Blogs - Skills Academy

Sid Bell Sid Bell

0 Course Enrolled • 0 Course Completed

Biography

100% Pass Quiz Accurate NMLS - MLO Actual Exam Dumps

ExamsTorrent has designed a customizable Web-based NMLS MLO practice test software. You can set the time and type of Mortgage Loan Origination (SAFE MLO) Exam MLO test questions before starting to take the Mortgage Loan Origination (SAFE MLO) Exam MLO Practice Exam. It works with all operating systems like Linux, Windows, Android, Mac, and IOS, etc.

If you buy MLO exam torrent online, you may have the concern of safety of your money, if you do have the concern like this, we will put your mind at rest. Since we apply the international recognition third party for MLO exam materials payment, and they are very safe. Your money and account will be very safe if you choose us. What’s more, we also pass guarantee and money back guarantee if you fail to pass the exam, and the money will be refunded to your payment account. If you have any questions about the MLO Exam Torrent, just contact us.

>> MLO Actual Exam Dumps <<

Three Formats for NMLS MLO Practice Tests

Our MLO learn materials include all the qualification tests in recent years, as well as corresponding supporting materials. Such a huge amount of database can greatly satisfy users' learning needs. Not enough valid MLO test preparation materials, will bring many inconvenience to the user, such as delay learning progress, these are not conducive to the user pass exam, therefore, in order to solve these problems, our MLO Certification material will do a complete summarize and precision of summary analysis to help you pass the MLO exam with ease.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q96-Q101):

NEW QUESTION # 96
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A. The fee is permitted as the MLO performed origination services for the borrower.
B. The fee is permitted if the fee is disclosed on the final settlement statement.
C. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
D. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.

Answer: D

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks

NEW QUESTION # 97
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A. Seller's points offered to reduce the borrower's closing costs
B. Document preparation fees for items such as mortgages and deeds
C. Daily or per diem interest paid by borrower
D. A standard credit application fee charged to all loan applicants

Answer: C

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition

NEW QUESTION # 98
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A. Double fee method
B. Tip sharing
C. Single fee method
D. Fee splitting

Answer: D

Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation

NEW QUESTION # 99
What is the maximum civil penalty that is permitted to be imposed for each violation or failure to comply with the SAFE Act?

A. $2,500 for each act or omission
B. $2,500 for each act or omission; $25,000 maximum
C. $25, 000 for each act or omission: $250,000 maximum
D. 000 for each act or omission

Answer: A

Explanation:
Under the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act), the maximum civil penalty for each violation or failure to comply is $25,000 per act or omission. This applies to mortgage loan originators (MLOs) and others who violate licensing or regulatory requirements under the SAFE Act.
Violations can include actions such as failing to obtain proper licensure or engaging in fraudulent lending practices.
References:
* SAFE Act, 12 USC §5107
* NMLS Enforcement Guidelines

NEW QUESTION # 100
A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A. advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
B. take both applications and do one loan "in house" and broker the second loan to another lender.
C. refer the purchase loan to another MLO in their company to obtain a referral fee.
D. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.

Answer: A

Explanation:
The MLO must advise the borrower that if they plan to purchase a new home shortly after refinancing, they must disclose this information upfront. Since the terms of the refinance loan require that the borrower occupy the property for 12 months, the MLO should suggest refinancing the current property as a non-owner- occupied loan if the borrower does not intend to stay in the home. This approach ensures compliance with the loan terms and avoids potential mortgage fraud.
* Other options (A, B, C) involve potential conflicts of interest or violations of the loan terms.
References:
* Fannie Mae Guidelines on occupancy requirements
* CFPB Guidelines on owner-occupied versus non-owner-occupied loans

NEW QUESTION # 101
......

Individuals who pass the Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification exam demonstrate to their employers and clients that they have the knowledge and skills necessary to succeed in the industry. ExamsTorrent is aware that preparing with outdated Mortgage Loan Origination (SAFE MLO) Exam (MLO) study material results in a loss of time and money.

Lab MLO Questions: https://www.examstorrent.com/MLO-exam-dumps-torrent.html

It promotes the confidence of students and helps them to get rid of the unnecessary fear of Lab MLO Questions - Mortgage Loan Origination (SAFE MLO) Exam exam, Tracking and reporting features of our Mortgage Loan Origination (SAFE MLO) Exam MLO practice exam software makes it easier for you to identify and overcome mistakes, Learning our MLO test practice materials can help them save the time and focus their attentions on their major things, We strongly believe that the software version of our MLO study materials will be of great importance for you to prepare for the exam and all of the employees in our company wish you early success!

They treat it as a craft, All parts must fit together, MLO It promotes the confidence of students and helps them to get rid of the unnecessary fear of Mortgage Loan Origination (SAFE MLO) Exam exam.

Tracking and reporting features of our Mortgage Loan Origination (SAFE MLO) Exam MLO Practice Exam software makes it easier for you to identify and overcome mistakes, Learning our MLO test practice materials can help them save the time and focus their attentions on their major things.

Ace the NMLS MLO Exam preparation material with Three Formats

We strongly believe that the software version of our MLO study materials will be of great importance for you to prepare for the exam and all of the employees in our company wish you early success!

You can get the PDF of the latest and real MLO exam questions and answers within your means.