PASS-SURE VALID MLO PRACTICE MATERIALS & LEADING OFFER IN QUALIFICATION EXAMS & MARVELOUS NMLS MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM

Pass-Sure Valid MLO Practice Materials & Leading Offer in Qualification Exams & Marvelous NMLS Mortgage Loan Origination (SAFE MLO) Exam

Pass-Sure Valid MLO Practice Materials & Leading Offer in Qualification Exams & Marvelous NMLS Mortgage Loan Origination (SAFE MLO) Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q57-Q62):

NEW QUESTION # 57
Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

  • A. Virtual currency funds
  • B. Foreign assets located outside of the U.S. or its territories
  • C. Personal unsecured loans
  • D. Community second funds

Answer: D

Explanation:
Community second funds are an acceptable source of funds for down payments, closing costs, or financial reserves. These are subordinate loans provided by housing finance agencies, nonprofits, or government entities to help borrowers meet the required down payment or closing costs. These funds are often offered to low-to-moderate income borrowers or first-time homebuyers as part of affordable housing programs.
* Virtual currency (A), such as Bitcoin, is not an acceptable source due to its volatility and challenges in verifying its stability.
* Personal unsecured loans (C) are generally not allowed, as they increase the borrower's debt and reduce their financial stability.
* Foreign assets outside of the U.S. (D) are not typically acceptable unless they can be easily liquidated and transferred to the U.S.
References:
* Fannie Mae Selling Guide on acceptable sources of funds
* Freddie Mac Guidelines for down payment and closing costs


NEW QUESTION # 58
Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

  • A. The APR
  • B. The MLO's business address
  • C. The MLO's personal website
  • D. The number of days that the rate is available

Answer: A

Explanation:
Under Regulation Z (TILA), when mortgage loan originators (MLOs) advertise mortgage services, including payment amounts, they must disclose the Annual Percentage Rate (APR). The APR reflects the total cost of the loan, including interest and certain fees, and provides a clear picture of the loan's true cost over time.
* Failure to include the APR in an advertisement that mentions payment amounts, interest rates, or other specific loan terms is considered a violation of TILA's advertising requirements.
* Other details (B, C, D), such as the MLO's website or the number of days the rate is available, are not mandatory in all advertisements, but the APR is required.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Rules for Mortgage Services


NEW QUESTION # 59
Which of the following responses describes the required amount of flood insurance coverage?

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

Answer: C

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 # 60
Which of the following is an example of a non-fluctuating income source?

  • A. Commission-based W-2 income
  • B. Self-employed income
  • C. Salaried W-2 position
  • D. Part-time work with irregular hours

Answer: C

Explanation:
A salaried W-2 position is an example of non-fluctuating income because the borrower receives a consistent, fixed salary each pay period. This type of income is easy to verify and predict, making it ideal for mortgage qualification.
Other types of fluctuating income:
* Self-employed income (B) and commission-based income (C) vary based on the nature of work and can fluctuate month to month.
* Part-time work with irregular hours (D) also fluctuates due to varying work hours, making it inconsistent.
References:
* Fannie Mae Selling Guide for income verification
* Freddie Mac's Loan Product Advisor for employment income documentation


NEW QUESTION # 61
Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

  • A. The Equal Credit Opportunity Act
  • B. The SAFE Act
  • C. The Dodd-Frank Act
  • D. The Truth in Lending Act (TILA)

Answer: B

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all state-licensed mortgage loan originators (MLOs) to complete annual continuing education (CE) as part of their licensure requirements. This includes 8 hours of CE, covering topics like federal law, ethics, and nontraditional mortgage products.
The goal of the SAFE Act is to ensure MLOs are knowledgeable about regulations, ethical practices, and current mortgage industry trends. Failing to complete the required education can result in a license being suspended or revoked.
Other Acts:
* The Dodd-Frank Act (B) sets broader regulations, such as those related to mortgage loan origination compensation.
* TILA (C) governs disclosures and loan terms but does not mandate CE.
* ECOA (D) focuses on preventing discrimination in credit but does not require CE.
References:
* SAFE Act, 12 USC §5101
* NMLS Continuing Education Requirements


NEW QUESTION # 62
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