HOW CAN YOU CRACK NMLS MLO EXAM IN THE EASIEST AND QUICK WAY?

How Can You Crack NMLS MLO Exam in the Easiest and Quick Way?

How Can You Crack NMLS MLO Exam in the Easiest and Quick Way?

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q66-Q71):

NEW QUESTION # 66
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

  • A. Loan Estimate only
  • B. Both the Loan Estimate and Closing Disclosure
  • C. Closing Disclosure only
  • D. Uniform Residential Loan Application

Answer: B

Explanation:
If a mortgage loan includes a prepayment penalty, it must be disclosed on both the Loan Estimate (LE) and the Closing Disclosure (CD). These disclosures, mandated under the TILA-RESPA Integrated Disclosure (TRID) rule, ensure that borrowers are aware of any penalties they may face for paying off the loan early. The prepayment penalty must be clearly stated to comply with TILA (Truth in Lending Act) requirements.
* The Loan Estimate provides an early overview of loan terms, and the Closing Disclosure finalizes those terms.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.38
* CFPB Guidelines on prepayment penalties


NEW QUESTION # 67
After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

  • A. 20 calendar days
  • B. 15 calendar days
  • C. 60 calendar days
  • D. 30 calendar days

Answer: D

Explanation:
Under the Equal Credit Opportunity Act (ECOA), creditors must notify applicants of the action taken (approval, counteroffer, or denial) within 30 calendar days of receiving a completed application or additional information related to a counteroffer. This timeline ensures transparency and fairness in the loan application process.
* This 30-day window applies both for original applications and responses to counteroffers, allowing the borrower sufficient time to receive and act on the decision.
References:
* Equal Credit Opportunity Act (ECOA)
* Regulation B (12 CFR §1002.9) on notification of action taken


NEW QUESTION # 68
Which of the following fees is a finance charge?

  • A. A late payment fee
  • B. A notary fee
  • C. An appraisal fee
  • D. An origination fee

Answer: D

Explanation:
An origination fee is considered a finance charge under TILA because it represents the cost of obtaining credit. A finance charge includes all fees that a borrower must pay as a condition of securing a loan, excluding certain exempt fees like notary or appraisal fees.
* Notary fees (A) and appraisal fees (C) are typically excluded from the finance charge calculation.
* Late payment fees (D) are not considered finance charges; they are penalties for delinquent payments.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4 (Regulation Z)
* CFPB Finance Charge Definitions


NEW QUESTION # 69
Which of the following types of income are considered as qualifying when applying for a mortgage loan?

  • A. Family gifts
  • B. Federal tax refund
  • C. Reimbursed expenses
  • D. Net rental income

Answer: D

Explanation:
Net rental income is considered qualifying income when applying for a mortgage, as it represents income generated from rental properties. Lenders typically calculate net rental income by subtracting property expenses from the total rental income, and they require documentation such as tax returns or lease agreements to verify this income.
* Reimbursed expenses (A), family gifts (C), and federal tax refunds (D) are generally not considered qualifying income, as they are one-time or non-recurring sources of funds.
References:
* Fannie Mae Selling Guide on qualifying income
* Freddie Mac Guidelines for rental income


NEW QUESTION # 70
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 residence is more than 120 miles from the work location on a refinance.
  • B. The borrower has been employed by the same company for three years.
  • C. A recent college graduate holds a high-level position in the organization.
  • D. The borrower lacks a history in an industry that requires specific skills.

Answer: B

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 # 71
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