EXAM MLO DUMP - LATEST MLO TEST QUESTIONS

Exam MLO Dump - Latest MLO Test Questions

Exam MLO Dump - Latest MLO Test Questions

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Tags: Exam MLO Dump, Latest MLO Test Questions, MLO Accurate Test, MLO Exam Dumps Provider, MLO New Braindumps Sheet

The Mortgage Loan Origination (SAFE MLO) Exam (MLO) practice test questions are customizable which means that the customers can customize the time and MLO exam questions types according to their needs. These NMLS MLO Practice Tests are based on real based examination scenarios which help the students practice under real MLO exam questions pressure and learn to control it.

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Latest MLO Test Questions - MLO Accurate Test

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q18-Q23):

NEW QUESTION # 18
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

  • A. never been licensed or registered as an MLO in any governmental jurisdiction.
  • 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. been convicted of a felony within the past seven years.

Answer: D

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 # 19
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. Nothing, as the loan has already been approved
  • B. Notify the underwriter regarding possible change of borrower's employment status
  • C. Recommend that the borrower attend homeownership counseling
  • D. Tell the borrower not to say anything at closing

Answer: B

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 # 20
The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

  • A. Asking the appraiser to substantiate a value
  • B. Communication directly between the loan officer and the appraiser
  • C. Encouraging a target value
  • D. Withholding payment from an appraiser

Answer: A

Explanation:
Under the Appraiser Independence Requirements (AIR), appraisers are obligated to perform their duties free from outside influence or coercion. Asking the appraiser to substantiate a value is permissible because it falls within the scope of ensuring an accurate and credible appraisal. However, it is not permissible to pressure the appraiser into achieving a target value (A) or to withhold payment (B) for unfavorable valuations.
* Direct communication between the loan officer and the appraiser (D) may be restricted or controlled to prevent undue influence.
References:
* Dodd-Frank Act, Appraisal Independence Rules
* CFPB Valuation Independence Requirements


NEW QUESTION # 21
Which of the following services is included in the definition of a settlement service?

  • A. Title company/escrow agent services
  • B. Homeowners association fees
  • C. Sale of the mortgage loan on the secondary market
  • D. Flood insurance

Answer: A

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), settlement services include activities related to closing the mortgage loan, such as title company services and escrow agent services. These services are integral to the settlement process and ensure that the transaction is completed legally and correctly.
* Flood insurance (A) is required for properties in flood zones but is not considered a settlement service.
* Homeowners association fees (B) and the sale of the mortgage loan on the secondary market (D) are also not part of the settlement services.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2602
* CFPB RESPA Guidelines on settlement services


NEW QUESTION # 22
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

  • A. secondary marketing practices of selling loans to investors.
  • B. compliance management, senior management and branch locations.
  • C. hiring procedures and training.
  • D. compliance management training and internal controls

Answer: D

Explanation:
Consumer complaints and their analysis are critical for identifying weaknesses in a company's compliance management system (CMS) and internal controls. The CFPB (Consumer Financial Protection Bureau) emphasizes that analyzing complaints helps companies spot patterns of non-compliance, risks, or failures in managing regulatory requirements. By reviewing consumer feedback, businesses can identify gaps in their compliance practices, including weaknesses in training programs and internal systems, that may lead to violations of laws like RESPA, TILA, and ECOA.
* Complaints may reveal issues with loan disclosures, error resolution, unfair lending practices, or lack of training in regulatory updates.
* Regular analysis helps reinforce internal controls and improve compliance processes.
References:
* CFPB Compliance Management Review Guidelines
* TILA and RESPA regulations on consumer protection


NEW QUESTION # 23
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