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MLO Test Preparation & MLO Exam Questions & MLO Test Prep

The NMLS MLO Exam Questions give you a complete insight into each chapter and an easy understanding with simple and quick-to-understand language. The NMLS MLO exam dumps are the best choice to make. The common problem NMLS MLO Exam applicants face is seeking updated and real NMLS MLO practice test questions to prepare successfully for the cherished Mortgage Loan Origination (SAFE MLO) Exam MLO certification exam.

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
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. Document preparation fees for items such as mortgages and deeds
C. Daily or per diem interest paid by borrower
D. A standard credit application fee charged to all loan applicants

Answer: C

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 # 12
When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

A. fair lending.
B. pricing discrepancies.
C. a forgetful borrower.
D. mortgage fraud.

Answer: D

Explanation:
When multiple discrepancies in a borrower's Social Security number (SSN) are found within the same loan file, it raises concerns of mortgage fraud. The Social Security number is a critical identifier used to verify a borrower's identity, credit history, and employment. Inconsistent or altered SSNs may suggest attempts to hide the true identity of the borrower, which can be an indicator of fraudulent activity.
* Mortgage fraud involves deliberate misrepresentation of information on loan applications, documents, or other parts of the mortgage process. SSN discrepancies can point to identity theft or attempts to use multiple identities to obtain a loan fraudulently.
* This is a serious concern under the Fair Credit Reporting Act (FCRA) and can lead to legal action if discovered during underwriting or later in the loan process.
Mortgage loan originators (MLOs) must report such discrepancies as they may violate federal laws like RESPA and TILA and lead to further investigation.
References:
* Federal Trade Commission (FTC) guidelines on identity theft
* Mortgage Acts and Practices (MAP) Rule

NEW QUESTION # 13
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

A. Credit report
B. Notary
C. Interest
D. Title Insurance

Answer: C

Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Regulation Z Guidelines

NEW QUESTION # 14
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:

A. deferred-payment mortgage.
B. balloon mortgage.
C. FHA mortgage.
D. qualified mortgage.

Answer: B

Explanation:
A balloon mortgage is a type of loan where a large portion of the principal is repaid in a lump sum at the end of the loan term. This structure often features smaller, periodic payments during the life of the loan, with the remaining balance (the balloon payment) due at the end of the loan period. Balloon mortgages are typically shorter-term loans, such as 5 or 7 years.
* This differs from other loan types:
* FHA mortgages (A) are fully amortized loans backed by the government.
* Qualified mortgages (C) meet specific ability-to-repay standards and are fully amortized.
* Deferred-payment mortgages (D) often refer to reverse mortgages or loans with delayed payment schedules, which are not the same as balloon loans.
References:
* Fannie Mae and Freddie Mac Mortgage Guidelines on balloon loans
* Truth in Lending Act (TILA) definitions of mortgage types

NEW QUESTION # 15
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

A. The total amount of the payments
B. Fully indexed rate of the loan
C. An average of the varying payment amounts over the life of the loan
D. Payment amount during the fixed introductory period

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), for adjustable-rate mortgages (ARMs) like a 5/1 ARM, the MLO must calculate the borrower's monthly payment amount based on the fully indexed rate, not the introductory rate. The fully indexed rate is the sum of the index and the margin at the time of origination, reflecting the potential payment increases after the introductory period ends.
* This requirement ensures borrowers understand what their payments could be after the rate adjusts, helping them evaluate the true affordability of the loan.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB ARM Guidelines

NEW QUESTION # 16
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