MLO BRAINDUMPS - MLO RELIABLE EXAM CRAM

MLO Braindumps - MLO Reliable Exam Cram

MLO Braindumps - MLO Reliable Exam Cram

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q17-Q22):

NEW QUESTION # 17
An individual who is a loan processor or underwriter must maintain a state originator license if they:

  • A. are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.
  • B. are an independent contractor and collect, receive or distribute information in connection with making a credit decision.
  • C. are not in communication with the consumer to obtain mortgage loan information.
  • D. perform clerical duties for a mortgage lender as a supervised employee

Answer: B

Explanation:
An individual who is an independent contractor and performs loan processing or underwriting activities must maintain a state originator license if they collect, receive, or distribute information in connection with making a credit decision. This is because independent contractors are not considered supervised employees, and their work directly impacts the loan approval process.
* In contrast, employees of a mortgage lender who perform clerical duties (A) under supervision do not need a state license, nor do those who do not interact with consumers (B).
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Guidelines for loan processors and underwriters


NEW QUESTION # 18
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

  • A. An individual condominium unit
  • B. A timeshare
  • C. A six-unit apartment complex
  • D. An unimproved lot

Answer: A

Explanation:
Under the Truth in Lending Act (TILA), a dwelling is defined as any residential structure that includes one to four units, such as an individual condominium unit, single-family home, or townhouse. This definition also includes mobile homes or manufactured homes, as long as they are used as residences.
* Unimproved lots (A) are not considered dwellings because they lack a residential structure.
* A six-unit apartment complex (B) exceeds the limit of four units for a dwelling under TILA.
* Timeshares (D) are typically considered non-residential and do not meet the TILA definition of a dwelling.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(19)
* CFPB Guidelines on TILA's definition of a dwelling


NEW QUESTION # 19
A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

  • A. An updated statement showing a zero balance
  • B. A letter from the borrower explaining that they paid it off
  • C. No additional information required
  • D. Oral confirmation from the borrower

Answer: A

Explanation:
To prove that an account listed on a credit report has been paid off, the borrower must provide an updated statement showing a zero balance. This is the most direct and verifiable method for a lender to confirm the account has been settled.
* Oral confirmation (A) or a letter from the borrower (C) are not acceptable documentation, as they lack third-party verification.
* No further documentation would be required if the credit report already reflects the zero balance, but until then, updated documentation is necessary.
References:
* Fair Credit Reporting Act (FCRA)
* Standard mortgage underwriting documentation guidelines


NEW QUESTION # 20
The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

  • A. Encouraging a target value
  • B. Asking the appraiser to substantiate a value
  • C. Communication directly between the loan officer and the appraiser
  • D. Withholding payment from an appraiser

Answer: B

Explanation:
Under the Appraiser Independence Requirements (AIR), appraisers are obligated to perform their duties free from outside influence or coercion. Asking the appraiser to substantiate a value is permissible because it falls within the scope of ensuring an accurate and credible appraisal. However, it is not permissible to pressure the appraiser into achieving a target value (A) or to withhold payment (B) for unfavorable valuations.
* Direct communication between the loan officer and the appraiser (D) may be restricted or controlled to prevent undue influence.
References:
* Dodd-Frank Act, Appraisal Independence Rules
* CFPB Valuation Independence Requirements


NEW QUESTION # 21
A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

  • A. Notify the underwriter regarding possible change of borrower's employment status
  • B. Tell the borrower not to say anything at closing
  • C. Nothing, as the loan has already been approved
  • D. Recommend that the borrower attend homeownership counseling

Answer: A

Explanation:
If the mortgage loan originator (MLO) becomes aware of a potential change in the borrower's employment status, such as the company closing and the borrower being laid off, the MLO must notify the underwriter.
The borrower's ability to repay the loan could be impacted by the job loss, and failing to update the underwriter would be a violation of proper lending practices.
* Ignoring the information or withholding it (Options A and B) could lead to loan default and is unethical.
* Homeownership counseling (C) is beneficial but not relevant to the immediate concern of loan approval and repayment ability.
References:
* TILA and Ability-to-Repay Rule (ATR)
* Fannie Mae Guidelines for employment verification


NEW QUESTION # 22
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