Unique NMLS MLO Pdf Questions

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q103-Q108):

NEW QUESTION # 103
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

A. Credit report
B. Interest
C. Notary
D. Title Insurance

Answer: B

Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Regulation Z Guidelines

NEW QUESTION # 104
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

A. Refinance
B. Construction
C. Reverse mortgage
D. USDA Rural Development

Answer: A

Explanation:
The Home Ownership and Equity Protection Act (HOEPA) applies to certain types of high-cost loans, particularly refinance and home equity loans, that meet specific APR and fee thresholds. HOEPA was enacted to protect consumers from predatory lending practices in loans that carry excessive fees, high interest rates, or abusive terms.
* HOEPA mainly covers:
* Refinance loans
* Home equity loans
* Closed-end home equity loans
* Certain purchase-money mortgages under specific conditions
Loans like construction loans (B), reverse mortgages (C), and USDA Rural Development loans (D) are generally excluded from HOEPA coverage.
References:
* Home Ownership and Equity Protection Act (HOEPA), 15 U.S.C. § 1639
* CFPB HOEPA Guidelines

NEW QUESTION # 105
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. allows a loan applicant to close on a loan even if all the stipulations have not been met.
D. is a right to cross or otherwise use someone else's land for a specified purpose.

Answer: D

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 # 106
Which of the following responses describes the required amount of flood insurance coverage?

A. The outstanding principal balance of the loan
B. The property value on file with the county property valuation administrator office
C. The original appraised value of the home
D. The minimum amount of National Flood Insurance Program coverage available

Answer: A

Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is $250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Guidelines

NEW QUESTION # 107
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

A. The National Bank Act
B. The Real Estate Settlement Procedures Act
C. The National Currency Act
D. The Bank Secrecy Act

Answer: D

Explanation:
The Bank Secrecy Act (BSA) requires mortgage lenders and other financial institutions to adopt anti-money laundering (AML) policies to detect and prevent money laundering and other financial crimes. Under BSA, lenders must:
* Implement a written AML compliance program.
* Report suspicious activities using Suspicious Activity Reports (SARs).
* Maintain records and report large cash transactions to prevent illegal financial activities such as money laundering and fraud.
Other laws mentioned:
* The National Bank Act and National Currency Act focus on the regulation of national banks.
* The Real Estate Settlement Procedures Act (RESPA) addresses settlement and disclosure requirements but does not cover AML rules.
References:
* Bank Secrecy Act (BSA)
* Financial Crimes Enforcement Network (FinCEN) guidelines

NEW QUESTION # 108
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Unique NMLS MLO Pdf Questions

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q103-Q108):

100% Pass 2025 NMLS MLO: Mortgage Loan Origination (SAFE MLO) Exam –Professional Reliable Study Materials

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