QUIZ MLO FREE TEST QUESTIONS & MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM UNPARALLELED BEST VCE

Quiz MLO Free Test Questions & Mortgage Loan Origination (SAFE MLO) Exam Unparalleled Best Vce

Quiz MLO Free Test Questions & Mortgage Loan Origination (SAFE MLO) Exam Unparalleled Best Vce

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q122-Q127):

NEW QUESTION # 122
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. 15 calendar days
  • C. 20 calendar days
  • D. 30 calendar days

Answer: D

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 # 123
Which of the following components of an ARM adjusts periodically?

  • A. Index and interest rate only
  • B. Index and margin only
  • C. Margin and interest rate only
  • D. Margin, Index and interest rate

Answer: A

Explanation:
In an Adjustable-Rate Mortgage (ARM), the components that adjust periodically are the index and the interest rate. Here's how it works:
* The index is the benchmark interest rate that fluctuates with market conditions (e.g., LIBOR, SOFR).
* The interest rate adjusts based on changes in the index, but the margin (the fixed percentage added to the index) remains constant throughout the life of the loan.
Thus, the index and interest rate are the variables that change periodically, while the margin remains fixed.
References:
* Fannie Mae Selling Guide for ARMs
* Freddie Mac ARM Guidelines


NEW QUESTION # 124
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. Account closure
  • B. Adverse action
  • C. Denial of credit
  • D. Credit closure

Answer: B

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 # 125
A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

  • A. [Consider the issue to be a private family matter and proceed with the next steps in the application process
  • B. Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
  • C. Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
  • D. Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf

Answer: B

Explanation:
When an MLO suspects that a borrower, such as the mother in this case, may be under duress or being coerced into a transaction, they have a duty to ensure that all parties are willingly participating. The ethical approach would be to ask to speak privately with the mother to verify her intentions and comfort level with the transaction. This ensures that the loan is compliant with consumer protection laws such as the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), which protect against unfair lending practices.
* Ignoring the situation (Option B) could lead to participation in a coerced or fraudulent transaction.
* Suggesting that the son be a co-borrower (Option C) or signing a power of attorney (Option D) are inappropriate if the mother is unwilling to proceed.
Verifying her willingness safeguards the integrity of the loan process and ensures compliance with fair lending practices.
References:
* Truth in Lending Act (TILA)
* Equal Credit Opportunity Act (ECOA)
* CFPB guidelines on elder financial abuse


NEW QUESTION # 126
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

  • A. Consider the application incomplete and put initial processing on hold until the additional information is received
  • B. Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
  • C. Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
  • D. Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made

Answer: C

Explanation:
In this situation, the most compliant action is to provide timely initial disclosures to the borrower within the required timeframe, even if the figures may be adjusted later when additional information is obtained. This is in accordance with TILA-RESPA Integrated Disclosure (TRID) rules, which mandate that the Loan Estimate (LE) must be provided within three business days after receiving an application, even if all details are not yet finalized.
* Holding off on processing (Option A) or waiting until additional information is obtained (Option D) is non-compliant, as this could violate the timely disclosure requirements.
* While documenting attempts to gather information (Option B) is good practice, it does not fulfill the regulatory obligation to provide disclosures promptly.
By issuing initial disclosures, even if the numbers are subject to change, the creditor remains compliant with the Consumer Financial Protection Bureau (CFPB) guidelines. Corrections can be made in subsequent disclosures.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Regulation Z requirements for disclosures


NEW QUESTION # 127
......

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