Valid MLO Test Dumps, Valid MLO Exam Topics

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q107-Q112):

NEW QUESTION # 107
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

A. Every day from 9 a.m. to 5 p.m.
B. Any days that employees may access the office to work
C. Every day except Sunday and legal holidays
D. Any days except Saturdays and Sundays

Answer: C

Explanation:
Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights

NEW QUESTION # 108
Which of the following statements is permissible in an advertisement?

A. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."
B. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
C. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
D. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."

Answer: B

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules

NEW QUESTION # 109
Non-qualified mortgages offer more options for borrowers who:

A. are self-employed.
B. are currently living with their parents.
C. have no down payment.
D. are unemployed.

Answer: A

Explanation:
Non-qualified mortgages (Non-QM) are designed to help borrowers who do not meet the standard documentation or income verification requirements of traditional qualified mortgages (QM). Non-QM loans provide more flexibility in underwriting guidelines and are often used by borrowers such as:
* Self-employed individuals who may have inconsistent or difficult-to-verify income streams. These borrowers may use bank statements or asset-based verification instead of W-2 forms or tax returns to qualify for a loan.
Non-QMs cater to borrowers who have unique financial situations but still demonstrate the ability to repay.
Non-QM loans are not necessarily high-risk but offer alternatives for those who don't meet the stringent Qualified Mortgage rules.
Other options:
* Unemployed individuals (A) typically cannot qualify unless they have alternative forms of income.
* No down payment (C): Non-QM loans usually still require a down payment, though the amount may vary.
* Living with parents (D) is not a relevant factor in Non-QM lending.
References:
* Dodd-Frank Act and Ability-to-Repay (ATR) rule
* CFPB guidelines on Qualified vs. Non-Qualified Mortgages

NEW QUESTION # 110
A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

A. Tell the borrower not to say anything at closing
B. Nothing, as the loan has already been approved
C. Recommend that the borrower attend homeownership counseling
D. Notify the underwriter regarding possible change of borrower's employment status

Answer: D

Explanation:
If the mortgage loan originator (MLO) becomes aware of a potential change in the borrower's employment status, such as the company closing and the borrower being laid off, the MLO must notify the underwriter.
The borrower's ability to repay the loan could be impacted by the job loss, and failing to update the underwriter would be a violation of proper lending practices.
* Ignoring the information or withholding it (Options A and B) could lead to loan default and is unethical.
* Homeownership counseling (C) is beneficial but not relevant to the immediate concern of loan approval and repayment ability.
References:
* TILA and Ability-to-Repay Rule (ATR)
* Fannie Mae Guidelines for employment verification

NEW QUESTION # 111
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. 3 business days prior to consummation
B. 4 business days prior lo consummation
C. On the day of consummation
D. 1 business day prior to consummation

Answer: A

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 # 112
......

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Valid MLO Test Dumps, Valid MLO Exam Topics

Valid MLO Exam Topics, MLO Exam Preparation

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q107-Q112):

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