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MLO Reliable Braindumps Pdf - MLO Certification Dumps

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q64-Q69):

NEW QUESTION # 64
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

A. Title Insurance
B. Notary
C. Credit report
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 # 65
The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A. government mortgage insurance.
B. optional credit life insurance.
C. private mortgage insurance
D. force-placed hazard insurance.

Answer: A

Explanation:
The upfront premium charged on an FHA mortgage is an example of government mortgage insurance. This upfront mortgage insurance premium (UFMIP) is required for FHA loans and protects the lender (creditor) in the event of borrower default. FHA loans are insured by the Federal Housing Administration (FHA), a government agency.
* Private mortgage insurance (D) is used for conventional loans, while optional credit life insurance (A) and force-placed hazard insurance (B) are unrelated to FHA loans.
References:
FHA Single Family Housing Policy Handbook
HUD Guidelines on UFMIP

NEW QUESTION # 66
When does the Loan Estimate expire?

A. After the 3rd business day
B. After the 10th business day
C. After the 7th business day
D. After the 5th business day

Answer: B

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, the Loan Estimate (LE) expires after 10 business days from the date it was provided, unless the borrower indicates an intent to proceed with the loan.
If the borrower does not confirm their intent within 10 business days, the terms and costs in the Loan Estimate are no longer valid, and the lender may issue a new estimate with updated terms.
References:
* TRID Rule - Loan Estimate Expiration
* 12 CFR Part 1026 (Regulation Z)

NEW QUESTION # 67
Which of the following documents must be provided to the borrower when they request a change in loan product?

A. Service provider list
B. Amortization schedule
C. Loan Estimate
D. Home counseling list

Answer: C

Explanation:
Under TRID/Regulation Z, if a borrower requests a change in loan product, this is considered a changed circumstance, and a new Loan Estimate must be provided reflecting the revised terms within three business days.
"A revised Loan Estimate must be provided if a changed circumstance affects the consumer's eligibility for a specific loan product or terms."
- 12 CFR § 1026.19(e)(3)(iv)
References:
CFPB, TRID Rule: Changed Circumstances

NEW QUESTION # 68
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

A. secondary marketing practices of selling loans to investors.
B. hiring procedures and training.
C. compliance management, senior management and branch locations.
D. compliance management training and internal controls

Answer: D

Explanation:
Consumer complaints and their analysis are critical for identifying weaknesses in a company's compliance management system (CMS) and internal controls. The CFPB (Consumer Financial Protection Bureau) emphasizes that analyzing complaints helps companies spot patterns of non-compliance, risks, or failures in managing regulatory requirements. By reviewing consumer feedback, businesses can identify gaps in their compliance practices, including weaknesses in training programs and internal systems, that may lead to violations of laws like RESPA, TILA, and ECOA.
* Complaints may reveal issues with loan disclosures, error resolution, unfair lending practices, or lack of training in regulatory updates.
* Regular analysis helps reinforce internal controls and improve compliance processes.
References:
* CFPB Compliance Management Review Guidelines
* TILA and RESPA regulations on consumer protection

NEW QUESTION # 69
......

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