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Free MLO Exam Braindumps (page: 14)

Page 13 of 31
PDF with 120 Questions

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

  1. perform clerical duties for a mortgage lender as a supervised employee.
  2. are not in communication with the consumer to obtain mortgage loan information.
  3. are an independent contractor and collect, receive or distribute information in connection with making a credit decision.
  4. are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.

Answer(s): C


Reference:

https://www.consumerfinance.gov/rules-policy/regulations/1008/c/



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

  1. Origination charge
  2. Referral fee
  3. Servicing fee
  4. Yield-to-loan fee

Answer(s): A


Reference:

https://www.consumerfinance.gov/owning-a-home/closing-disclosure/



Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

  1. The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
  2. The individual has been subject to a court order for payment of child support.
  3. The individual had an application for an MLO license denied or an MLO license revoked or suspended in any governmental jurisdiction.
  4. The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.

Answer(s): C


Reference:

https://mortgage.nationwidelicensingsystem.org/NMLS%20Document%20Library/FAQs%20S.2155%20Temporary%20Authority%20to%20Operate.pdf



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?

  1. Payment amount during the fixed introductory period
  2. An average of the varying payment amounts over the life of the loan
  3. The total amount of the payments
  4. Fully indexed rate of the loan

Answer(s): D


Reference:

https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/tila-respa-integrated-disclosures/tila-respa-integrated-disclosure-faqs/






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