MLO Revolutionary Guide To Exam NMLS Dumps [Q66-Q82] : Top Exam Collection : http://blog.topexamcollection.com

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MLO Revolutionary Guide To Exam NMLS Dumps [Q66-Q82]

MLO Revolutionary Guide To Exam NMLS Dumps

MLO Free Study Guide! with New Update 123 Exam Questions

QUESTION 66
Prepaid charges include which of the following items?

Origination fee

Credit report fee

Conveyance tax

Per diem interest

QUESTION 67
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?

Adverse action

Account closure

Credit closure

Denial of credit

QUESTION 68
Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

Taking an application

Offering or negotiating credit terms

Assisting a consumer in applying for credit

Performing real estate brokerage activities

QUESTION 69
Which of the following services is included in the definition of a settlement service?

Flood insurance

Homeowners association fees

Title company/escrow agent services

Sale of the mortgage loan on the secondary market

QUESTION 70
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

A payment to an attorney for services actually rendered

A payment to a real estate agent for loan referral activities

A payment to its own employees for lender referral activities

A payment to the lender’s duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan

QUESTION 71
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

Refinance

Construction

Reverse mortgage

USDA Rural Development

QUESTION 72
According to Regulation Z, which of the following is a prohibited act?

Including undocumented child support payments made by the borrower

Issuing disclosures to applicants

Redisclosing a Loan Estimate immediately after locking the rate

Advertising rates not currently available to applicants

QUESTION 73
Which of the following scenarios describes an assumable loan?

A borrower has an option to take out a second mortgage

A borrower has an option to choose a loan servicer.

A purchaser of a property may be able to take over the existing loan payments.

A loan holder can sell the loan.

QUESTION 74
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

Tip sharing

Fee splitting

Single fee method

Double fee method

QUESTION 75
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower’s monthly Payment amount based on which of the following?

Payment amount during the fixed introductory period

An average of the varying payment amounts over the life of the loan

The total amount of the payments

Fully indexed rate of the loan

QUESTION 76
According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?

“Payments as low as $600 for a $100,000 mortgage”

“Only 1 point up front to get you in a home”

“15-year and 30-year mortgages available”

“Come in today for your free consultation”

QUESTION 77
During the loan application process, which of the following documents specifies the time period that a mortgage lender agrees to hold the mortgage interest rate at a certain percentage?

Loan application

Preapproval letter

Closing Disclosure

Rate lock agreement

QUESTION 78
Which of the following documents is a real estate conveyance?

Quit claim deed

Promissory note

Mortgage instrument

Occupancy certificate

QUESTION 79
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

60 days

90 days

QUESTION 80
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 81
When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

fair lending.

mortgage fraud.

a forgetful borrower.

pricing discrepancies.

QUESTION 82
Offering or negotiating the terms of a loan includes which of the following actions?

Providing general explanations or descriptions in response to a consumer’s inquiry

Making an underwriting decision about whether an applicant qualifies for a loan

Presenting particular loan terms to an applicant verbally, in writing, or otherwise

Arranging the loan closing or other aspects of the loan process

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Post date: 2025-03-19 13:14:46
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