MLO Test Preparation - Real MLO Exam Dumps

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which of the following statements best describes the index on an ARM?

A. The Federal Reserve adjusts the discount rate index.
B. Index rates vary as the general level of interest rates change.
C. The index rate is fixed for the life of the loan.
D. Mortgage lenders control the value of the index.

Answer: B

Explanation:
The index for an adjustable-rate mortgage (ARM) is tied to a published benchmark (such as LIBOR, SOFR, or U.S. Treasury securities). Index rates fluctuate over time as the general level of interest rates in the market changes.
"The index is a published interest rate to which the interest rate on an ARM is tied. The index rate changes over time, usually in line with general market rates."
- CFPB, Consumer Handbook on Adjustable-Rate Mortgages (CHARM)
References:
CFPB, What is an ARM?

NEW QUESTION # 21
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A. been convicted of a felony within the past seven years.
B. taken and failed the SAFE MLO National Test three times within the last year.
C. had an MLO license suspended in any governmental jurisdiction.
D. never been licensed or registered as an MLO in any governmental jurisdiction.

Answer: A

Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements

NEW QUESTION # 22
Which of the following duties requires licensure under the SAFE Act?

A. An individual who performs administrative or clerical tasks on behalf of a mortgage loan originator
B. An individual who offers or negotiates terms of a residential mortgage loan for compensation or gain
C. A licensed and registered real estate broker performing real estate brokerage activities
D. An individual who performs processing and underwriting duties at the direction of and subject to the supervision of a licensed individual

Answer: B

Explanation:
Under the SAFE Act, an individual must be licensed as a mortgage loan originator (MLO) if they take a residential mortgage loan application and offer or negotiate terms for compensation or gain. Activities such as only performing clerical or support duties, or acting solely as a real estate broker in their normal capacity, do not require an MLO license.
"The term 'mortgage loan originator'... means an individual who (i) takes a residential mortgage loan application; and (ii) offers or negotiates terms of a residential mortgage loan for compensation or gain."
- SAFE Act, 12 USC § 5102(4)
References:
SAFE Act, 12 USC § 5102(4)
NMLS Uniform State Content Outline

NEW QUESTION # 23
According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A. Communicating with a consumer to arrange a loan closing
B. Communicating the details of an offer for the first time over the phone
C. Providing a consumer with the loan policies of the lender
D. Providing a consumer with a Homebuyer's Toolkit

Answer: B

Explanation:
Under the SAFE Act, any activity that involves offering, negotiating, or discussing loan terms with consumers requires licensure as a mortgage loan originator (MLO). Communicating the details of an offer over the phone would require MLO licensure, as it involves explaining or negotiating loan terms.
* Providing general information or resources like a Homebuyer's Toolkit (A) or loan policies (B) does not require an MLO license, as these are not specific to negotiating loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 24
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?

A. Notify the MLO's employer and/or the mortgage lender of the discovery
B. Allow the application to be underwritten before raising any concerns
C. Take no action as the property was occupied at the time of application
D. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes

Answer: A

Explanation:
Mortgage loan originators are bound by ethical and legal requirements to disclose any material changes in a loan application that could affect the underwriting decision. Discovering that the property is no longer the borrower's primary residence is a significant change and may affect loan terms, program eligibility, and disclosures. According to the SAFE Act and industry best practices, the MLO must immediately report such information to their employer and/or the lender.
"A mortgage loan originator has a duty to promptly notify the lender of any material change in the application or circumstances of the borrower that could impact loan eligibility or the terms of the loan."
- SAFE MLO National Test Study Guide; NMLS UST Outline
Other options fail to fulfill the MLO's legal and ethical obligations and could be construed as misrepresentation or fraud.
References:
SAFE MLO National Test Study Guide
NMLS Uniform State Content Outline
CFPB, Mortgage Origination Rules

NEW QUESTION # 25
......

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