MLO VALID REAL EXAM | CERTIFICATION MLO EXAM

MLO Valid Real Exam | Certification MLO Exam

MLO Valid Real Exam | Certification MLO Exam

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Tags: MLO Valid Real Exam, Certification MLO Exam, MLO Test Dumps Free, MLO Exam Actual Tests, Test MLO Cram Review

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q79-Q84):

NEW QUESTION # 79
According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?

  • A. "Payments as low as $600 for a $100,000 mortgage"
  • B. "Only 1 point up front to get you in a home"
  • C. "15-year and 30-year mortgages available"
  • D. "Come in today for your free consultation"

Answer: D

Explanation:
Under TILA's advertising rules (Regulation Z), general statements such as "Come in today for your free consultation" do not trigger the requirement for additional disclosures. This type of advertisement does not include specific loan terms like payment amounts, interest rates, or other terms that would require further explanation.
* Advertisements with terms like "Payments as low as $600" (A) or "1 point up front" (B) are triggering terms under TILA and would require additional disclosures about the APR, loan term, and other conditions.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Guidelines on TILA


NEW QUESTION # 80
Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

  • A. The APR
  • B. The MLO's personal website
  • C. The MLO's business address
  • D. The number of days that the rate is available

Answer: A

Explanation:
Under Regulation Z (TILA), when mortgage loan originators (MLOs) advertise mortgage services, including payment amounts, they must disclose the Annual Percentage Rate (APR). The APR reflects the total cost of the loan, including interest and certain fees, and provides a clear picture of the loan's true cost over time.
* Failure to include the APR in an advertisement that mentions payment amounts, interest rates, or other specific loan terms is considered a violation of TILA's advertising requirements.
* Other details (B, C, D), such as the MLO's website or the number of days the rate is available, are not mandatory in all advertisements, but the APR is required.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Rules for Mortgage Services


NEW QUESTION # 81
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

  • A. Every 31 days
  • B. Annually
  • C. Every 2 weeks
  • D. Every 7 days

Answer: A


NEW QUESTION # 82
Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

  • A. SAFE Act
  • B. Truth in Lending Act (TILA)
  • C. Real Estate Settlement Procedures Act (RESPA)
  • D. Home Ownership and Equity Protection Act (HOEPA)

Answer: A

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) establishes federal and state licensing standards for mortgage loan originators (MLOs) and mandates that each state creates a licensing and regulatory agency to oversee mortgage companies. This agency is responsible for investigating, examining, and enforcing compliance with mortgage regulations. The act aims to ensure that mortgage companies and MLOs operate with transparency, competency, and accountability.
* The SAFE Act gives regulatory bodies the authority to conduct background checks, examinations, and audits of licensed mortgage companies.
Other Acts:
* TILA and RESPA focus on disclosure requirements and fair lending practices but do not specifically regulate state licensing and examinations.
* HOEPA regulates high-cost loans and predatory lending practices, not licensing.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing and Registration Requirements


NEW QUESTION # 83
A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

  • A. Notify the underwriter regarding possible change of borrower's employment status
  • B. Tell the borrower not to say anything at closing
  • C. Nothing, as the loan has already been approved
  • D. Recommend that the borrower attend homeownership counseling

Answer: A

Explanation:
If the mortgage loan originator (MLO) becomes aware of a potential change in the borrower's employment status, such as the company closing and the borrower being laid off, the MLO must notify the underwriter.
The borrower's ability to repay the loan could be impacted by the job loss, and failing to update the underwriter would be a violation of proper lending practices.
* Ignoring the information or withholding it (Options A and B) could lead to loan default and is unethical.
* Homeownership counseling (C) is beneficial but not relevant to the immediate concern of loan approval and repayment ability.
References:
* TILA and Ability-to-Repay Rule (ATR)
* Fannie Mae Guidelines for employment verification


NEW QUESTION # 84
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