacks, and ensuring transparency in the settlement process. It applies to most residential mortgage loans.
Other options:
* County-related mortgage loans (B), state registration loans (C), and unified commerce loans (D) are not standard terms under RESPA.
References:
* Real Estate Settlement Procedures Act (RESPA)
* 12 CFR Part 1024, Regulation X


NEW QUESTION # 12
Which of the following statements is permissible in an advertisement?

  • A. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."
  • B. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
  • C. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."
  • D. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."

Answer: B

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules


NEW QUESTION # 13
Non-qualified mortgages offer more options for borrowers who:

  • A. have no down payment.
  • B. are currently living with their parents.
  • C. are self-employed.
  • D. are unemployed.

Answer: C

Explanation:
Non-qualified mortgages (Non-QM) are designed to help borrowers who do not meet the standard documentation or income verification requirements of traditional qualified mortgages (QM). Non-QM loans provide more flexibility in underwriting guidelines and are often used by borrowers such as:
* Self-employed individuals who may have inconsistent or difficult-to-verify income streams. These borrowers may use bank statements or asset-based verification instead of W-2 forms or tax returns to qualify for a loan.
Non-QMs cater to borrowers who have unique financial situations but still demonstrate the ability to repay.
Non-QM loans are not necessarily high-risk but offer alternatives for those who don't meet the stringent Qualified Mortgage rules.
Other options:
* Unemployed individuals (A) typically cannot qualify unless they have alternative forms of income.
* No down payment (C): Non-QM loans usually still require a down payment, though the amount may vary.
* Living with parents (D) is not a relevant factor in Non-QM lending.
References:
* Dodd-Frank Act and Ability-to-Repay (ATR) rule
* CFPB guidelines on Qualified vs. Non-Qualified Mortgages


NEW QUESTION # 14
Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

  • A. A copy of a check register
  • B. The income stated on the loan application
  • C. The borrower's attestation that he expects a raise within 30 days
  • D. An electronic paystub

Answer: D

Explanation:
To verify a borrower's income for the ability-to-repay (ATR) requirements, lenders must rely on verified documentation, such as:
* Electronic paystubs
* W-2 forms
* Tax returns
An electronic paystub is acceptable as it provides detailed proof of the borrower's income, including salary, deductions, and other compensation.
* Items like a check register (B), the income stated on the loan application (C), or a borrower's attestation (D) without documentation are not considered valid forms of income verification.
References:
* Dodd-Frank Act - Ability-to-Repay Rule
* CFPB Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule


NEW QUESTION # 15
Which of the following loans is subject to right of rescission?

  • A. A purchase loan secured by a rental home
  • B. A rate and term refinance loan through the same creditor
  • C. A cash-out refinance loan on a primary residence
  • D. A refinance loan secured by a vacation home

Answer: C

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 # 16
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