LATEST BRAINDUMPS NMLS MLO PPT | MLO NEW BRAINDUMPS QUESTIONS

Latest Braindumps NMLS MLO Ppt | MLO New Braindumps Questions

Latest Braindumps NMLS MLO Ppt | MLO New Braindumps Questions

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Tags: Latest Braindumps MLO Ppt, MLO New Braindumps Questions, Valid Test MLO Braindumps, Latest MLO Test Report, MLO Latest Test Labs

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q84-Q89):

NEW QUESTION # 84
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. 20 calendar days
  • B. 15 calendar days
  • C. 60 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 # 85
Non-qualified mortgages offer more options for borrowers who:

  • A. are unemployed.
  • B. are self-employed.
  • C. are currently living with their parents.
  • D. have no down payment.

Answer: B

Explanation:
Non-qualified mortgages (Non-QM) are designed to help borrowers who do not meet the standard documentation or income verification requirements of traditional qualified mortgages (QM). Non-QM loans provide more flexibility in underwriting guidelines and are often used by borrowers such as:
* Self-employed individuals who may have inconsistent or difficult-to-verify income streams. These borrowers may use bank statements or asset-based verification instead of W-2 forms or tax returns to qualify for a loan.
Non-QMs cater to borrowers who have unique financial situations but still demonstrate the ability to repay.
Non-QM loans are not necessarily high-risk but offer alternatives for those who don't meet the stringent Qualified Mortgage rules.
Other options:
* Unemployed individuals (A) typically cannot qualify unless they have alternative forms of income.
* No down payment (C): Non-QM loans usually still require a down payment, though the amount may vary.
* Living with parents (D) is not a relevant factor in Non-QM lending.
References:
* Dodd-Frank Act and Ability-to-Repay (ATR) rule
* CFPB guidelines on Qualified vs. Non-Qualified Mortgages


NEW QUESTION # 86
A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

  • A. The MLO must complete the application and proceed as normal.
  • B. The MLO must present them with a reverse mortqaqe.
  • C. The MLO must present them with a home equity line of credit (HELOC).
  • D. The MLO must inquire about the ability to repay in the event of a borrower's death.

Answer: A

Explanation:
Under the Equal Credit Opportunity Act (ECOA), age cannot be a basis for discrimination in the loan application process. If borrowers are over 72 years old, the MLO must complete the application and proceed as normal, treating them the same as any other applicant. The MLO should not make assumptions about the borrowers' needs, such as automatically suggesting a reverse mortgage (A) or a home equity line of credit (B). Similarly, there is no obligation for the MLO to inquire specifically about the borrower's ability to repay in the event of death (D), as this would be age discrimination.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB Guidelines on age and lending practices


NEW QUESTION # 87
Which of the following responses describes the required amount of flood insurance coverage?

  • A. The property value on file with the county property valuation administrator office
  • B. The outstanding principal balance of the loan
  • C. The minimum amount of National Flood Insurance Program coverage available
  • D. The original appraised value of the home

Answer: B

Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is $250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Guidelines


NEW QUESTION # 88
Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

  • A. The Conference of State Bank Supervisors
  • B. A state regulator
  • C. NMLS
  • D. The Federal Trade Commission

Answer: B

Explanation:
For state-licensed, non-depository lenders, the primary regulatory authority is the state regulator in the jurisdiction where the lender operates. Each state has its own agency or department responsible for overseeing licensing, compliance, and enforcement of mortgage laws for non-depository institutions.
* The NMLS (A) is the system used to manage licenses but is not a regulatory authority.
* The Federal Trade Commission (B) oversees federal consumer protection laws but is not the primary regulator for state-licensed lenders.
* The Conference of State Bank Supervisors (CSBS) (D) helps coordinate state regulation but does not directly regulate individual lenders.
References:
* SAFE Act, 12 USC §5101
* NMLS and State Regulator Guidelines


NEW QUESTION # 89
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