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MLO Actual Braindumps - MLO PDF VCE

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q102-Q107):

NEW QUESTION # 102
Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?

A. Creditors must establish an escrow account for taxes and property insurance on first lien mortgage loans.
B. Creditors must verity income and assets in order to determine whether the loan applicant has the ability to repay the loan.
C. Borrowers have a five-day right of rescission.
D. There are restrictions on prepayment penalties.

Answer: C

Explanation:
Under TILA (Truth in Lending Act), higher-priced mortgage loans (HPMLs) are subject to several regulations, including:
* Lenders must verify income and assets to ensure the borrower's ability to repay the loan (A).
* Creditors are required to establish escrow accounts for taxes and property insurance for first-lien mortgages (B).
* There are restrictions on prepayment penalties (C).
However, borrowers of HPMLs do not have a five-day right of rescission. The right of rescission is typically three business days and applies to refinances on primary residences, not to HPMLs.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026
* CFPB Higher-Priced Mortgage Loan Guidelines

NEW QUESTION # 103
A real estate broker overhears her buyer discussing what she believes to be illegal activities while on a phone conversation. The real estate broker notifies the buyer's mortgage loan originator (MLO) that the borrower may be using illegally acquired funds as down payment for this property. The MLO decides to report some suspicious cash deposit transactions found in the borrower's bank records. Under the Patriot Act, the MLO may discuss the filing of this report with which of the following parties, if any?

A. All parties involved in the transaction
B. The report Is not permitted to be discussed with any parties involved in the transaction.
C. His loan processor
D. The buyer's agent

Answer: B

Explanation:
Under the USA Patriot Act, if a Suspicious Activity Report (SAR) is filed due to potential illegal activities, the MLO (Mortgage Loan Originator) is prohibited from discussing the filing of the SAR with any parties involved in the transaction, including the buyer's agent, loan processor, or any other party. This prohibition ensures that the investigation is not compromised and that the confidentiality of the report is maintained.
* Discussing the SAR with any party is considered a violation of anti-money laundering (AML) rules.
References:
* USA Patriot Act, Anti-Money Laundering Provisions
* FinCEN Guidelines on SAR Confidentiality

NEW QUESTION # 104
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

A. A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan
B. A payment to a real estate agent for loan referral activities
C. A payment to its own employees for lender referral activities
D. A payment to an attorney for services actually rendered

Answer: B

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits any payment, kickback, or unearned fee in exchange for loan referrals. This includes payments to real estate agents or other third parties for referring business to lenders or mortgage brokers. Such payments are illegal because they could inflate the cost of settlement services and are not tied to any actual services rendered.
* Payments for actual services (A, D), such as payments to attorneys or contractors for legitimate work, are allowed under RESPA, but paying for loan referrals (B) is strictly prohibited.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidance

NEW QUESTION # 105
The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

A. appraising.
B. steering.
C. redlining.
D. low balling.

Answer: C

Explanation:
Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.
* Steering (A) involves directing borrowers toward certain loan products for the lender's benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.
References:
* Fair Housing Act
* Equal Credit Opportunity Act (ECOA)

NEW QUESTION # 106
In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?

A. Any person who has an ownership interest in the property
B. Only the borrower with the majority interest in the transaction
C. Only the person who will actually occupy the property
D. Only the borrower who makes the most income

Answer: A

Explanation:
Under TILA's Right of Rescission, in a federally related mortgage loan (such as a refinance) secured by a primary residence, any person who has an ownership interest in the property has the right to rescind the transaction within three business days after the closing, delivery of the notice of right to rescind, or delivery of all material disclosures, whichever occurs last.
This right applies to all individuals with a legal interest in the property, not just the primary borrower or the person who will occupy the property. This ensures that all owners can consent to the mortgage terms.
References:
* Truth in Lending Act (TILA), Section 125
* Regulation Z, 12 CFR §1026.23

NEW QUESTION # 107
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