With the high employment pressure, more and more people want to ease the employment tension and get a better job. The best way for them to solve the problem is to get the MLO certification. Because the certification is the main symbol of their working ability, if they can own the MLO certification, they will gain a competitive advantage when they are looking for a job. An increasing number of people have become aware of that it is very important for us to gain the MLO Exam Questions in a short time. And our MLO exam questions can help you get the dreamng certification.
If you are preparing for the practice exam, we can make sure that the MLO test practice files from our company will be the best choice for you, and you cannot find the better study materials than our company'. There are a lot of advantages of our MLO preparation materials, and you can free download the demo of our MLO training guide to know the special functions of our MLO prep guide in detail. And you will know the quality of our MLO study prep as well. We are hopeful that you will like our MLO exam questions.
>> MLO Sample Questions Pdf <<
If you want to get a comprehensive idea about our real MLO study materials, you can free download the demos on our website. It is convenient for you to download the free demos of our MLO learing guide, all you need to do is just to find the “Download for free” item, and you will find there are three kinds of versions of MLO Learning Materials for you to choose from namely, PDF Version Demo, PC Test Engine and Online Test Engine, you can choose to download any one as you like.
NEW QUESTION # 90
Which of the following responses describes the main purpose of the secondary market?
Answer: D
Explanation:
The main purpose of the secondary market is to fund additional loans by allowing lenders to sell existing mortgages to investors. This process replenishes the lender's capital, enabling them to originate more loans.
The secondary market is where mortgage-backed securities (MBS) are bought and sold, providing liquidity to the mortgage market.
* Other options such as funding second mortgages or second home loans are specific transactions that do not capture the overall purpose of the secondary market.
References:
* Fannie Mae and Freddie Mac Secondary Market Guidelines
* HUD Secondary Mortgage Market Overview
NEW QUESTION # 91
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?
Answer: A
Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation
NEW QUESTION # 92
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?
Answer: C
Explanation:
An individual who had their MLO license application denied, or had a license revoked or suspended in any governmental jurisdiction, is not eligible for temporary authority to act as a mortgage loan originator (MLO) under the SAFE Act. Temporary authority allows registered MLOs who move to a state-licensed mortgage company to act as MLOs while their application for a state license is being processed. However, individuals with disqualifying events, such as prior license denial or revocation, lose this privilege.
Other options:
* Court orders for child support (B) and being a witness in a trial (A) do not disqualify individuals from obtaining temporary authority.
References:
* SAFE Act, 12 USC §5101
* NMLS Temporary Authority to Operate Guidelines
NEW QUESTION # 93
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?
Answer: A
Explanation:
If the mortgage loan originator (MLO) becomes aware of a potential change in the borrower's employment status, such as the company closing and the borrower being laid off, the MLO must notify the underwriter.
The borrower's ability to repay the loan could be impacted by the job loss, and failing to update the underwriter would be a violation of proper lending practices.
* Ignoring the information or withholding it (Options A and B) could lead to loan default and is unethical.
* Homeownership counseling (C) is beneficial but not relevant to the immediate concern of loan approval and repayment ability.
References:
* TILA and Ability-to-Repay Rule (ATR)
* Fannie Mae Guidelines for employment verification
NEW QUESTION # 94
A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?
Answer: B
Explanation:
To prove that an account listed on a credit report has been paid off, the borrower must provide an updated statement showing a zero balance. This is the most direct and verifiable method for a lender to confirm the account has been settled.
* Oral confirmation (A) or a letter from the borrower (C) are not acceptable documentation, as they lack third-party verification.
* No further documentation would be required if the credit report already reflects the zero balance, but until then, updated documentation is necessary.
References:
* Fair Credit Reporting Act (FCRA)
* Standard mortgage underwriting documentation guidelines
NEW QUESTION # 95
......
Our MLO exam questions own a lot of advantages that you can't imagine. First of all, all content of our MLO study guide is accessible and easy to remember, so no need to spend a colossal time to practice on it. Second, our MLO training quiz is efficient, so you do not need to disassociate yourself from daily schedule. Just practice with our MLO learning materials on a regular basis and everything will be fine.
Exam MLO Blueprint: https://www.dumpsking.com/MLO-testking-dumps.html
Maybe you are still doubtful about our product, it does't matter, but if you try to download our free demo of our MLO exam software first, you will be more confident to pass the exam which is brought by our DumpsKing, NMLS MLO Sample Questions Pdf And this is the most important, The wide coverage of important knowledge points in our MLO exam dump would be greatly helpful for you to pass the SAFE MLO exam, Free experience.
Why is it okay to omit that check, As insurers we suffer heavily MLO and immediately raise premiums to account for the new realities, Maybe you are still doubtful about our product, it does't matter, but if you try to download our free demo of our MLO Exam software first, you will be more confident to pass the exam which is brought by our DumpsKing.
And this is the most important, The wide coverage of important knowledge points in our MLO exam dump would be greatly helpful for you to pass the SAFE MLO exam.
Free experience, I can assure you that you will pass the exam as well as getting the related MLO certification under the guidance of our MLO training materials as easy as pie.