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MLO Valid Braindumps Files, MLO Reliable Exam Vce

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q134-Q139):

NEW QUESTION # 134
A mortgage loan originator (MLO) closes a high-cost mortgage for a borrower. Seven months later, the borrower returns to the MLO to apply for a cash-out refinance as the borrower intends to use the cash to purchase a collector car. The MLO determines that the only loan the borrower qualifies for is a high-cost mortgage at a higher interest rate. In which of the following ways should the MLO proceed?

A. Close the loan as normal, as the borrower can refinance a high-cost mortgage after six months
B. Deny the loan, unless it is in the best interest of the borrower
C. Close the loan as normal with no further action required
D. Close the loan as normal and take the vehicle as additional collateral

Answer: B

Explanation:
Under HOEPA (Home Ownership and Equity Protection Act) rules for high-cost mortgages, a creditor may not refinance a high-cost mortgage into another high-cost mortgage within 12 months of the previous transaction unless the new loan is in the borrower's best interest. This is to prevent loan flipping and predatory lending.
"A creditor may not refinance a high-cost mortgage into another high-cost mortgage within one year unless the new loan is in the borrower's best interest."
- 12 CFR § 1026.34(a)(3)
Since the purpose here is a cash-out for a collector car (not generally a "best interest" purpose), the MLO should deny the loan unless a strong case can be made that it is in the borrower's best interest.
References:
CFPB, High-Cost Mortgages (HOEPA)
12 CFR § 1026.34(a)(3)

NEW QUESTION # 135
Loan applications must include all of the following information with respect to mortgage loan originators (MLOs) except the:

A. MLO's NMLS unique identifier.
B. Return fax number.
C. MLO's name.
D. Employer's NMLS unique identifier.

Answer: B

Explanation:
Regulation Z (TILA) requires that a loan application and all related disclosures identify the mortgage loan originator's name, NMLS unique identifier, and the employer's (company) NMLS unique identifier. There is no regulatory requirement for a return fax number to be included on the loan application.
"For any loan application, the creditor must ensure that the loan originator's name and Nationwide Mortgage Licensing System and Registry (NMLS) unique identifier, and the name and NMLS unique identifier of the loan originator's employer are included on the loan application, the note, and the security instrument."
- 12 CFR § 1026.36(g)(1), Regulation Z, TILA
A return fax number is not required by federal mortgage regulations.
References:
CFPB, Loan Originator Identifier Requirements
SAFE MLO National Test Study Guide

NEW QUESTION # 136
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

A. unique identifier
B. compliance plan.
C. originator counseling certificate.
D. high school diploma.

Answer: A

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all mortgage loan originators (MLOs) to obtain a unique identifier through the Nationwide Multistate Licensing System (NMLS) before engaging in the business of residential mortgage loan origination. This identifier is used to track MLOs across state lines and ensure accountability and transparency in the mortgage industry.
* A compliance plan (B) or other qualifications like a high school diploma (C) or counseling certificate (D) are not specific SAFE Act requirements for engaging in mortgage origination.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 137
Which of the following conditions must be met when presenting loan product options to a consumer?

A. The presentation of loan products from creditors with which the mortgage loan originator does not regularly do business
B. The presentation of loan products for which the consumer likely qualifies
C. The presentation of loan products with the highest interest rates
D. The presentation of loan products with prepayment penalties

Answer: B

Explanation:
Regulation Z requires mortgage loan originators to present loan options that are in the consumer's interest and for which the consumer is likely to qualify. Loan options presented must be appropriate to the consumer's financial circumstances, not just the highest rate or those with penalties.
"Loan originators must present loan options for which the consumer likely qualifies, and which are in the consumer's interest, including a loan with the lowest interest rate, lowest points and origination fees, and no risky features if such products are available."
- 12 CFR § 1026.36(e), Regulation Z
References:
CFPB, Loan Originator Compensation Requirements
SAFE MLO National Test Study Guide

NEW QUESTION # 138
Which of the following statements is true regarding a fixed-rate mortgage?

A. The rate is fixed for 30 years with no adjustment.
B. The rate is fixed for 5 years and is followed by a step-up for 5 years.
C. The rate is fixed for 10 years and then adjusts every year thereafter.
D. The rate is fixed for 15 years and is followed by a single balloon payment.

Answer: A

Explanation:
A fixed-rate mortgage (FRM) is a mortgage loan where the interest rate remains constant for the entire term of the loan, regardless of changes in market interest rates. These loans typically come in terms of 15, 20, or 30 years, with 30-year fixed-rate mortgages being the most common in the U.S.
"A fixed-rate mortgage is one in which the interest rate remains the same for the entire term of the loan. The most common term is 30 years. This provides borrowers with a stable and predictable monthly payment over the life of the loan."
- SAFE Mortgage Loan Originator Test Prep Guide (NMLS-approved)
"Unlike adjustable-rate mortgages, fixed-rate mortgages do not change over time. The interest rate is locked in at the time of loan origination."
- U.S. Department of Housing and Urban Development (HUD), Mortgage Basics Guide The other options describe adjustable-rate mortgages (ARMs) or balloon mortgages, which are distinctly different products:
* Option A: Describes a type of step-rate mortgage, not a fixed-rate loan.
* Option B: Refers to a 10/1 ARM, not a fixed-rate mortgage.
* Option C: Refers to a balloon mortgage, where a large payment is due at the end of the term.
Therefore, only Option D accurately describes a true fixed-rate mortgage product.
References:
SAFE MLO National Test Study Guide
NMLS Uniform State Content Outline
HUD Mortgage Basics Guide
CFPB Real Estate Settlement Procedures (RESPA) Overview

NEW QUESTION # 139
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