최신 MLO 무료덤프 - NMLS Mortgage Loan Origination (SAFE MLO)

문제1

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

A. Any days that employees may access the office to work

B. Every day except Sunday and legal holidays

C. Any days except Saturdays and Sundays

D. Every day from 9 a.m. to 5 p.m.

정답: B

설명: (DumpTOP 회원만 볼 수 있음)

문제2

When obtaining a mortgage loan, title insurance is required to protect the:

A. settlement agent.

B. seller of the property.

C. mortgage loan officer.

D. lender providing the financing.

정답: D

설명: (DumpTOP 회원만 볼 수 있음)

문제3

Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

A. Taking an application

B. Offering or negotiating credit terms

C. Performing real estate brokerage activities

D. Assisting a consumer in applying for credit

정답: C

설명: (DumpTOP 회원만 볼 수 있음)

문제4

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. Recommend that the borrower attend homeownership counseling

C. Tell the borrower not to say anything at closing

D. Nothing, as the loan has already been approved

정답: A

설명: (DumpTOP 회원만 볼 수 있음)

문제5

The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

A. originator counseling certificate.

B. compliance plan.

C. high school diploma.

D. unique identifier

정답: D

설명: (DumpTOP 회원만 볼 수 있음)

문제6

According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?

A. Credit closure

B. Denial of credit

C. Account closure

D. Adverse action

정답: D

설명: (DumpTOP 회원만 볼 수 있음)

문제7

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

A. Referral fee

B. Yield-to-loan fee

C. Origination charge

D. Servicing fee

정답: C

설명: (DumpTOP 회원만 볼 수 있음)

문제8

The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

A. adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.

B. implement an internal watch system to prevent the misrepresentation of occupancy status

C. adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.

D. implement a written program to detect warning signs of identity theft.

정답: D

설명: (DumpTOP 회원만 볼 수 있음)

문제9

Which of the following items is a liquid asset?

A. Net worth of a business

B. Antique jewelry

C. Publicly traded stocks

D. An automobile owned free and clear

정답: C

설명: (DumpTOP 회원만 볼 수 있음)

문제10

After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

A. 30 calendar days

B. 20 calendar days

C. 60 calendar days

D. 15 calendar days

정답: A

설명: (DumpTOP 회원만 볼 수 있음)

최신 MLO 무료덤프 - NMLS Mortgage Loan Origination (SAFE MLO)

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