[Feb 28, 2025] Updates Up to 365 days On Valid MLO Braindumps [Q39-Q53]

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[Feb 28, 2025] Updates Up to 365 days On Valid MLO Braindumps

Best QualityMLO Exam Questions NMLS Test To Gain Brilliante Result

QUESTION 39
Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

Receipt of child support

Immigration status

Marital status

Country of birth

QUESTION 40
How many continuing education hours must mortgage loan originators complete every year to renew their license?

3 hours

8 hours

16 hours

20 hours

QUESTION 41
Which of the following items is a liquid asset?

Antique jewelry

Publicly traded stocks

Net worth of a business

An automobile owned free and clear

QUESTION 42
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

Every 7 days

Every 2 weeks

Every 31 days

Annually

QUESTION 43
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

Loan Estimate only

Closing Disclosure only

Uniform Residential Loan Application

Both the Loan Estimate and Closing Disclosure

QUESTION 44
A borrower’s monthly debt-to-income ratio is calculated by taking the:

borrower’s gross monthly housing expense divided by the principal, interest, and appraised value.

eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower’s gross monthly income.

eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower’s net monthly income.
D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower’s net monthly income

QUESTION 45
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?

7 business days

15 business days

30 business days

45 calendar days

QUESTION 46
An individual who is a loan processor or underwriter must maintain a state originator license if they:

perform clerical duties for a mortgage lender as a supervised employee

are not in communication with the consumer to obtain mortgage loan information.

are an independent contractor and collect, receive or distribute information in connection with making a credit decision.

are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.

QUESTION 47
A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO’s compensation prohibited?

His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.

His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.

His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.

His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.

QUESTION 48
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

been convicted of a felony within the past seven years.

had an MLO license suspended in any governmental jurisdiction.

taken and failed the SAFE MLO National Test three times within the last year.

never been licensed or registered as an MLO in any governmental jurisdiction.

QUESTION 49
Which of the following documents is a real estate conveyance?

Quit claim deed

Promissory note

Mortgage instrument

Occupancy certificate

QUESTION 50
Which of the following responses describes the main purpose of the secondary market?

To fund additional loans

To fund a second home loan

To fund second mortgage loans

To service second mortgage loans

QUESTION 51
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:

regardless of the sources of payment.

only if it is paid by the borrower’s real estate agent.

unless it is paid by the seller or the seller’s real estate agent.

unless it is paid by the mortgage loan originator on the borrower’s behalf.

QUESTION 52
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

Notary

Interest

Credit report

Title Insurance

QUESTION 53
How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?

45 days

50 days