MLO VALID STUDY NOTES - MLO LEAD2PASS REVIEW

MLO Valid Study Notes - MLO Lead2pass Review

MLO Valid Study Notes - MLO Lead2pass Review

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Tags: MLO Valid Study Notes, MLO Lead2pass Review, MLO Pdf Dumps, MLO Reliable Dumps, MLO Exam Assessment

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q26-Q31):

NEW QUESTION # 26
Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

  • A. 30 business days
  • B. 45 calendar days
  • C. 7 business days
  • D. 15 business days

Answer: C

Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Loan Estimate (LE) at least 7 business days before the closing (also called consummation) of the mortgage loan. This rule ensures that the borrower has sufficient time to review and understand the loan terms and costs.
The 7-day waiting period starts from the day the Loan Estimate is delivered or placed in the mail. This period allows the borrower to ask questions and possibly negotiate terms before finalizing the mortgage.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(e)
* Consumer Financial Protection Bureau (CFPB) Guidelines


NEW QUESTION # 27
Which of the following factors is considered when determining the interest rate for a subprime mortgage?

  • A. The property location
  • B. The sales price of the property
  • C. The credit score of the applicants]
  • D. The term of the loan

Answer: C

Explanation:
For subprime mortgages, the credit score of the applicants is a primary factor in determining the interest rate. Subprime loans are designed for borrowers with lower credit scores, typically below 620, and are offered at higher interest rates due to the increased risk of default.
* Factors like the loan term (A), property location (B), and sales price (C) may influence other aspects of the loan, but the credit score is the key factor that determines whether a borrower qualifies for a subprime mortgage and the corresponding interest rate.
References:
* Fannie Mae and Freddie Mac Subprime Lending Guidelines
* CFPB Subprime Mortgage Standards


NEW QUESTION # 28
Which of the following federal laws requires disclosures intended to prevent lenders or mortgage loan originators (MLOs) from increasing fees during the origination process?

  • A. Equal Credit Opportunity Act (ECOA)
  • B. Truth in Lending Act (TILA)
  • C. Real Estate Settlement Procedures Act (RESPA1)
  • D. Home Mortgage Disclosure Act (HMDA)

Answer: C

Explanation:
The Real Estate Settlement Procedures Act (RESPA) requires disclosures intended to prevent lenders and mortgage loan originators (MLOs) from increasing fees during the loan origination process. RESPA mandates the disclosure of estimated fees through the Loan Estimate (LE) and ensures that fees do not change substantially from the Loan Estimate to the final Closing Disclosure (CD) unless specific conditions justify the changes. This protects borrowers from "fee increases" during the settlement process.
* While TILA (A) deals with disclosure of loan terms and APR, RESPA (D) focuses specifically on fees and closing costs during origination.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2601
* CFPB RESPA Guidelines on fee tolerances


NEW QUESTION # 29
Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

  • A. Home Ownership and Equity Protection Act (HOEPA)
  • B. Truth in Lending Act (TILA)
  • C. Real Estate Settlement Procedures Act (RESPA)
  • D. SAFE Act

Answer: D

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) establishes federal and state licensing standards for mortgage loan originators (MLOs) and mandates that each state creates a licensing and regulatory agency to oversee mortgage companies. This agency is responsible for investigating, examining, and enforcing compliance with mortgage regulations. The act aims to ensure that mortgage companies and MLOs operate with transparency, competency, and accountability.
* The SAFE Act gives regulatory bodies the authority to conduct background checks, examinations, and audits of licensed mortgage companies.
Other Acts:
* TILA and RESPA focus on disclosure requirements and fair lending practices but do not specifically regulate state licensing and examinations.
* HOEPA regulates high-cost loans and predatory lending practices, not licensing.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing and Registration Requirements


NEW QUESTION # 30
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

  • A. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
  • B. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
  • C. The fee is permitted as the MLO performed origination services for the borrower.
  • D. The fee is permitted if the fee is disclosed on the final settlement statement.

Answer: B

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks


NEW QUESTION # 31
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