Newest MLO Exam Dumps (V8.02) – Ensuring Your Mortgage Loan Origination (SAFE MLO) Exam Success

1. Which of the following loan types may be considered a qualified loan under ability-to-pay rules

2. How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

3. Which of the following services is included in the definition of a settlement service?

4. If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

5. Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

6. Which of the following statements is permissible in an advertisement?

7. The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

8. A borrower is approved for an 80/20 loan.

Which of the following describes the lien priority for the 20% loan?

9. A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate.

The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

10. Prepaid charges include which of the following items?

11. How many days after loan consummation does a lender have to refund an excess charge subject to th

10% aggregate tolerance?

12. It is acceptable for a lender to request a co-applicant in which of the following situations?

13. The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

14. Which of the following fees is a finance charge?

15. Which of the following statements describes an advantage of a purchase money second mortgage?

16. During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%.

The lender must:

17. How many continuing education hours must mortgage loan originators complete every year to renew their license?

18. Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?

19. A real estate broker overhears her buyer discussing what she believes to be illegal activities while on a phone conversation. The real estate broker notifies the buyer's mortgage loan originator (MLO) that the borrower may be using illegally acquired funds as down payment for this property. The MLO decides to report some suspicious cash deposit transactions found in the borrower's bank records.

Under the Patriot Act, the MLO may discuss the filing of this report with which of the following parties, if any?

20. If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

21. A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

22. The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

23. According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

24. How many days before consummation must a borrower receive a revised Loan Estimate?

25. Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

26. What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

27. When does the Loan Estimate expire?

28. A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

29. In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?

30. Which of the following responses describes the required amount of flood insurance coverage?

31. The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

32. Non-qualified mortgages offer more options for borrowers who:

33. Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?

34. The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

35. Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act

(ECOA)?

36. Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

37. Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

38. An easement:

39. Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

40. Which of the following is an origination fee?

41. A second (subordinate) mortgage loan includes:

42. What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?

43. Offering or negotiating the terms of a loan includes which of the following actions?

44. A borrower has been approved for a new home loan and has completed all necessary paperwork.

When should the borrower receive the Closing Disclosure?

45. Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?