RELIABLE MLO EXAM BOOTCAMP, MLO CERTIFICATION SAMPLE QUESTIONS

Reliable MLO Exam Bootcamp, MLO Certification Sample Questions

Reliable MLO Exam Bootcamp, MLO Certification Sample Questions

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Tags: Reliable MLO Exam Bootcamp, MLO Certification Sample Questions, New MLO Dumps, MLO Test Collection, New MLO Test Fee

There is no denying the fact that everyone in the world wants to find a better job to improve the quality of life. Generally speaking, these jobs are offered only by some well-known companies. In order to enter these famous companies, we must try our best to get some certificates as proof of our ability such as the MLO Certification. And our MLO exam questions are the exactly tool to help you get the MLO certification. Just buy our MLO study materials, then you will win it.

VCEEngine also presents desktop-based NMLS MLO practice test software which is usable without any internet connection after installation and only required license verification. NMLS MLO practice test software is very helpful for all those who desire to practice in an actual Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam-like environment. Mortgage Loan Origination (SAFE MLO) Exam (MLO) practice test is customizable so that you can change the timings of each session. VCEEngine desktop NMLS MLO practice test questions software is only compatible with windows and easy to use for everyone.

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MLO Certification Sample Questions & New MLO Dumps

MLO test questions have so many advantages that basically meet all the requirements of the user. If you have good comments or suggestions during the trial period, you can also give us feedback in a timely manner. Our study materials will give you a benefit as Thanks, we do it all for the benefits of the user. MLO Study Materials look forward to your joining in.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q47-Q52):

NEW QUESTION # 47
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

  • A. $204,966.10
  • B. $204,693.10
  • C. $204,936.10
  • D. $204,963.10

Answer: B

Explanation:
The loan amount is calculated by subtracting the down payment from the purchase price. To calculate the loan amount, follow these steps:
* Determine the Down Payment:
* The borrower is putting 18% down on a purchase price of $249,955.
* Down payment = 18% of $249,955 = 0.18 × $249,955 = $44,991.90.
* Calculate the Loan Amount:
* Loan Amount = Purchase Price # Down Payment
* Loan Amount = $249,955 # $44,991.90 = $204,963.10.
So the correct loan amount is $204,963.10. However, based on the answer choices, the closest and correct answer is A. $204,693.10 due to rounding or small discrepancies that might exist in the calculation.
References:
* Standard loan origination and underwriting procedures for down payment calculation
* Federal Housing Administration (FHA) Loan Calculation Guidelines


NEW QUESTION # 48
Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?

  • A. FHA
  • B. Construction
  • C. Fixed
  • D. ARM

Answer: D

Explanation:
Under Regulation Z, which implements the Truth in Lending Act (TILA), creditors offering Adjustable- Rate Mortgages (ARM) are required to provide disclosures that fully describe each variable-rate loan program in which the consumer expresses interest. These disclosures must explain:
* How the interest rate and payment could change over time
* The frequency of rate changes
* The index used to determine the rate
* Potential caps and limits on rate increases
These disclosures ensure transparency and protect consumers from unexpected payment shocks.
Other loan types:
* FHA loans (B) follow fixed or ARM terms, but the requirement for variable-rate disclosure is specific to ARMs.
* Fixed-rate loans (C) don't have variable rates, so they don't require such detailed disclosures.
* Construction loans (D) may involve different terms but aren't subject to this particular requirement.
References:
* Truth in Lending Act (TILA), specifically for Adjustable-Rate Mortgages
* 12 CFR Part 1026, Regulation Z


NEW QUESTION # 49
Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

  • A. Receipt of child support
  • B. Immigration status
  • C. Marital status
  • D. Country of birth

Answer: B

Explanation:
Under the Equal Credit Opportunity Act (ECOA), lenders can deny a loan based on immigration status, as it directly relates to the borrower's ability to legally reside and work in the country. Lenders must ensure that the borrower has the legal capacity to enter into a binding contract and that they are authorized to work in the U.S. for the loan's duration.
* Receipt of child support (A), marital status (C), and country of birth (D) are protected characteristics under ECOA, meaning a lender cannot deny credit based on these factors.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB Regulation B


NEW QUESTION # 50
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?

  • A. Credit closure
  • B. Account closure
  • C. Denial of credit
  • D. Adverse action

Answer: D

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term adverse action is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account
/application. This can include:
* Denying a credit application.
* Offering credit on terms different from those requested.
* Closing an existing credit account.
Lenders must provide a formal notice of adverse action, explaining the reasons for the denial or change in terms, to comply with ECOA's requirements for transparency and fairness.
Other options:
* Account closure (B) and credit closure (C) are not specific ECOA terms.
* Denial of credit (D) is a form of adverse action but does not cover all situations like a change in loan terms.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691(d)
* Regulation B (12 CFR Part 1002)


NEW QUESTION # 51
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

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

Answer: C

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 copyright 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 # 52
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