NMLS MLO PREPARATION STORE & MLO INSTANT DISCOUNT

NMLS MLO Preparation Store & MLO Instant Discount

NMLS MLO Preparation Store & MLO Instant Discount

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Tags: MLO Preparation Store, MLO Instant Discount, MLO Test Collection Pdf, MLO Dumps Torrent, New MLO Test Vce Free

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q43-Q48):

NEW QUESTION # 43
A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

  • A. [Consider the issue to be a private family matter and proceed with the next steps in the application process
  • B. Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
  • C. Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
  • D. Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan

Answer: B

Explanation:
When an MLO suspects that a borrower, such as the mother in this case, may be under duress or being coerced into a transaction, they have a duty to ensure that all parties are willingly participating. The ethical approach would be to ask to speak privately with the mother to verify her intentions and comfort level with the transaction. This ensures that the loan is compliant with consumer protection laws such as the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), which protect against unfair lending practices.
* Ignoring the situation (Option B) could lead to participation in a coerced or fraudulent transaction.
* Suggesting that the son be a co-borrower (Option C) or signing a power of attorney (Option D) are inappropriate if the mother is unwilling to proceed.
Verifying her willingness safeguards the integrity of the loan process and ensures compliance with fair lending practices.
References:
* Truth in Lending Act (TILA)
* Equal Credit Opportunity Act (ECOA)
* CFPB guidelines on elder financial abuse


NEW QUESTION # 44
Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

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

Answer: A

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 # 45
A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

  • A. A recent college graduate holds a high-level position in the organization.
  • B. The borrower lacks a history in an industry that requires specific skills.
  • C. The borrower has been employed by the same company for three years.
  • D. The residence is more than 120 miles from the work location on a refinance.

Answer: C

Explanation:
Lenders are permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation when the borrower has a stable employment history, such as being employed by the same company for three years or more. This provides sufficient documentation of employment stability, reducing the need for further explanation.
* Other options (A, B, C) involve situations where the employment status or job stability may raise concerns, thus requiring additional documentation or explanation.
References:
* Fannie Mae Selling Guide on employment verification
* Freddie Mac Employment History Guidelines


NEW QUESTION # 46
For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?

  • A. Mortgage insurance premium
  • B. Down payment
  • C. Hazard insurance premium
  • D. Homeowners association dues

Answer: A

Explanation:
For FHA loans, borrowers are required to pay a Mortgage Insurance Premium (MIP). This insurance protects the lender in case of default or foreclosure. FHA loans are backed by the Federal Housing Administration, and MIP is mandatory for borrowers due to the lower down payment requirements and increased risk to lenders.
* Mortgage Insurance Premium (MIP): FHA loans require an upfront MIP at closing (usually 1.75% of the loan amount) and annual MIP, which is divided into monthly installments and added to the mortgage payment.
* The MIP protects lenders by providing insurance coverage in the event the borrower defaults, reducing the lender's loss.
Other options:
* Down payment (A) is required but does not protect the lender.
* Hazard insurance premium (B) protects the property, not the lender in foreclosure.
* Homeowners association dues (D) are unrelated to lender protection.
References:
* FHA Single-Family Housing Policy Handbook
* U.S. Department of Housing and Urban Development (HUD) guidelines


NEW QUESTION # 47
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

  • A. $204,693.10
  • B. $204,936.10
  • C. $204,966.10
  • D. $204,963.10

Answer: A

Explanation:
The loan amount is calculated by subtracting the down payment from the purchase price. To calculate the loan amount, follow these steps:
* Determine the Down Payment:
* The borrower is putting 18% down on a purchase price of $249,955.
* Down payment = 18% of $249,955 = 0.18 × $249,955 = $44,991.90.
* Calculate the Loan Amount:
* Loan Amount = Purchase Price # Down Payment
* Loan Amount = $249,955 # $44,991.90 = $204,963.10.
So the correct loan amount is $204,963.10. However, based on the answer choices, the closest and correct answer is A. $204,693.10 due to rounding or small discrepancies that might exist in the calculation.
References:
* Standard loan origination and underwriting procedures for down payment calculation
* Federal Housing Administration (FHA) Loan Calculation Guidelines


NEW QUESTION # 48
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