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MLO Valid Test Test | MLO Test King

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The MLO practice exam software is essential for your Mortgage Loan Origination (SAFE MLO) Exam exam preparation as it gives you hands-on experience before the actual MLO certification exam. This kind of exam preparation ensures that a well-prepared and more confident candidate enters the examination arena. While using this NMLS MLO Practice Exam software, you can easily customize your Mortgage Loan Origination (SAFE MLO) Exam mock exam conditions such as exam duration, number of questions, and many more. These NMLS MLO dumps bear the closest resemblance to the actual MLO dumps that will be asked of you in the exam.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q63-Q68):

NEW QUESTION # 63
Which of the following real estate methods allows investors to estimate the value of a property by taking the rent collected and dividing it by the capitalization rate?

A. Sales comparison approach
B. Residual method approach
C. Cost approach
D. Income approach

Answer: D

Explanation:
The income approach (sometimes called the capitalization approach) is a method used to estimate the value of income-producing properties. This method divides the net operating income (rent collected, less expenses) by the capitalization rate (cap rate) to determine value.
"The income approach to value is used to estimate the value of properties that generate income. The appraiser divides net operating income by a capitalization rate to derive the value."
- Fannie Mae Appraisal Guidelines; SAFE MLO National Test Study Guide
References:
Fannie Mae Selling Guide, Income Approach
SAFE MLO National Test Study Guide

NEW QUESTION # 64
The SAFE Act defines a nontraditional mortgage as all of the following except:

A. A 30-year fixed rate mortgage with a 25% down payment.
B. An interest-only mortgage.
C. A payment option ARM with a down payment of 5%.
D. 15-year mortgage with an interest rate of 10%.

Answer: A

Explanation:
The SAFE Act defines a "nontraditional mortgage" as any loan product other than a 30-year fixed-rate mortgage. Nontraditional loans include adjustable-rate mortgages (ARMs), interest-only loans, payment option ARMs, and other products with features outside the standard fixed-rate structure.
"Nontraditional mortgage product means any mortgage product other than a thirty-year fixed-rate mortgage."
- SAFE Act, 12 USC § 5102(7); NMLS UST Outline
Thus, the 30-year fixed-rate mortgage with a 25% down payment is not nontraditional; all the other examples are.
References:
SAFE Act, 12 USC § 5102(7)
SAFE MLO National Test Study Guide

NEW QUESTION # 65
Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?

A. Appraisal disclosure
B. Affiliated business arrangement disclosure
C. Special information booklet
D. Loan application

Answer: B

Explanation:
Under RESPA Section 8, if a mortgage loan originator has an ownership interest in or refers a customer to a settlement service provider (such as a real estate brokerage), an Affiliated Business Arrangement Disclosure must be provided to the consumer at or before the time of referral.
"A lender or real estate broker referring a consumer to an affiliated settlement service provider must give an Affiliated Business Arrangement Disclosure."
- 12 CFR § 1024.15(b), Regulation X (RESPA)
References:
CFPB, RESPA Affiliated Business Arrangement Disclosure
SAFE MLO National Test Study Guide

NEW QUESTION # 66
Which of the following actions by a mortgage loan originator is prohibited regarding credit secured by a dwelling?

A. Providing a copy of the credit application to the primary borrower
B. Providing disclosures within three days of an application
C. Receiving compensation from both the borrower and the lender
D. Presenting program options that best qualify and satisfy the consumer

Answer: C

Explanation:
Mortgage loan originators (MLOs) are subject to strict rules regarding compensation to prevent conflicts of interest and protect consumers. According to the Truth in Lending Act (TILA) Regulation Z, Loan Originator Compensation Rule (12 CFR § 1026.36(d)), an MLO may not receive compensation from both the borrower and any other person (such as a creditor or lender) in a single transaction. This is often referred to as the "anti- dual compensation rule" and is designed to prevent situations where an MLO could be incentivized to steer consumers into less favorable loans for higher pay.
"A loan originator may not receive compensation directly or indirectly from both the consumer and another person in connection with the same transaction."
- 12 CFR § 1026.36(d)(2), Regulation Z, Truth in Lending Act
Other options are not prohibited and are actually required or encouraged by law:
B: Presenting best program options is part of an MLO's fiduciary and ethical duties.
C: Providing required disclosures (e.g., Loan Estimate) within three business days of application is required under TILA/RESPA Integrated Disclosure (TRID) rules.
D: Providing a copy of the credit application is permissible and often requested.
References:
CFPB, "Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z)" SAFE MLO National Test Study Guide
12 CFR § 1026.36(d) Regulation Z

NEW QUESTION # 67
A borrower's monthly debt-to-income ratio is calculated by taking the:

A. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
B. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
C. eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.
D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income

Answer: A

Explanation:
The debt-to-income (DTI) ratio is a key metric used by lenders to assess a borrower's ability to manage monthly payments and repay a mortgage. It is calculated by dividing the borrower's total monthly debt obligations, including:
* Monthly housing expenses (principal, interest, taxes, and insurance, also known as PITI).
* Any other recurring debt obligations (car loans, student loans, credit card payments, etc.).
This total is divided by the borrower's gross monthly income (before taxes and deductions). This calculation helps determine whether the borrower meets lending standards, with most lenders preferring a DTI ratio below 43% for qualified mortgages.
References:
* Fannie Mae and Freddie Mac guidelines on debt-to-income ratio
* CFPB Qualified Mortgage Rules

NEW QUESTION # 68
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Jim Stark Jim Stark

Biography

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