MLO EXAM COLLECTION & FREE MLO PRACTICE EXAMS

MLO Exam Collection & Free MLO Practice Exams

MLO Exam Collection & Free MLO Practice Exams

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Tags: MLO Exam Collection, Free MLO Practice Exams, MLO Certification Test Answers, MLO Reliable Study Plan, MLO Reliable Dumps Pdf

The latest NMLS MLO exam dumps are the right option for you to prepare for the MLO certification test at home. ActualVCE has launched the MLO exam dumps with the collaboration of world-renowned professionals. NMLS MLO Exam study material has three formats: MLO PDF Questions, desktop NMLS MLO practice test software, and a MLO web-based practice exam.

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Free MLO Practice Exams | MLO Certification Test Answers

You must improve your skills and knowledge to stay current and competitive. You merely need to obtain the MLO certification exam badge in order to achieve this. You must pass the MLO Exam to accomplish this, which can only be done with thorough exam preparation. Download the MLO exam questions right away for immediate and thorough exam preparation.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q12-Q17):

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

  • A. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
  • B. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
  • C. "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."
  • D. "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."

Answer: A

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
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. 60 days
  • C. 90 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 # 14
Non-qualified mortgages offer more options for borrowers who:

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

Answer: B

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 # 15
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

  • A. Refinance
  • B. Construction
  • C. Reverse mortgage
  • D. USDA Rural Development

Answer: A

Explanation:
The Home Ownership and Equity Protection Act (HOEPA) applies to certain types of high-cost loans, particularly refinance and home equity loans, that meet specific APR and fee thresholds. HOEPA was enacted to protect consumers from predatory lending practices in loans that carry excessive fees, high interest rates, or abusive terms.
* HOEPA mainly covers:
* Refinance loans
* Home equity loans
* Closed-end home equity loans
* Certain purchase-money mortgages under specific conditions
Loans like construction loans (B), reverse mortgages (C), and USDA Rural Development loans (D) are generally excluded from HOEPA coverage.
References:
* Home Ownership and Equity Protection Act (HOEPA), 15 U.S.C. § 1639
* CFPB HOEPA Guidelines


NEW QUESTION # 16
It is acceptable for a lender to request a co-applicant in which of the following situations?

  • A. The co-applicant will be residing in the house with the borrower.
  • B. The borrower's future income is dependent on the co-applicant.
  • C. The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage
  • D. The borrower will not qualify for the loan on their own.

Answer: D

Explanation:
It is acceptable for a lender to request a co-applicant if the borrower will not qualify for the loan on their own based on their income, credit score, or other financial factors. A co-applicant, such as a spouse or family member, can help strengthen the application by adding additional income or improving the credit profile, which may help the borrower meet the lender's qualification requirements.
* Other situations (B, C, D) such as future income, residency, or gifting funds do not necessarily require a co-applicant and are not acceptable reasons to mandate one.
References:
* Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002
* Fannie Mae Selling Guide on co-borrowers


NEW QUESTION # 17
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