NMLS MLO LATEST DUMPS BOOK: MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM & CERTIFICATION SUCCESS GUARANTEED, EASY WAY OF TRAINING

NMLS MLO Latest Dumps Book: Mortgage Loan Origination (SAFE MLO) Exam & Certification Success Guaranteed, Easy Way of Training

NMLS MLO Latest Dumps Book: Mortgage Loan Origination (SAFE MLO) Exam & Certification Success Guaranteed, Easy Way of Training

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q44-Q49):

NEW QUESTION # 44
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

  • A. Second
  • B. First as it will be combined with the 80% loan
  • C. First
  • D. Second but combined with any other liens

Answer: A

Explanation:
In an 80/20 loan structure, the borrower obtains two loans: an 80% first mortgage and a 20% second mortgage, often referred to as a "piggyback loan." The 20% loan has second lien priority, meaning it is subordinate to the 80% loan. If the borrower defaults and the property is foreclosed, the lender holding the first mortgage (80%) is paid first, and the second mortgage (20%) is paid from any remaining proceeds.
* The first lien is always the larger 80% loan, and the second lien covers the smaller 20% loan.
References:
* Fannie Mae Guidelines on piggyback loans
* Freddie Mac Loan Priority Rules


NEW QUESTION # 45
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

  • A. net monthly income
  • B. loan amount.
  • C. gross monthly income.
  • D. taxable income.

Answer: C

Explanation:
In a debt-to-income (DTI) analysis, the borrower's total monthly housing-related payments (including principal, interest, taxes, insurance, and any homeowner association fees) are assessed as a percentage of their gross monthly income. Lenders use the gross income, which is the borrower's income before taxes and deductions, to determine affordability and creditworthiness.
* Net monthly income (A) and taxable income (C) are not used in standard DTI calculations.
* The loan amount (D) is unrelated to the DTI calculation.
References:
* Fannie Mae and Freddie Mac Guidelines on DTI ratios
* CFPB Guidelines on Ability-to-Repay and DTI


NEW QUESTION # 46
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

  • A. Whether the applicant seems likely to have children
  • B. Whether the applicant's age makes them ineligible for credit-related insurance
  • C. Whether the applicant has a phone number listing in their name
  • D. Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made

Answer: D

Explanation:
When evaluating credit risk, lenders are legally permitted to consider whether alimony payments that the applicant relies on for income are likely to continue and be consistently made. Lenders need to assess the reliability of income sources, and documented alimony that is expected to continue is a valid consideration under ECOA (Equal Credit Opportunity Act) guidelines.
* Factors like the applicant's likelihood of having children (A), phone listing (B), and age (C) are not permissible criteria for evaluating creditworthiness under ECOA, as these would constitute discrimination.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB ECOA Guidelines


NEW QUESTION # 47
After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

  • A. 60 calendar days
  • B. 20 calendar days
  • C. 30 calendar days
  • D. 15 calendar days

Answer: C

Explanation:
Under the Equal Credit Opportunity Act (ECOA), creditors must notify applicants of the action taken (approval, counteroffer, or denial) within 30 calendar days of receiving a completed application or additional information related to a counteroffer. This timeline ensures transparency and fairness in the loan application process.
* This 30-day window applies both for original applications and responses to counteroffers, allowing the borrower sufficient time to receive and act on the decision.
References:
* Equal Credit Opportunity Act (ECOA)
* Regulation B (12 CFR §1002.9) on notification of action taken


NEW QUESTION # 48
According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?

  • A. "Come in today for your free consultation"
  • B. "15-year and 30-year mortgages available"
  • C. "Payments as low as $600 for a $100,000 mortgage"
  • D. "Only 1 point up front to get you in a home"

Answer: A

Explanation:
Under TILA's advertising rules (Regulation Z), general statements such as "Come in today for your free consultation" do not trigger the requirement for additional disclosures. This type of advertisement does not include specific loan terms like payment amounts, interest rates, or other terms that would require further explanation.
* Advertisements with terms like "Payments as low as $600" (A) or "1 point up front" (B) are triggering terms under TILA and would require additional disclosures about the APR, loan term, and other conditions.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Guidelines on TILA


NEW QUESTION # 49
......

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