MLO EXAM COLLECTION & MLO STUDY MATERIALS & MLO VALID BRAINDUMPS

MLO Exam Collection & MLO Study Materials & MLO Valid Braindumps

MLO Exam Collection & MLO Study Materials & MLO Valid Braindumps

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Tags: MLO Reliable Exam Camp, Test MLO Dates, MLO Free Study Material, MLO Real Exams, Reliable MLO Test Labs

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q32-Q37):

NEW QUESTION # 32
The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

  • A. adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
  • B. implement an internal watch system to prevent the misrepresentation of occupancy status
  • C. adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
  • D. implement a written program to detect warning signs of identity theft.

Answer: D

Explanation:
The Red Flags Rule, under the Fair and Accurate Credit Transactions Act (FACTA), requires lenders and other financial institutions to develop and implement a written Identity Theft Prevention Program. This program must detect, prevent, and mitigate identity theft by identifying "red flags" that signal potential fraud, such as:
* Unusual account activity
* Inconsistent or mismatched identification information
* Suspicious patterns in credit applications
Lenders are required to take steps to verify identities, monitor transactions, and respond to signs of identity theft to protect consumers and minimize fraud risk.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* Red Flags Rule under 16 CFR 681.2


NEW QUESTION # 33
If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

  • A. 30 days
  • B. 60 days
  • C. 45 days
  • D. 10 days

Answer: A

Explanation:
According to ECOA (Equal Credit Opportunity Act) and Regulation B, if a borrower waives the right to receive their appraisal three business days before consummation, and the transaction does not close, the creditor must still provide a copy of the appraisal within 30 days of determining that the loan will not consummate.
* This ensures that borrowers still receive essential documentation, even if the loan fails to close.
References:
* ECOA (Equal Credit Opportunity Act), 12 CFR §1002.14(a)(1)
* CFPB Guidelines on appraisal delivery timelines


NEW QUESTION # 34
Which of the following entities has the primary enforcement authority under the Red Flags Rule?

  • A. IRS
  • B. Federal Trade Commission
  • C. Conference of State Bank Supervisors
  • D. HUD

Answer: B

Explanation:
The Federal Trade Commission (FTC) has primary enforcement authority under the Red Flags Rule, which is part of the Fair and Accurate Credit Transactions Act (FACTA). The Red Flags Rule requires financial institutions and creditors, including mortgage companies, to implement identity theft prevention programs that detect, prevent, and mitigate identity theft.
* IRS (A), HUD (C), and the Conference of State Bank Supervisors (D) are not responsible for enforcing the Red Flags Rule.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* FTC Red Flags Rule Guidelines


NEW QUESTION # 35
Which of the following factors is considered when determining the interest rate for a subprime mortgage?

  • A. The credit score of the applicants]
  • B. The property location
  • C. The sales price of the property
  • D. The term of the loan

Answer: A

Explanation:
For subprime mortgages, the credit score of the applicants is a primary factor in determining the interest rate. Subprime loans are designed for borrowers with lower credit scores, typically below 620, and are offered at higher interest rates due to the increased risk of default.
* Factors like the loan term (A), property location (B), and sales price (C) may influence other aspects of the loan, but the credit score is the key factor that determines whether a borrower qualifies for a subprime mortgage and the corresponding interest rate.
References:
* Fannie Mae and Freddie Mac Subprime Lending Guidelines
* CFPB Subprime Mortgage Standards


NEW QUESTION # 36
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

  • A. First
  • B. First as it will be combined with the 80% loan
  • C. Second
  • D. Second but combined with any other liens

Answer: C

Explanation:
In an 80/20 loan structure, the borrower obtains two loans: an 80% first mortgage and a 20% second mortgage, often referred to as a "piggyback loan." The 20% loan has second lien priority, meaning it is subordinate to the 80% loan. If the borrower defaults and the property is foreclosed, the lender holding the first mortgage (80%) is paid first, and the second mortgage (20%) is paid from any remaining proceeds.
* The first lien is always the larger 80% loan, and the second lien covers the smaller 20% loan.
References:
* Fannie Mae Guidelines on piggyback loans
* Freddie Mac Loan Priority Rules


NEW QUESTION # 37
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