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100% Pass MLO - Perfect Mortgage Loan Origination (SAFE MLO) Exam Pdf Dumps

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q49-Q54):

NEW QUESTION # 49
Which of the following is an origination fee?

A. Prepaid interest fee
B. Appraisal fee
C. Title insurance fee
D. Underwriting fee

Answer: D

Explanation:
An origination fee is a charge by the lender for processing a new loan application, which typically includes the costs of underwriting and originating the loan. The underwriting fee is a common component of the lender's origination charges. Appraisal, title insurance, and prepaid interest are separate, non-origination costs.
"Origination charges include fees for underwriting, processing, and originating the loan."
- CFPB, Loan Estimate Explainer; TRID Rule Guide
References:
CFPB, What is a loan origination fee?
SAFE MLO National Test Study Guide

NEW QUESTION # 50
Which of the following statements best describes the index on an ARM?

A. The index rate is fixed for the life of the loan.
B. Index rates vary as the general level of interest rates change.
C. Mortgage lenders control the value of the index.
D. The Federal Reserve adjusts the discount rate index.

Answer: B

Explanation:
The index for an adjustable-rate mortgage (ARM) is tied to a published benchmark (such as LIBOR, SOFR, or U.S. Treasury securities). Index rates fluctuate over time as the general level of interest rates in the market changes.
"The index is a published interest rate to which the interest rate on an ARM is tied. The index rate changes over time, usually in line with general market rates."
- CFPB, Consumer Handbook on Adjustable-Rate Mortgages (CHARM)
References:
CFPB, What is an ARM?

NEW QUESTION # 51
Offering or negotiating the terms of a loan includes which of the following actions?

A. Making an underwriting decision about whether an applicant qualifies for a loan
B. Presenting particular loan terms to an applicant verbally, in writing, or otherwise
C. Providing general explanations or descriptions in response to a consumer's inquiry
D. Arranging the loan closing or other aspects of the loan process

Answer: B

Explanation:
Under the SAFE Act, offering or negotiating the terms of a loan includes presenting specific loan terms to an applicant, whether verbally, in writing, or through any other communication method. This activity directly involves discussing or negotiating loan details like interest rates, loan amounts, and repayment terms, which requires licensure as a mortgage loan originator (MLO).
* Providing general explanations (A) and arranging loan closings (D) do not require an MLO license because they do not involve negotiating or offering specific loan terms.
* Making underwriting decisions (B) is also a separate activity not considered "offering or negotiating" loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Guidelines on MLO licensure requirements

NEW QUESTION # 52
The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A. government mortgage insurance.
B. force-placed hazard insurance.
C. private mortgage insurance
D. optional credit life insurance.

Answer: A

Explanation:
The upfront premium charged on an FHA mortgage is an example of government mortgage insurance.
This upfront mortgage insurance premium (UFMIP) is required for FHA loans and protects the lender (creditor) in the event of borrower default. FHA loans are insured by the Federal Housing Administration (FHA), a government agency.
* Private mortgage insurance (D) is used for conventional loans, while optional credit life insurance (A) and force-placed hazard insurance (B) are unrelated to FHA loans.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines on UFMIP

NEW QUESTION # 53
The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:

A. reverse mortgages.
B home equity lines of credit (HELOCs;
B. loans secured by a mobile home on a leased lot.
C. refinance of a condominium property.

Answer: B

Explanation:
The TILA-RESPA Integrated Disclosure (TRID) rule applies to most closed-end consumer credit transactions secured by real property, including the refinance of a condominium property. TRID mandates specific disclosures, like the Loan Estimate (LE) and Closing Disclosure (CD), to ensure transparency in the loan process.
* TRID does not apply to reverse mortgages (A) or home equity lines of credit (HELOCs) (B), which are covered by other regulations.
* Loans secured by a mobile home on a leased lot (D) are also generally excluded from TRID.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Guidelines on TRID applicability

NEW QUESTION # 54
......

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