John Cook John Cook's Profile Page

John Cook John Cook

0 Course Enrolled • 0 Course Completed

Biography

Detailed MLO Answers, MLO Exam Passing Score

P.S. Free & New MLO dumps are available on Google Drive shared by ITExamSimulator: https://drive.google.com/open?id=1pmrHKnDYNpfnZ1Nea8_aA1q_zfrJXTYw

These formats are MLO web-based practice test software, desktop practice exam software, and Mortgage Loan Origination (SAFE MLO) Exam (MLO) PDF dumps files. All these three MLO exam questions formats are easy to use and compatible with all devices and the latest web browsers. Just choose the right Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam dumps format and start NMLS MLO exam questions preparation today. As far as the prices of MLO exam dumps are concerned, we ensure you that our Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam questions prices are entirely affordable for everyone.

If you buy our MLO study tool successfully, you will have the right to download our MLO exam torrent in several minutes, and then you just need to click on the link and log on to your website’s forum, you can start to learn our MLO question torrent. We believe the operation is very convenient for you, and you can operate it quickly. At the same time, we believe that the convenient purchase process will help you save much time. More importantly, we provide all people with the trial demo for free before you buy our MLO Exam Torrent and it means that you have the chance to download from our web page for free; you do not need to spend any money.

>> Detailed MLO Answers <<

MLO Exam Passing Score | Study MLO Tool

With the help of ITExamSimulator NMLS MLO dumps torrent, it is more time-saving effort to get NMLS MLO certification. In fact, you are not far from success. With ITExamSimulator NMLS MLO exam dumps, you must be IT talent. We provide you with free demo and pdf real questions and answers for further acquaintance. If you make use of our NMLS MLO Exam Dumps, we will accompany you on your road to success.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q159-Q164):

NEW QUESTION # 159
The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:

A. refinance of a condominium property.
B. loans secured by a mobile home on a leased lot.
C. reverse mortgages.
B home equity lines of credit (HELOCs;

Answer: B

Explanation:
The TILA-RESPA Integrated Disclosure (TRID) rule applies to most closed-end consumer credit transactions secured by real property, including the refinance of a condominium property. TRID mandates specific disclosures, like the Loan Estimate (LE) and Closing Disclosure (CD), to ensure transparency in the loan process.
* TRID does not apply to reverse mortgages (A) or home equity lines of credit (HELOCs) (B), which are covered by other regulations.
* Loans secured by a mobile home on a leased lot (D) are also generally excluded from TRID.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Guidelines on TRID applicability

NEW QUESTION # 160
On an annual basis, a licensed state mortgage loan originator must complete three hours of continuing education on federal law and regulations, two hours on nontraditional mortgage products, and two hours on:

A. The operations of the secondary market
B. Government loan programs
C. Ethics
D. How to complete the loan application

Answer: C

Explanation:
According to the SAFE Act, state-licensed MLOs must complete at least eight hours of approved continuing education annually, including three hours of federal law and regulations, two hours of ethics (which includes instruction on fraud, consumer protection, and fair lending), and two hours of training on nontraditional mortgage products.
"The annual continuing education requirement must include at least-(A) 3 hours of Federal law and regulations; (B) 2 hours of ethics, including instruction on fraud, consumer protection, and fair lending issues; (C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace."
- SAFE Act, 12 U.S.C. § 5105(b)(2)(A)-(C)
References:
SAFE Act, 12 U.S.C. § 5105
NMLS, Education Requirements

NEW QUESTION # 161
Which of the following is an origination fee?

A. Prepaid interest fee
B. Appraisal fee
C. Title insurance fee
D. Underwriting fee

Answer: D

Explanation:
An origination fee is a charge by the lender for processing a new loan application, which typically includes the costs of underwriting and originating the loan. The underwriting fee is a common component of the lender's origination charges. Appraisal, title insurance, and prepaid interest are separate, non-origination costs.
"Origination charges include fees for underwriting, processing, and originating the loan."
- CFPB, Loan Estimate Explainer; TRID Rule Guide
References:
CFPB, What is a loan origination fee?
SAFE MLO National Test Study Guide

NEW QUESTION # 162
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

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

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 # 163
In a federally related mortgage loan transaction, a charge for a settlement service by a person for which no services or nominal services are performed is prohibited:

A. unless it is paid by the mortgage loan originator on the borrower's behalf.
B. only if it is paid by the borrower's real estate agent.
C. unless it is paid by the seller or the seller's real estate agent.
D. regardless of the sources of payment.

Answer: D

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), it is illegal to charge a fee for a settlement service if no services or only nominal services are performed. This is true regardless of who pays the fee, whether it's the borrower, seller, real estate agent, or any other party. RESPA prohibits unearned fees, kickbacks, or payments for referrals in federally related mortgage transactions.
* Even if someone other than the borrower pays, the charge is still illegal if it is not justified by actual services performed.
References:
* RESPA Section 8 - Prohibition on kickbacks and unearned fees
* CFPB RESPA Guidelines

NEW QUESTION # 164
......

For starters and professionals Mortgage Loan Origination (SAFE MLO) Exam play a significant role to verify skills, experience, and knowledge in a specific technology. Enrollment in the Mortgage Loan Origination (SAFE MLO) Exam MLO is open to everyone. Upon completion of Mortgage Loan Origination (SAFE MLO) Exam MLO Exam Questions' particular criteria. Participants in the MLO Questions come from all over the world and receive the credentials for the Mortgage Loan Origination (SAFE MLO) Exam MLO Questions. They can quickly advance their careers in the fiercely competitive market and benefit from certification after earning the MLO Questions badge. However, passing the Mortgage Loan Origination (SAFE MLO) Exam MLO is the primary concern.

MLO Exam Passing Score: https://www.itexamsimulator.com/MLO-brain-dumps.html

Facts prove that learning through practice is more beneficial for you to learn and test at the same time as well as find self-ability shortage in MLO test prep, We provide the discounts to the old client and you can have a free download and tryout of our MLO test question before your purchase, After that, all of their MLO Exam Passing Score - Mortgage Loan Origination (SAFE MLO) Exam exam torrents were purchase on our website.

Without a database, such applications are difficult or MLO even impossible to implement, They are the Default Domain Policy and the Default Domain Controllers Policy.

Facts prove that learning through practice is more beneficial for you to learn and test at the same time as well as find self-ability shortage in MLO Test Prep.

MLO real exam questions, MLO test dumps vce pdf

We provide the discounts to the old client and you can have a free download and tryout of our MLO test question before your purchase, After that, all of their Mortgage Loan Origination (SAFE MLO) Exam exam torrents were purchase on our website.

NMLS MLO Questions and Answers are in PDF to facilitate the students by giving them the option to access compact content anytime from anywhere, And our content of them are MLO Latest Exam Duration based on real exam by whittling down superfluous knowledge without delinquent mistakes.

BONUS!!! Download part of ITExamSimulator MLO dumps for free: https://drive.google.com/open?id=1pmrHKnDYNpfnZ1Nea8_aA1q_zfrJXTYw