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No doubt the Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification is one of the most challenging certification exams in the market. This Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification exam gives always a tough time to Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam candidates. The TestBraindump understands this hurdle and offers recommended and real NMLS MLO Exam Practice questions in three different formats. These formats hold high demand in the market and offer a great solution for quick and complete Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam preparation.
NEW QUESTION # 109
According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?
Answer: A
Explanation:
Under TILA's advertising rules (Regulation Z), general statements such as "Come in today for your free consultation" do not trigger the requirement for additional disclosures. This type of advertisement does not include specific loan terms like payment amounts, interest rates, or other terms that would require further explanation.
* Advertisements with terms like "Payments as low as $600" (A) or "1 point up front" (B) are triggering terms under TILA and would require additional disclosures about the APR, loan term, and other conditions.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Guidelines on TILA
NEW QUESTION # 110
When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:
Answer: C
Explanation:
When multiple discrepancies in a borrower's Social Security number (SSN) are found within the same loan file, it raises concerns of mortgage fraud. The Social Security number is a critical identifier used to verify a borrower's identity, credit history, and employment. Inconsistent or altered SSNs may suggest attempts to hide the true identity of the borrower, which can be an indicator of fraudulent activity.
* Mortgage fraud involves deliberate misrepresentation of information on loan applications, documents, or other parts of the mortgage process. SSN discrepancies can point to identity theft or attempts to use multiple identities to obtain a loan fraudulently.
* This is a serious concern under the Fair Credit Reporting Act (FCRA) and can lead to legal action if discovered during underwriting or later in the loan process.
Mortgage loan originators (MLOs) must report such discrepancies as they may violate federal laws like RESPA and TILA and lead to further investigation.
References:
* Federal Trade Commission (FTC) guidelines on identity theft
* Mortgage Acts and Practices (MAP) Rule
NEW QUESTION # 111
A borrower's monthly debt-to-income ratio is calculated by taking the:
Answer: B
Explanation:
The debt-to-income (DTI) ratio is a key metric used by lenders to assess a borrower's ability to manage monthly payments and repay a mortgage. It is calculated by dividing the borrower's total monthly debt obligations, including:
* Monthly housing expenses (principal, interest, taxes, and insurance, also known as PITI).
* Any other recurring debt obligations (car loans, student loans, credit card payments, etc.).
This total is divided by the borrower's gross monthly income (before taxes and deductions). This calculation helps determine whether the borrower meets lending standards, with most lenders preferring a DTI ratio below 43% for qualified mortgages.
References:
* Fannie Mae and Freddie Mac guidelines on debt-to-income ratio
* CFPB Qualified Mortgage Rules
NEW QUESTION # 112
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?
Answer: B
Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Loan Estimate (LE) at least 7 business days before the closing (also called consummation) of the mortgage loan. This rule ensures that the borrower has sufficient time to review and understand the loan terms and costs.
The 7-day waiting period starts from the day the Loan Estimate is delivered or placed in the mail. This period allows the borrower to ask questions and possibly negotiate terms before finalizing the mortgage.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(e)
* Consumer Financial Protection Bureau (CFPB) Guidelines
NEW QUESTION # 113
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?
Answer: B
NEW QUESTION # 114
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