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Reliable MLO Guide Files | MLO Learning Mode

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
No more than how many days before calling any consumer should a company access the National Do Not Call Registry and maintain records documenting this process?

A. 60 days
B. 14 days
C. 31 days
D. 45 days

Answer: D

Explanation:
Under the Telemarketing Sales Rule, companies are required to access the National Do Not Call Registry at least once every 31 days and must maintain records documenting this process. Solicitors may not call any number on the registry that has been there for 31 days or more.
"You must update your call list every 31 days by accessing the National Do Not Call Registry."
- FTC, National Do Not Call Registry FAQs
References:
FTC, Do Not Call: FAQs

NEW QUESTION # 43
A borrower obtaining a VA loan is deployed at the time of loan closing. Which of the following individuals is able to sign on behalf of the borrower?

A. A co-borrower
B. A non-purchasing spouse
C. A purchasing spouse
D. Someone with designated power of attorney

Answer: D

Explanation:
The VA permits another person to sign closing documents for a borrower if the signer holds a designated power of attorney. This is common in situations where the borrower is deployed or otherwise unavailable.
"When the veteran is unable to sign documents in person, a designated attorney-in-fact (under a valid power of attorney) may sign on their behalf."
- VA Lender's Handbook, Chapter 9: Legal Instruments, Liens, Escrows, and Title References:
VA Lender's Handbook, Chapter 9
SAFE MLO National Test Study Guide

NEW QUESTION # 44
Which of the following is a requirement for a mortgage loan originator (MLO) license?

A. Have never been convicted of a felony in a domestic, foreign or military court
B. Completed at least 10 hours of pre-licensing education
C. Have not had an MLO license revoked in the last five years
D. Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority

Answer: D

Explanation:
One of the requirements for obtaining an MLO (Mortgage Loan Originator) license under the SAFE Act is that the MLO must be covered by a net worth requirement, surety bond, or must pay into a state fund. This requirement ensures that MLOs have adequate financial backing to protect consumers and the public in the event of legal or financial disputes.
* A (10 hours of pre-licensing education) is incorrect because the requirement is at least 20 hours of pre-licensing education.
* B (license revoked) and C (conviction) are not fully accurate as they do not align with the exact licensing rules under the SAFE Act.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Guidelines

NEW QUESTION # 45
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 property location
C. The credit score of the applicants]
D. The term of the loan

Answer: C

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 # 46
Which of the following statements describes an advantage of a purchase money second mortgage?

A. The borrower's loan closes faster than a regular mortgage.
B. The borrower avoids paying into the escrow account.
C. The borrower pays two mortgage payments.
D. The borrower avoids paying private mortgage insurance

Answer: D

Explanation:
A purchase money second mortgage allows a borrower to avoid paying private mortgage insurance (PMI) by using a second loan to cover part of the down payment. This structure, often referred to as a "piggyback loan", is commonly used when a borrower does not have a 20% down payment but wants to avoid PMI, which is typically required for loans with less than 20% down.
* The borrower makes payments on both the primary mortgage and the second mortgage, but by keeping the loan-to-value (LTV) on the first mortgage below 80%, they can avoid PMI.
References:
* Fannie Mae Selling Guide on purchase money mortgages
* Freddie Mac Guidelines on private mortgage insurance

NEW QUESTION # 47
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Jack Brown Jack Brown

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