MLO TEST COLLECTION PDF & CERTIFICATION MLO EXAM DUMPS

MLO Test Collection Pdf & Certification MLO Exam Dumps

MLO Test Collection Pdf & Certification MLO Exam Dumps

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Certification MLO Exam Dumps | MLO Exam Reviews

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
An easement:

  • A. allows a borrower to make less than the required payments without going through a full mortgage modification.
  • B. is a mortgage modification.
  • C. allows a loan applicant to close on a loan even if all the stipulations have not been met.
  • D. is a right to cross or otherwise use someone else's land for a specified purpose.

Answer: D

Explanation:
An easement is a legal right granted to one party to cross or use another party's land for a specific purpose, such as for utility lines, access roads, or water drainage. Easements are commonly granted in property transactions and are recorded in the public records.
* Easements are unrelated to mortgage modifications (A) or payment reductions (D).
References:
* Real Estate Law on property easements
* HUD Guidelines on easements in property transactions


NEW QUESTION # 43
Which of the following entities has the primary enforcement authority under the Red Flags Rule?

  • A. Conference of State Bank Supervisors
  • B. HUD
  • C. Federal Trade Commission
  • D. IRS

Answer: C

Explanation:
The Federal Trade Commission (FTC) has primary enforcement authority under the Red Flags Rule, which is part of the Fair and Accurate Credit Transactions Act (FACTA). The Red Flags Rule requires financial institutions and creditors, including mortgage companies, to implement identity theft prevention programs that detect, prevent, and mitigate identity theft.
* IRS (A), HUD (C), and the Conference of State Bank Supervisors (D) are not responsible for enforcing the Red Flags Rule.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* FTC Red Flags Rule Guidelines


NEW QUESTION # 44
In a federally related mortgage loan transaction, a charge for a settlement service by a person for which no services or nominal services are performed is prohibited:

  • A. unless it is paid by the seller or the seller's real estate agent.
  • B. regardless of the sources of payment.
  • C. unless it is paid by the mortgage loan originator on the borrower's behalf.
  • D. only if it is paid by the borrower's real estate agent.

Answer: B

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), it is illegal to charge a fee for a settlement service if no services or only nominal services are performed. This is true regardless of who pays the fee, whether it's the borrower, seller, real estate agent, or any other party. RESPA prohibits unearned fees, kickbacks, or payments for referrals in federally related mortgage transactions.
* Even if someone other than the borrower pays, the charge is still illegal if it is not justified by actual services performed.
References:
* RESPA Section 8 - Prohibition on kickbacks and unearned fees
* CFPB RESPA Guidelines


NEW QUESTION # 45
Which of the following federal laws requires disclosures intended to prevent lenders or mortgage loan originators (MLOs) from increasing fees during the origination process?

  • A. Real Estate Settlement Procedures Act (RESPA1)
  • B. Truth in Lending Act (TILA)
  • C. Equal Credit Opportunity Act (ECOA)
  • D. Home Mortgage Disclosure Act (HMDA)

Answer: A

Explanation:
The Real Estate Settlement Procedures Act (RESPA) requires disclosures intended to prevent lenders and mortgage loan originators (MLOs) from increasing fees during the loan origination process. RESPA mandates the disclosure of estimated fees through the Loan Estimate (LE) and ensures that fees do not change substantially from the Loan Estimate to the final Closing Disclosure (CD) unless specific conditions justify the changes. This protects borrowers from "fee increases" during the settlement process.
* While TILA (A) deals with disclosure of loan terms and APR, RESPA (D) focuses specifically on fees and closing costs during origination.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2601
* CFPB RESPA Guidelines on fee tolerances


NEW QUESTION # 46
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

  • A. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
  • B. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
  • C. The fee is permitted if the fee is disclosed on the final settlement statement.
  • D. The fee is permitted as the MLO performed origination services for the borrower.

Answer: B

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks


NEW QUESTION # 47
......

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