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MLO Study Materials Review, Valid MLO Vce

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q106-Q111):

NEW QUESTION # 106
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

A. The National Currency Act
B. The Bank Secrecy Act
C. The Real Estate Settlement Procedures Act
D. The National Bank Act

Answer: B

Explanation:
The Bank Secrecy Act (BSA) requires mortgage lenders and other financial institutions to adopt anti-money laundering (AML) policies to detect and prevent money laundering and other financial crimes. Under BSA, lenders must:
* Implement a written AML compliance program.
* Report suspicious activities using Suspicious Activity Reports (SARs).
* Maintain records and report large cash transactions to prevent illegal financial activities such as money laundering and fraud.
Other laws mentioned:
* The National Bank Act and National Currency Act focus on the regulation of national banks.
* The Real Estate Settlement Procedures Act (RESPA) addresses settlement and disclosure requirements but does not cover AML rules.
References:
* Bank Secrecy Act (BSA)
* Financial Crimes Enforcement Network (FinCEN) guidelines

NEW QUESTION # 107
According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

A. Changes that the MLO should have known at the time the Loan Estimate was provided
B. A natural disaster in the area where the loan will close
C. The borrower receiving a salary increase
D. Market fluctuations on a locked loan

Answer: B

Explanation:
Under TRID, a revised Loan Estimate (LE) can be issued if there is a changed circumstance that affects the loan terms or costs. This can include situations such as a natural disaster in the area where the loan will close, which may impact the value of the property or loan costs. Such changes are considered beyond the control of the parties involved and justify a revised estimate.
* Market fluctuations (A) on a locked loan and borrower salary increases (B) are not valid reasons for issuing a revised LE.
* Changes that the MLO should have known at the time of the original LE (D) do not qualify as a valid changed circumstance.
References:
* TRID Rule, 12 CFR §1026.19(e)
* CFPB Guidelines on changed circumstances for Loan Estimates

NEW QUESTION # 108
The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

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

Answer: B

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 # 109
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer with loan options from multiple creditors with various fees.
B. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
C. A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
D. A loan officer presents a consumer with a loan that has the lowest total amount of fees.

Answer: B

Explanation:
Steering occurs when a loan officer influences or directs a borrower towards a specific loan product or lender based on the compensation the loan officer will receive, rather than the borrower's best interests. In Option C
, the loan officer is steering the borrower to a loan from a particular lender to earn higher compensation, which is prohibited under the Dodd-Frank Act and TILA's Loan Originator Compensation Rule.
Other options:
* Option A describes offering a loan with higher fees, but it does not indicate that compensation is the motive, so it is not a clear example of steering.
* Option B and Option D describe fair loan presentation practices.
References:
* Dodd-Frank Act, Loan Originator Compensation Rule
* Truth in Lending Act (TILA), 12 CFR Part 1026

NEW QUESTION # 110
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

A. Standard county related mortgage loan
B. Unified commerce related mortgage loan
C. Federally related mortgage loan
D. State registration related mortgage loan

Answer: C

Explanation:
The Real Estate Settlement Procedures Act (RESPA) applies to federally related mortgage loans, which include:
* Loans made by lenders insured by a federal agency (such as FHA or VA loans)
* Loans intended for sale to Fannie Mae or Freddie Mac
* Loans from lenders that are federally regulated or insured
RESPA's goal is to protect consumers by requiring disclosures related to the costs of real estate transactions, preventing kickbacks, and ensuring transparency in the settlement process. It applies to most residential mortgage loans.
Other options:
* County-related mortgage loans (B), state registration loans (C), and unified commerce loans (D) are not standard terms under RESPA.
References:
* Real Estate Settlement Procedures Act (RESPA)
* 12 CFR Part 1024, Regulation X

NEW QUESTION # 111
......

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