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100% Pass Quiz NMLS - MLO–High-quality Preparation Store

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q44-Q49):

NEW QUESTION # 44
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A. never been licensed or registered as an MLO in any governmental jurisdiction.
B. had an MLO license suspended in any governmental jurisdiction.
C. been convicted of a felony within the past seven years.
D. taken and failed the SAFE MLO National Test three times within the last year.

Answer: C

Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements

NEW QUESTION # 45
Which of the following characteristics is unique to a home equity line of credit (HELOC)?

A. A borrower is permitted to sell the property without paying off the loan.
B. A borrower is permitted to receive additional advances.
C. A borrower is permitted to borrow more than the property is worth.
D. A borrower is permitted to make interest-only payments for the term of the loan.

Answer: B

Explanation:
A home equity line of credit (HELOC) is a revolving form of credit secured by the equity in the borrower's home. What is unique about a HELOC, compared to traditional closed-end loans, is that the borrower can take multiple draws or advances up to the credit limit during the draw period.
"A HELOC is a line of credit extended to a homeowner that uses the borrower's home as collateral. The distinguishing feature of a HELOC is that the borrower may take additional advances at his or her discretion, up to the approved credit limit, during the draw period."
- SAFE MLO National Test Study Guide
Other answers:
Interest-only payments can occur in some loan types but are not unique to HELOCs.
Borrowing more than the property is worth (being "underwater") is not allowed.
Selling the property without paying off the loan is not permitted; the HELOC must be satisfied at sale.
References:
CFPB, What is a HELOC?
SAFE MLO National Test Study Guide

NEW QUESTION # 46
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

A. Any days that employees may access the office to work
B. Every day except Sunday and legal holidays
C. Any days except Saturdays and Sundays
D. Every day from 9 a.m. to 5 p.m.

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights

NEW QUESTION # 47
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A. Every 31 days
B. Annually
C. Every 2 weeks
D. Every 7 days

Answer: A

Explanation:
According to the Telemarketing Sales Rule (TSR) and the National Do Not Call Registry requirements, nonexempt telemarketing entities must check their call lists against the National Do Not Call Registry at least every 31 days. This ensures that they do not call individuals who have opted out of receiving telemarketing calls.
* The 31-day rule helps ensure compliance and reduces the likelihood of violating the Do Not Call regulations.
References:
* Telemarketing Sales Rule (TSR), 16 CFR Part 310
* Federal Trade Commission (FTC) Guidelines

NEW QUESTION # 48
Which of the following responses describes the required amount of flood insurance coverage?

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

Answer: A

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 # 49
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