INTERACTIVE MLO PRACTICE EXAM | MLO REAL EXAM ANSWERS

Interactive MLO Practice Exam | MLO Real Exam Answers

Interactive MLO Practice Exam | MLO Real Exam Answers

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Tags: Interactive MLO Practice Exam, MLO Real Exam Answers, MLO Test Vce, Reliable MLO Dumps Pdf, Valid Braindumps MLO Questions

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MLO Real Exam Answers & MLO Test Vce

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q102-Q107):

NEW QUESTION # 102
When obtaining a mortgage loan, title insurance is required to protect the:

  • A. lender providing the financing.
  • B. seller of the property.
  • C. mortgage loan officer.
  • D. settlement agent.

Answer: A

Explanation:
When obtaining a mortgage loan, title insurance is typically required to protect the lender. The lender's title insurance policy ensures that the lender has a valid lien on the property and protects against potential claims on the title, such as unpaid property taxes, liens, or ownership disputes.
* While owner's title insurance protects the buyer, the lender's title insurance is required to protect the financial interest of the lender.
References:
* TILA-RESPA Integrated Disclosure (TRID) Rule
* ALTA Title Insurance Guidelines


NEW QUESTION # 103
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

  • A. Federally related mortgage loan
  • B. State registration related mortgage loan
  • C. Unified commerce related mortgage loan
  • D. Standard county related mortgage loan

Answer: A

Explanation:
The Real Estate Settlement Procedures Act (RESPA) applies to federally related mortgage loans, which include:
* Loans made by lenders insured by a federal agency (such as FHA or VA loans)
* Loans intended for sale to Fannie Mae or Freddie Mac
* Loans from lenders that are federally regulated or insured
RESPA's goal is to protect consumers by requiring disclosures related to the costs of real estate transactions, preventing kickbacks, and ensuring transparency in the settlement process. It applies to most residential mortgage loans.
Other options:
* County-related mortgage loans (B), state registration loans (C), and unified commerce loans (D) are not standard terms under RESPA.
References:
* Real Estate Settlement Procedures Act (RESPA)
* 12 CFR Part 1024, Regulation X


NEW QUESTION # 104
A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

  • A. No additional information required
  • B. Oral confirmation from the borrower
  • C. An updated statement showing a zero balance
  • D. A letter from the borrower explaining that they paid it off

Answer: C

Explanation:
To prove that an account listed on a credit report has been paid off, the borrower must provide an updated statement showing a zero balance. This is the most direct and verifiable method for a lender to confirm the account has been settled.
* Oral confirmation (A) or a letter from the borrower (C) are not acceptable documentation, as they lack third-party verification.
* No further documentation would be required if the credit report already reflects the zero balance, but until then, updated documentation is necessary.
References:
* Fair Credit Reporting Act (FCRA)
* Standard mortgage underwriting documentation guidelines


NEW QUESTION # 105
Which of the following responses describes the required amount of flood insurance coverage?

  • A. The property value on file with the county property valuation administrator office
  • B. The outstanding principal balance of the loan
  • C. The minimum amount of National Flood Insurance Program coverage available
  • D. The original appraised value of the home

Answer: B

Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is $250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Guidelines


NEW QUESTION # 106
Which of the following loans is subject to right of rescission?

  • A. A refinance loan secured by a vacation home
  • B. A rate and term refinance loan through the same creditor
  • C. A purchase loan secured by a rental home
  • D. A cash-out refinance loan on a primary residence

Answer: D

Explanation:
The right of rescission is a provision under TILA (Truth in Lending Act) that gives borrowers the right to cancel certain types of loans within three business days after closing. This right applies specifically to refinance transactions on a borrower's primary residence, where they are taking cash out or refinancing their mortgage.
* Cash-out refinances on a primary residence (C) are subject to the right of rescission because they involve the homeowner's primary residence.
* Purchase loans (A) and loans secured by vacation homes (B) or other investment properties are not subject to this rule.
* Even if the same creditor is refinancing the loan (Option D), the right of rescission still applies if it's a refinance of the primary residence.
References:
* Truth in Lending Act (TILA) Section 125
* Regulation Z, 12 CFR §1026.23 on the right of rescission


NEW QUESTION # 107
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