MLO VALID STUDY QUESTIONS | MLO TESTKING LEARNING MATERIALS

MLO Valid Study Questions | MLO Testking Learning Materials

MLO Valid Study Questions | MLO Testking Learning Materials

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Tags: MLO Valid Study Questions, MLO Testking Learning Materials, MLO Valid Test Answers, MLO Valuable Feedback, Latest MLO Exam Guide

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MLO Testking Learning Materials, MLO Valid Test Answers

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q67-Q72):

NEW QUESTION # 67
Which of the following services is included in the definition of a settlement service?

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

Answer: D

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 # 68
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:

  • A. Gramm-Leach-Bliley Act(GLBA).
  • B. Real Estate Settlement Procedures Act(RESPA).
  • C. Bank Secrecy Act (BSA).
  • D. Truth in Lending Act (TILA).

Answer: C

Explanation:
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC §5311
* FinCEN Guidelines on SAR filing


NEW QUESTION # 69
Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

  • A. The MLO's business address
  • B. The MLO's personal website
  • C. The number of days that the rate is available
  • D. The APR

Answer: D

Explanation:
Under Regulation Z (TILA), when mortgage loan originators (MLOs) advertise mortgage services, including payment amounts, they must disclose the Annual Percentage Rate (APR). The APR reflects the total cost of the loan, including interest and certain fees, and provides a clear picture of the loan's true cost over time.
* Failure to include the APR in an advertisement that mentions payment amounts, interest rates, or other specific loan terms is considered a violation of TILA's advertising requirements.
* Other details (B, C, D), such as the MLO's website or the number of days the rate is available, are not mandatory in all advertisements, but the APR is required.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Rules for Mortgage Services


NEW QUESTION # 70
Which of the following property value approaches does an appraiser use on a rental property?

  • A. Sales comparison approach
  • B. Annual approach
  • C. Cost approach
    B Income approach

Answer: B

Explanation:
For rental properties, an appraiser will typically use the Income Approach to estimate the property's value.
This method is based on the income-generating potential of the property, which is most relevant for investment properties, including rentals.
* The Income Approach assesses the property's ability to generate future cash flow by evaluating the income that can be derived from renting it. The formula often involves determining the net operating income (NOI) and applying a capitalization rate (cap rate) to estimate value.
* This method is most appropriate for rental properties because their value is inherently tied to their profitability.
Other methods:
* Cost approach: More suited for unique properties or new construction.
* Sales comparison approach: Often used for owner-occupied properties, comparing recent sales of similar properties.
References:
* Uniform Standards of Professional Appraisal Practice (USPAP)
* Fannie Mae's Appraisal Guidelines for Rental Properties


NEW QUESTION # 71
The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

  • A. government mortgage insurance.
  • B. optional credit life insurance.
  • C. private mortgage insurance
  • D. force-placed hazard insurance.

Answer: A

Explanation:
The upfront premium charged on an FHA mortgage is an example of government mortgage insurance.
This upfront mortgage insurance premium (UFMIP) is required for FHA loans and protects the lender (creditor) in the event of borrower default. FHA loans are insured by the Federal Housing Administration (FHA), a government agency.
* Private mortgage insurance (D) is used for conventional loans, while optional credit life insurance (A) and force-placed hazard insurance (B) are unrelated to FHA loans.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines on UFMIP


NEW QUESTION # 72
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