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One of the most effective strategies to prepare for the Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam successfully is to prepare with actual NMLS MLO exam questions. It would be difficult for the candidates to pass the NMLS exam on the first try if the MLO study materials they use are not updated. Studying with invalid MLO practice material results in a waste of time and money. Therefore, updated NMLS MLO practice questions are essential for the preparation of the MLO exam.

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MLO Reliable Test Sample & Latest Study MLO Questions

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q51-Q56):

NEW QUESTION # 51
A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

A. Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
B. Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
C. [Consider the issue to be a private family matter and proceed with the next steps in the application process
D. Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction

Answer: D

Explanation:
When an MLO suspects that a borrower, such as the mother in this case, may be under duress or being coerced into a transaction, they have a duty to ensure that all parties are willingly participating. The ethical approach would be to ask to speak privately with the mother to verify her intentions and comfort level with the transaction. This ensures that the loan is compliant with consumer protection laws such as the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), which protect against unfair lending practices.
* Ignoring the situation (Option B) could lead to participation in a coerced or fraudulent transaction.
* Suggesting that the son be a co-borrower (Option C) or signing a power of attorney (Option D) are inappropriate if the mother is unwilling to proceed.
Verifying her willingness safeguards the integrity of the loan process and ensures compliance with fair lending practices.
References:
* Truth in Lending Act (TILA)
* Equal Credit Opportunity Act (ECOA)
* CFPB guidelines on elder financial abuse

NEW QUESTION # 52
Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?

A. Regulating mortgage lenders on their mortgage origination practices and procedures
B. Regulating the federal funds rate at which money is lent to banks
C. Regulating the number of mortgage loan originators in the mortgage industry
D. Deciding what quantity of mortgage-backed securities are purchased by the government

Answer: A

Explanation:
The Consumer Financial Protection Bureau (CFPB) is responsible for regulating mortgage lenders and overseeing their origination practices and procedures. The CFPB was created under the Dodd-Frank Act to protect consumers from unfair, deceptive, or abusive practices in financial services, including mortgages.
Its functions include:
* Enforcing rules related to mortgage origination, such as TILA, RESPA, and ECOA.
* Ensuring that lenders provide clear disclosures and follow fair lending practices.
Other functions:
* Regulating the federal funds rate (A) is the role of the Federal Reserve.
* Deciding the quantity of mortgage-backed securities purchased by the government (D) is related to Federal Reserve monetary policy, not the CFPB.
References:
* Dodd-Frank Wall Street Reform and Consumer Protection Act
* CFPB's Role in Mortgage Origination

NEW QUESTION # 53
What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?

A. $250,000 for residential property structures
B. $350,000 for residential property structures
C. $150,000 for residential property structures
D. $50,000 for residential property structures

Answer: A

Explanation:
The minimum amount of flood insurance required by lenders for a residential building located in a Special Flood Hazard Area (SFHA) is the lesser of:
* 100% of the replacement cost of the structure, or
* The maximum available under the National Flood Insurance Program (NFIP), which is $250,000 for residential property structures.
This requirement ensures that the property is adequately covered in case of flood damage.
References:
* National Flood Insurance Program (NFIP) Guidelines
* Flood Disaster Protection Act (FDPA)

NEW QUESTION # 54
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

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

Answer: A

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 # 55
According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A. Providing a consumer with a Homebuyer's Toolkit
B. Providing a consumer with the loan policies of the lender
C. Communicating the details of an offer for the first time over the phone
D. Communicating with a consumer to arrange a loan closing

Answer: C

Explanation:
Under the SAFE Act, any activity that involves offering, negotiating, or discussing loan terms with consumers requires licensure as a mortgage loan originator (MLO). Communicating the details of an offer over the phone would require MLO licensure, as it involves explaining or negotiating loan terms.
* Providing general information or resources like a Homebuyer's Toolkit (A) or loan policies (B) does not require an MLO license, as these are not specific to negotiating loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 56
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TOP MLO QUESTIONS - MLO RELIABLE TEST SAMPLE

Top MLO Questions - MLO Reliable Test Sample