NMLS MLO RELIABLE TEST EXPERIENCE, NEW MLO REAL EXAM

NMLS MLO Reliable Test Experience, New MLO Real Exam

NMLS MLO Reliable Test Experience, New MLO Real Exam

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Tags: MLO Reliable Test Experience, New MLO Real Exam, Exam Cram MLO Pdf, MLO Reliable Test Forum, Test MLO Dumps

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Free PDF Fantastic MLO - Mortgage Loan Origination (SAFE MLO) Exam Reliable Test Experience

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q76-Q81):

NEW QUESTION # 76
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. Denial of credit
  • D. Account closure

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 # 77
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 the total purchase price of their home.
  • C. fined up to $1 million and imprisoned for 30 years.
  • D. imprisoned for 10 to 16 months

Answer: C

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 # 78
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. Home Mortgage Disclosure Act (HMDA)
  • B. Equal Credit Opportunity Act (ECOA)
  • C. Real Estate Settlement Procedures Act (RESPA1)
  • D. Truth in Lending Act (TILA)

Answer: C

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 # 79
A borrower has been approved for a new home loan and has completed all necessary paperwork. When should the borrower receive the Closing Disclosure?

  • A. 4 business days prior lo consummation
  • B. On the day of consummation
  • C. 1 business day prior to consummation
  • D. 3 business days prior to consummation

Answer: D

Explanation:
According to the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Closing Disclosure (CD) at least 3 business days prior to loan consummation. This waiting period gives the borrower adequate time to review the final terms and costs associated with the mortgage loan. If there are significant changes to the terms of the loan after the CD is issued, a new 3-day waiting period may be required.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB Closing Disclosure Guidelines


NEW QUESTION # 80
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. is a right to cross or otherwise use someone else's land for a specified purpose.
  • D. allows a loan applicant to close on a loan even if all the stipulations have not been met.

Answer: C

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 # 81
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