EXAM MLO VOUCHER, EXAM MLO OVERVIEW

Exam MLO Voucher, Exam MLO Overview

Exam MLO Voucher, Exam MLO Overview

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Tags: Exam MLO Voucher, Exam MLO Overview, Hottest MLO Certification, MLO Free Test Questions, New MLO Test Dumps

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q34-Q39):

NEW QUESTION # 34
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. Credit closure
  • B. Adverse action
  • C. Account closure
  • D. Denial of credit

Answer: B

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 # 35
Which of the following services is included in the definition of a settlement service?

  • A. Title company/escrow agent services
  • B. Flood insurance
  • C. Homeowners association fees
  • D. Sale of the mortgage loan on the secondary market

Answer: A

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), settlement services include activities related to closing the mortgage loan, such as title company services and escrow agent services. These services are integral to the settlement process and ensure that the transaction is completed legally and correctly.
* Flood insurance (A) is required for properties in flood zones but is not considered a settlement service.
* Homeowners association fees (B) and the sale of the mortgage loan on the secondary market (D) are also not part of the settlement services.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2602
* CFPB RESPA Guidelines on settlement services


NEW QUESTION # 36
When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

  • A. the APR and the costs of acquiring and maintaining the HELOC.
  • B. if the HELOC requires private mortgage insurance
  • C. if the HELOC is insured by HUD.
  • D. if the company offering the HELOC has deposit accounts insured by the FDIC.

Answer: A

Explanation:
When applying for a Home Equity Line of Credit (HELOC), consumers should carefully review the APR and the total costs of acquiring and maintaining the HELOC. The APR reflects the overall cost of borrowing, including interest and certain fees, and is crucial for understanding the long-term expense of the HELOC.
Additionally, consumers should consider fees associated with setting up and maintaining the HELOC, such as annual fees, transaction fees, and closing costs.
* While HUD insurance (A) and FDIC deposit insurance (C) are unrelated to HELOCs, and private mortgage insurance (B) is generally not required for HELOCs, the APR and fees are critical factors that directly impact the cost of borrowing.
References:
* Truth in Lending Act (TILA) disclosure requirements for HELOCs
* CFPB HELOC Guide


NEW QUESTION # 37
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

  • A. fined up to JB10,000 or imprisoned for 6 months.
  • B. fined up to $1 million and imprisoned for 30 years.
  • C. imprisoned for 10 to 16 months
  • D. fined up to the total purchase price of their home.

Answer: B

Explanation:
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property can face severe penalties under federal law. The penalties can include:
* A fine of up to $1 million.
* Imprisonment for up to 30 years.
These penalties fall under federal statutes such as 18 U.S.C. § 1014, which covers fraud and false statements related to loan applications. This is a serious offense, and the law is designed to deter fraud in federally related mortgage transactions.
References:
* 18 U.S.C. § 1014 - Penalties for False Statements
* Fraud Enforcement and Recovery Act (FERA)


NEW QUESTION # 38
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. 90 days
  • C. 30 days
  • D. 60 days

Answer: A


NEW QUESTION # 39
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