MLO PASS RATE, TEST MLO OBJECTIVES PDF

MLO Pass Rate, Test MLO Objectives Pdf

MLO Pass Rate, Test MLO Objectives Pdf

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Tags: MLO Pass Rate, Test MLO Objectives Pdf, MLO Reliable Dumps Pdf, MLO Reliable Dumps Ebook, Exam MLO Braindumps

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Test MLO Objectives Pdf, MLO Reliable Dumps Pdf

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q74-Q79):

NEW QUESTION # 74
When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

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

Answer: D

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 # 75
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

  • A. Annually
  • B. Every 2 weeks
  • C. Every 7 days
  • D. Every 31 days

Answer: D


NEW QUESTION # 76
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

  • A. 62 years of age or older.
  • B. 70 years of age or older.
  • C. 65 years of age or older.
  • D. 60 years of age or older.

Answer: A

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term "elderly" is defined as anyone who is 62 years of age or older. This designation is significant in fair lending, as the ECOA prohibits discrimination based on age in any aspect of a credit transaction, including mortgage lending.
* ECOA protects borrowers from being denied credit or offered unfavorable terms based solely on their age, and it provides additional protections to borrowers considered "elderly." References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691(a)
* CFPB Regulation B, 12 CFR Part 1002


NEW QUESTION # 77
Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

  • A. The MLO's personal website
  • B. The APR
  • C. The number of days that the rate is available
  • D. The MLO's business address

Answer: B

Explanation:
Under Regulation Z (TILA), when mortgage loan originators (MLOs) advertise mortgage services, including payment amounts, they must disclose the Annual Percentage Rate (APR). The APR reflects the total cost of the loan, including interest and certain fees, and provides a clear picture of the loan's true cost over time.
* Failure to include the APR in an advertisement that mentions payment amounts, interest rates, or other specific loan terms is considered a violation of TILA's advertising requirements.
* Other details (B, C, D), such as the MLO's website or the number of days the rate is available, are not mandatory in all advertisements, but the APR is required.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Rules for Mortgage Services


NEW QUESTION # 78
Which of the following services is included in the definition of a settlement service?

  • A. Title company/escrow agent services
  • B. Homeowners association fees
  • C. Flood insurance
  • 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 # 79
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