TESTKING MLO LEARNING MATERIALS PASS CERTIFY| PROFESSIONAL MLO EXAMINATIONS ACTUAL QUESTIONS: MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM

Testking MLO Learning Materials Pass Certify| Professional MLO Examinations Actual Questions: Mortgage Loan Origination (SAFE MLO) Exam

Testking MLO Learning Materials Pass Certify| Professional MLO Examinations Actual Questions: Mortgage Loan Origination (SAFE MLO) Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q24-Q29):

NEW QUESTION # 24
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

  • A. 120 days
  • B. 90 days
  • C. 30 days
  • D. 60 days

Answer: A


NEW QUESTION # 25
The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

  • A. Communication directly between the loan officer and the appraiser
  • B. Encouraging a target value
  • C. Asking the appraiser to substantiate a value
  • D. Withholding payment from an appraiser

Answer: C

Explanation:
Under the Appraiser Independence Requirements (AIR), appraisers are obligated to perform their duties free from outside influence or coercion. Asking the appraiser to substantiate a value is permissible because it falls within the scope of ensuring an accurate and credible appraisal. However, it is not permissible to pressure the appraiser into achieving a target value (A) or to withhold payment (B) for unfavorable valuations.
* Direct communication between the loan officer and the appraiser (D) may be restricted or controlled to prevent undue influence.
References:
* Dodd-Frank Act, Appraisal Independence Rules
* CFPB Valuation Independence Requirements


NEW QUESTION # 26
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

  • A. Credit report
  • B. Title Insurance
  • C. Notary
  • D. Interest

Answer: D

Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Regulation Z Guidelines


NEW QUESTION # 27
How many days before consummation must a borrower receive a revised Loan Estimate?

  • A. 5 business days
  • B. 10 business days
  • C. 7 business days
  • D. 4 business days

Answer: C

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, borrowers must receive the Loan Estimate (LE) at least 7 business days before consummation of the loan. This rule allows borrowers ample time to review the terms and costs of the mortgage before closing.
If a revised Loan Estimate is issued due to changes in circumstances (e.g., interest rate changes, property changes), the borrower still needs to receive it no later than 7 business days before consummation.
References:
* TRID (TILA-RESPA Integrated Disclosure Rule), 12 CFR §1026.19(f)
* CFPB Loan Estimate Requirements


NEW QUESTION # 28
Which of the following activities is an example of redlining in mortgage lending?

  • A. The act of the mortgage lender putting a "red line" under the borrower's name in a file to indicate they are a substandard applicant
  • B. The mortgage loan originator convincing the underwriter to move their loan file to the front of the line or "redline" it
  • C. Ensuring that all creditworthy borrowers are afforded equal treatment when applying for a mortgage loan
  • D. The systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices

Answer: D

Explanation:
Redlining is a discriminatory practice in mortgage lending where certain neighborhoods, often those predominantly inhabited by minority groups, are systematically denied access to mortgages, insurance, or other financial services. Lenders would use literal red lines on maps to designate these areas as high-risk or undesirable, refusing to offer loans or offering them at inflated interest rates.
* Redlining is a violation of fair lending laws such as the Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA). Both of these federal laws prohibit discrimination based on race, color, national origin, religion, sex, family status, or disability in housing and credit transactions.
* This practice has historically contributed to racial segregation and economic inequality in the U.S., as minority groups were systematically excluded from access to homeownership and wealth-building opportunities.
References:
* Home Mortgage Disclosure Act (HMDA)
* Fair Housing Act (FHA)
* Equal Credit Opportunity Act (ECOA)


NEW QUESTION # 29
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