REALISTIC MLO GUIDE | AMAZING PASS RATE FOR MLO: MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM | FIRST-GRADE CUSTOMIZABLE MLO EXAM MODE

Realistic MLO Guide | Amazing Pass Rate For MLO: Mortgage Loan Origination (SAFE MLO) Exam | First-Grade Customizable MLO Exam Mode

Realistic MLO Guide | Amazing Pass Rate For MLO: Mortgage Loan Origination (SAFE MLO) Exam | First-Grade Customizable MLO Exam Mode

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q95-Q100):

NEW QUESTION # 95
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?

  • A. Account closure
  • B. Credit closure
  • C. Denial of credit
  • D. Adverse action

Answer: D

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term adverse action is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account
/application. This can include:
* Denying a credit application.
* Offering credit on terms different from those requested.
* Closing an existing credit account.
Lenders must provide a formal notice of adverse action, explaining the reasons for the denial or change in terms, to comply with ECOA's requirements for transparency and fairness.
Other options:
* Account closure (B) and credit closure (C) are not specific ECOA terms.
* Denial of credit (D) is a form of adverse action but does not cover all situations like a change in loan terms.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691(d)
* Regulation B (12 CFR Part 1002)


NEW QUESTION # 96
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. The borrower lacks a history in an industry that requires specific skills.
  • B. The residence is more than 120 miles from the work location on a refinance.
  • C. The borrower has been employed by the same company for three years.
  • D. A recent college graduate holds a high-level position in the organization.

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 # 97
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

  • A. Unified commerce related mortgage loan
  • B. State registration related mortgage loan
  • C. Federally related mortgage loan
  • D. Standard county related mortgage loan

Answer: C

Explanation:
The Real Estate Settlement Procedures Act (RESPA) applies to federally related mortgage loans, which include:
* Loans made by lenders insured by a federal agency (such as FHA or VA loans)
* Loans intended for sale to Fannie Mae or Freddie Mac
* Loans from lenders that are federally regulated or insured
RESPA's goal is to protect consumers by requiring disclosures related to the costs of real estate transactions, preventing kickbacks, and ensuring transparency in the settlement process. It applies to most residential mortgage loans.
Other options:
* County-related mortgage loans (B), state registration loans (C), and unified commerce loans (D) are not standard terms under RESPA.
References:
* Real Estate Settlement Procedures Act (RESPA)
* 12 CFR Part 1024, Regulation X


NEW QUESTION # 98
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

  • A. An individual condominium unit
  • B. An unimproved lot
  • C. A timeshare
  • D. A six-unit apartment complex

Answer: A

Explanation:
Under the Truth in Lending Act (TILA), a dwelling is defined as any residential structure that includes one to four units, such as an individual condominium unit, single-family home, or townhouse. This definition also includes mobile homes or manufactured homes, as long as they are used as residences.
* Unimproved lots (A) are not considered dwellings because they lack a residential structure.
* A six-unit apartment complex (B) exceeds the limit of four units for a dwelling under TILA.
* Timeshares (D) are typically considered non-residential and do not meet the TILA definition of a dwelling.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(19)
* CFPB Guidelines on TILA's definition of a dwelling


NEW QUESTION # 99
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

  • A. been convicted of a felony within the past seven years.
  • B. never been licensed or registered as an MLO in any governmental jurisdiction.
  • C. had an MLO license suspended in any governmental jurisdiction.
  • D. taken and failed the SAFE MLO National Test three times within the last year.

Answer: A

Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements


NEW QUESTION # 100
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