NMLS MLO EXAM PREP, FRENQUENT MLO UPDATE

NMLS MLO Exam Prep, Frenquent MLO Update

NMLS MLO Exam Prep, Frenquent MLO Update

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Tags: MLO Exam Prep, Frenquent MLO Update, MLO Certification Questions, Study MLO Tool, Exam MLO Study Solutions

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Frenquent MLO Update | MLO Certification Questions

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q73-Q78):

NEW QUESTION # 73
Which of the following factors is considered when determining the interest rate for a subprime mortgage?

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

Answer: B

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 # 74
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

  • A. imprisoned for 10 to 16 months
  • B. fined up to JB10,000 or imprisoned for 6 months.
  • C. fined up to the total purchase price of their home.
  • D. fined up to $1 million and imprisoned for 30 years.

Answer: D

Explanation:
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property can face severe penalties under federal law. The penalties can include:
* A fine of up to $1 million.
* Imprisonment for up to 30 years.
These penalties fall under federal statutes such as 18 U.S.C. § 1014, which covers fraud and false statements related to loan applications. This is a serious offense, and the law is designed to deter fraud in federally related mortgage transactions.
References:
* 18 U.S.C. § 1014 - Penalties for False Statements
* Fraud Enforcement and Recovery Act (FERA)


NEW QUESTION # 75
Which of the following types of income are considered as qualifying when applying for a mortgage loan?

  • A. Family gifts
  • B. Federal tax refund
  • C. Net rental income
  • D. Reimbursed expenses

Answer: C

Explanation:
Net rental income is considered qualifying income when applying for a mortgage, as it represents income generated from rental properties. Lenders typically calculate net rental income by subtracting property expenses from the total rental income, and they require documentation such as tax returns or lease agreements to verify this income.
* Reimbursed expenses (A), family gifts (C), and federal tax refunds (D) are generally not considered qualifying income, as they are one-time or non-recurring sources of funds.
References:
* Fannie Mae Selling Guide on qualifying income
* Freddie Mac Guidelines for rental income


NEW QUESTION # 76
Which of the following statements is permissible in an advertisement?

  • A. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
  • B. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."
  • C. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
  • D. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."

Answer: A

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules


NEW QUESTION # 77
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:

  • A. deferred-payment mortgage.
  • B. FHA mortgage.
  • C. qualified mortgage.
  • D. balloon mortgage.

Answer: D

Explanation:
A balloon mortgage is a type of loan where a large portion of the principal is repaid in a lump sum at the end of the loan term. This structure often features smaller, periodic payments during the life of the loan, with the remaining balance (the balloon payment) due at the end of the loan period. Balloon mortgages are typically shorter-term loans, such as 5 or 7 years.
* This differs from other loan types:
* FHA mortgages (A) are fully amortized loans backed by the government.
* Qualified mortgages (C) meet specific ability-to-repay standards and are fully amortized.
* Deferred-payment mortgages (D) often refer to reverse mortgages or loans with delayed payment schedules, which are not the same as balloon loans.
References:
* Fannie Mae and Freddie Mac Mortgage Guidelines on balloon loans
* Truth in Lending Act (TILA) definitions of mortgage types


NEW QUESTION # 78
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