MLO LATEST EXAM PRACTICE - NEW STUDY MLO QUESTIONS

MLO Latest Exam Practice - New Study MLO Questions

MLO Latest Exam Practice - New Study MLO Questions

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Tags: MLO Latest Exam Practice, New Study MLO Questions, MLO Instant Access, Latest MLO Exam Price, MLO Exam Vce Free

If you are having the same challenging problem, do not worry, ValidBraindumps is here to help. Our direct and dependable Mortgage Loan Origination (SAFE MLO) Exam Exam Questions in three formats will surely help you pass the NMLS MLO Certification Exam. Because this is a defining moment in your career, do not undervalue the importance of our NMLS MLO exam dumps.

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q57-Q62):

NEW QUESTION # 57
Which of the following documents is a real estate conveyance?

  • A. Promissory note
  • B. Mortgage instrument
  • C. Quit claim deed
  • D. Occupancy certificate

Answer: C

Explanation:
A quit claim deed is a legal document used in real estate transactions to convey ownership or interest in a property from one party to another. It transfers the grantor's interest in the property without any warranties or guarantees about the property's title.
* Promissory notes (B) represent a borrower's promise to repay a loan.
* Mortgage instruments (C) create a lien on the property but do not convey ownership.
* Occupancy certificates (D) certify that a property complies with regulations for occupancy but are not involved in transferring ownership.
References:
* Real Estate Law on property conveyances
* Fannie Mae Deed and Title Transfer Guidelines


NEW QUESTION # 58
Which of the following loan types may be considered a qualified loan under ability-to-pay rules

  • A. An interest-only mortgage
  • B. A loan with negative amortization
  • C. A mortgage with an adjustable rate
  • D. A loan with a balloon payment

Answer: C

Explanation:
Under the Ability-to-Repay (ATR) Rule and Qualified Mortgage (QM) standards, mortgages with adjustable rates can be considered qualified mortgages if they meet certain criteria, such as having fully amortizing payments and adhering to limits on points and fees. Adjustable-rate mortgages (ARMs) are qualified as long as the borrower's ability to repay is assessed using the maximum rate that could apply in the first five years.
* Loans like interest-only mortgages (A), balloon payment loans (B), and negative amortization loans (C) are not typically considered qualified mortgages because they carry higher risks of default.
References:
* CFPB Ability-to-Repay and Qualified Mortgage Rule
* Dodd-Frank Act standards for Qualified Mortgages


NEW QUESTION # 59
Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

  • A. It allows borrowers five days to review the final amount needed for settlement.
  • B. It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
  • C. It ensures that the terms and fees that are quoted at the time of application do not change.
  • D. It provides a three-day cooling-off period for all loans

Answer: B

Explanation:
The purpose of the TILA-RESPA Integrated Disclosure (TRID) rule is to aid borrowers in understanding the loan transaction process by using clear and readily understandable language in the Loan Estimate (LE) and Closing Disclosure (CD) forms. TRID simplifies and standardizes the mortgage disclosure process, making it easier for borrowers to understand the costs, terms, and potential risks of their loan.
* TRID does not provide a cooling-off period (A) or prevent loan terms from changing (C), but it requires transparency and clarity in disclosure.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19
* CFPB Guidelines on TRID compliance


NEW QUESTION # 60
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

  • A. Seller's points offered to reduce the borrower's closing costs
  • B. Daily or per diem interest paid by borrower
  • C. A standard credit application fee charged to all loan applicants
  • D. Document preparation fees for items such as mortgages and deeds

Answer: B

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition


NEW QUESTION # 61
In the loan application process, when must specific disclosures be provided to a borrower for an ARM?

  • A. Within three days of a complete application
  • B. When a loan is locked in
  • C. At closing
  • D. At first mention of an ARM loan

Answer: A

Explanation:
For an Adjustable-Rate Mortgage (ARM), specific disclosures must be provided to the borrower within three business days of receiving a completed loan application. These disclosures are required under TILA (Truth in Lending Act) and include detailed information about the loan's terms, how the interest rate can change, and what potential payment increases might occur over time.
* The Loan Estimate (LE), which includes ARM-specific information, must be provided within this timeframe to ensure the borrower understands the adjustable nature of the loan before proceeding further in the process.
Other options like at closing or when a loan is locked in are incorrect, as disclosures must be provided much earlier in the process.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* TILA-RESPA Integrated Disclosure Rule (TRID)


NEW QUESTION # 62
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