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MLO Test Prep Training Materials & MLO Guide Torrent - TestValid

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q105-Q110):

NEW QUESTION # 105
Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

A. Offering or negotiating credit terms
B. Performing real estate brokerage activities
C. Taking an application
D. Assisting a consumer in applying for credit

Answer: B

Explanation:
Real estate brokerage activities are not a primary function of a mortgage loan originator (MLO). The MLO's primary role is to assist consumers in taking an application (A), offering or negotiating credit terms (B), and helping consumers apply for credit (C).
* Real estate brokerage activities, such as negotiating real estate transactions, are separate from the loan origination process and require different licensing and qualifications.
References:
* SAFE Act, 12 USC §5101
* NMLS MLO Licensing Guidelines

NEW QUESTION # 106
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

A. net monthly income
B. loan amount.
C. taxable income.
D. gross monthly income.

Answer: D

Explanation:
In a debt-to-income (DTI) analysis, the borrower's total monthly housing-related payments (including principal, interest, taxes, insurance, and any homeowner association fees) are assessed as a percentage of their gross monthly income. Lenders use the gross income, which is the borrower's income before taxes and deductions, to determine affordability and creditworthiness.
* Net monthly income (A) and taxable income (C) are not used in standard DTI calculations.
* The loan amount (D) is unrelated to the DTI calculation.
References:
* Fannie Mae and Freddie Mac Guidelines on DTI ratios
* CFPB Guidelines on Ability-to-Repay and DTI

NEW QUESTION # 107
Which of the following services is included in the definition of a settlement service?

A. Title company/escrow agent services
B. Homeowners association fees
C. Flood insurance
D. Sale of the mortgage loan on the secondary market

Answer: A

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), settlement services include activities related to closing the mortgage loan, such as title company services and escrow agent services. These services are integral to the settlement process and ensure that the transaction is completed legally and correctly.
* Flood insurance (A) is required for properties in flood zones but is not considered a settlement service.
* Homeowners association fees (B) and the sale of the mortgage loan on the secondary market (D) are also not part of the settlement services.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2602
* CFPB RESPA Guidelines on settlement services

NEW QUESTION # 108
Which of the following items is a liquid asset?

A. An automobile owned free and clear
B. Net worth of a business
C. Antique jewelry
D. Publicly traded stocks

Answer: D

Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards

NEW QUESTION # 109
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?

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

Answer: D

Explanation:
Under Dodd-Frank Act regulations and Regulation Z (TILA), mortgage loan originators (MLOs) cannot be compensated based on the terms of the loan, such as interest rates, loan amount, or product type. This includes any financial incentives, like bonuses or rewards, tied to loan terms. In this case:
* The trip to Hawaii was awarded based on closing loans with an interest rate of 5% or higher, which directly ties the MLO's compensation to a specific loan term (the interest rate).
* This violates the Loan Originator Compensation Rule, which prohibits compensating MLOs based on the terms or conditions of a loan, in order to protect borrowers from steering into unfavorable loan products.
Therefore, all forms of compensation-including bonuses, trips, or other rewards-are scrutinized if they are tied to loan terms, making the MLO's trip to Hawaii an illegal incentive under current law.
References:
* Dodd-Frank Act - Loan Originator Compensation Rules
* TILA/Regulation Z - Anti-Steering and Loan Terms Compensation Rules

NEW QUESTION # 110
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