GET EXCELLENT SCORES IN EXAM WITH NMLS MLO QUESTIONS

Get Excellent Scores in Exam with NMLS MLO Questions

Get Excellent Scores in Exam with NMLS MLO Questions

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Quiz 2025 Latest MLO Exam Price - Mortgage Loan Origination (SAFE MLO) Exam Realistic Latest Test Format

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
Which of the following scenarios describes an assumable loan?

  • A. A borrower has an option to take out a second mortgage
  • B. A borrower has an option to choose a loan servicer.
  • C. A purchaser of a property may be able to take over the existing loan payments.
  • D. A loan holder can sell the loan.

Answer: C

Explanation:
An assumable loan is a loan in which a purchaser of a property has the option to take over the existing loan payments under the same terms as the original borrower. This can happen with certain types of loans, such as FHA or VA loans, which allow the buyer to assume the mortgage, potentially at a more favorable interest rate than current market rates.
* Options like taking out a second mortgage (A), choosing a loan servicer (B), or selling the loan (D) do not describe assumable loans.
References:
* FHA Guidelines on Assumable Loans
* VA Loan Assumption Guidelines


NEW QUESTION # 43
The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

  • A. Withholding payment from an appraiser
  • B. Communication directly between the loan officer and the appraiser
  • C. Asking the appraiser to substantiate a value
  • D. Encouraging a target value

Answer: C

Explanation:
Under the Appraiser Independence Requirements (AIR), appraisers are obligated to perform their duties free from outside influence or coercion. Asking the appraiser to substantiate a value is permissible because it falls within the scope of ensuring an accurate and credible appraisal. However, it is not permissible to pressure the appraiser into achieving a target value (A) or to withhold payment (B) for unfavorable valuations.
* Direct communication between the loan officer and the appraiser (D) may be restricted or controlled to prevent undue influence.
References:
* Dodd-Frank Act, Appraisal Independence Rules
* CFPB Valuation Independence Requirements


NEW QUESTION # 44
Which of the following responses describes the main purpose of the secondary market?

  • A. To service second mortgage loans
  • B. To fund additional loans
  • C. To fund second mortgage loans
  • D. To fund a second home loan

Answer: B

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 # 45
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

  • A. compliance plan.
  • B. unique identifier
  • C. originator counseling certificate.
  • D. high school diploma.

Answer: B

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all mortgage loan originators (MLOs) to obtain a unique identifier through the Nationwide Multistate Licensing System (NMLS) before engaging in the business of residential mortgage loan origination. This identifier is used to track MLOs across state lines and ensure accountability and transparency in the mortgage industry.
* A compliance plan (B) or other qualifications like a high school diploma (C) or counseling certificate (D) are not specific SAFE Act requirements for engaging in mortgage origination.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements


NEW QUESTION # 46
For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?

  • A. Down payment
  • B. Homeowners association dues
  • C. Mortgage insurance premium
  • D. Hazard insurance premium

Answer: C

Explanation:
For FHA loans, borrowers are required to pay a Mortgage Insurance Premium (MIP). This insurance protects the lender in case of default or foreclosure. FHA loans are backed by the Federal Housing Administration, and MIP is mandatory for borrowers due to the lower down payment requirements and increased risk to lenders.
* Mortgage Insurance Premium (MIP): FHA loans require an upfront MIP at closing (usually 1.75% of the loan amount) and annual MIP, which is divided into monthly installments and added to the mortgage payment.
* The MIP protects lenders by providing insurance coverage in the event the borrower defaults, reducing the lender's loss.
Other options:
* Down payment (A) is required but does not protect the lender.
* Hazard insurance premium (B) protects the property, not the lender in foreclosure.
* Homeowners association dues (D) are unrelated to lender protection.
References:
* FHA Single-Family Housing Policy Handbook
* U.S. Department of Housing and Urban Development (HUD) guidelines


NEW QUESTION # 47
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