100% PASS QUIZ NMLS - MLO–TRUSTABLE NEW TEST PRACTICE

100% Pass Quiz NMLS - MLO–Trustable New Test Practice

100% Pass Quiz NMLS - MLO–Trustable New Test Practice

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Tags: New MLO Test Practice, Vce MLO Test Simulator, MLO Exam Questions And Answers, MLO Test Discount, Reliable MLO Test Price

The NewPassLeader Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam dumps are being offered in three different formats. All these three MLO exam dumps formats contain the real NMLS MLO exam questions that will help you to streamline the MLO Exam Preparation process. The NewPassLeader NMLS MLO PDF dumps file is a collection of real, valid, and updated MLO practice questions that are also easy to install and use.

The Mortgage Loan Origination (SAFE MLO) Exam (MLO) practice questions (desktop and web-based) are customizable, meaning users can set the questions and time according to their needs to improve their discipline and feel the real-based exam scenario to pass the NMLS MLO Certification. Customizable mock tests comprehensively and accurately represent the actual Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification exam scenario.

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q116-Q121):

NEW QUESTION # 116
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

  • A. A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan
  • B. A payment to a real estate agent for loan referral activities
  • C. A payment to its own employees for lender referral activities
  • D. A payment to an attorney for services actually rendered

Answer: B

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits any payment, kickback, or unearned fee in exchange for loan referrals. This includes payments to real estate agents or other third parties for referring business to lenders or mortgage brokers. Such payments are illegal because they could inflate the cost of settlement services and are not tied to any actual services rendered.
* Payments for actual services (A, D), such as payments to attorneys or contractors for legitimate work, are allowed under RESPA, but paying for loan referrals (B) is strictly prohibited.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidance


NEW QUESTION # 117
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?

  • A. Account closure
  • B. Credit closure
  • C. Adverse action
  • D. Denial of credit

Answer: C

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term adverse action is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account
/application. This can include:
* Denying a credit application.
* Offering credit on terms different from those requested.
* Closing an existing credit account.
Lenders must provide a formal notice of adverse action, explaining the reasons for the denial or change in terms, to comply with ECOA's requirements for transparency and fairness.
Other options:
* Account closure (B) and credit closure (C) are not specific ECOA terms.
* Denial of credit (D) is a form of adverse action but does not cover all situations like a change in loan terms.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691(d)
* Regulation B (12 CFR Part 1002)


NEW QUESTION # 118
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

  • A. Any days that employees may access the office to work
  • B. Every day except Sunday and legal holidays
  • C. Any days except Saturdays and Sundays
  • D. Every day from 9 a.m. to 5 p.m.

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights


NEW QUESTION # 119
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:

  • A. Truth in Lending Act (TILA).
  • B. Gramm-Leach-Bliley Act(GLBA).
  • C. Real Estate Settlement Procedures Act(RESPA).
  • D. Bank Secrecy Act (BSA).

Answer: D

Explanation:
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC §5311
* FinCEN Guidelines on SAR filing


NEW QUESTION # 120
Which of the following responses describes the required amount of flood insurance coverage?

  • A. The outstanding principal balance of the loan
  • B. The property value on file with the county property valuation administrator office
  • C. The minimum amount of National Flood Insurance Program coverage available
  • D. The original appraised value of the home

Answer: A

Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is $250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Guidelines


NEW QUESTION # 121
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