Bill Scott Bill Scott's Profile Page

Bill Scott Bill Scott

0 Course Enrolled • 0 Course Completed

Biography

MLO Accurate Answers & New MLO Dumps

MLO Test Guide can guarantee that you can study these materials as soon as possible to avoid time waste. Mortgage Loan Origination (SAFE MLO) Exam Study Question can help you optimize your learning method by simplifying obscure concepts. MLO Exam Questions will spare no effort to perfect after-sales services.

NMLS MLO frequently changes the content of the Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam. Therefore, to save your valuable time and money, we keep a close eye on the latest updates. Furthermore, Braindumpsqa also offers free updates of MLO exam questions for up to 365 days after buying Mortgage Loan Origination (SAFE MLO) Exam (MLO) dumps. We guarantee that nothing will stop you from earning the esteemed NMLS Certification Exam on your first attempt if you diligently prepare with our MLO real exam questions.

>> MLO Accurate Answers <<

New MLO Dumps | Latest MLO Braindumps Pdf

Our worldwide after sale staff will be online for 24/7 and reassure your rows of doubts on our MLO exam questions as well as exclude the difficulties and anxiety with all the customers. Just let us know your puzzles and we will figure out together. You can contact with us at any time and we will give you the most professional and specific suggestions on the MLO Study Materials. What is more, you can free download the demos of the MLO learning guide on our website to check the quality and validity.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q57-Q62):

NEW QUESTION # 57
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:

A. qualified mortgage.
B. FHA mortgage.
C. deferred-payment mortgage.
D. balloon mortgage.

Answer: D

Explanation:
A balloon mortgage is a type of loan where a large portion of the principal is repaid in a lump sum at the end of the loan term. This structure often features smaller, periodic payments during the life of the loan, with the remaining balance (the balloon payment) due at the end of the loan period. Balloon mortgages are typically shorter-term loans, such as 5 or 7 years.
* This differs from other loan types:
* FHA mortgages (A) are fully amortized loans backed by the government.
* Qualified mortgages (C) meet specific ability-to-repay standards and are fully amortized.
* Deferred-payment mortgages (D) often refer to reverse mortgages or loans with delayed payment schedules, which are not the same as balloon loans.
References:
* Fannie Mae and Freddie Mac Mortgage Guidelines on balloon loans
* Truth in Lending Act (TILA) definitions of mortgage types

NEW QUESTION # 58
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

A. fined up to $1 million and imprisoned for 30 years.
B. fined up to JB10,000 or imprisoned for 6 months.
C. fined up to the total purchase price of their home.
D. imprisoned for 10 to 16 months

Answer: A

Explanation:
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property can face severe penalties under federal law. The penalties can include:
* A fine of up to $1 million.
* Imprisonment for up to 30 years.
These penalties fall under federal statutes such as 18 U.S.C. § 1014, which covers fraud and false statements related to loan applications. This is a serious offense, and the law is designed to deter fraud in federally related mortgage transactions.
References:
* 18 U.S.C. § 1014 - Penalties for False Statements
* Fraud Enforcement and Recovery Act (FERA)

NEW QUESTION # 59
An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO's future business. This illegal practice is known as:

A. fee splitting.
B. paying it forward.
C. blockbusting.
D. redlining.

Answer: A

Explanation:
Fee splitting is the illegal practice where a mortgage loan originator (MLO) and another party, such as an appraiser, share fees in exchange for referrals or future business. This is prohibited under the Real Estate Settlement Procedures Act (RESPA), which bans kickbacks, referral fees, and unearned fees between settlement service providers.
In this case, the appraiser offering to give the MLO half of her appraisal fees in exchange for future business is a clear violation of RESPA's anti-kickback provisions. Fee splitting can lead to inflated costs for consumers and undermines the integrity of the mortgage process.
Other options:
* Redlining (A) refers to discriminatory lending practices based on geography.
* Blockbusting (C) refers to discriminatory real estate practices.
* Paying it forward (D) is not a term in the context of mortgage lending.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA guidelines

NEW QUESTION # 60
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

A. Second but combined with any other liens
B. Second
C. First
D. First as it will be combined with the 80% loan

Answer: B

Explanation:
In an 80/20 loan structure, the borrower obtains two loans: an 80% first mortgage and a 20% second mortgage, often referred to as a "piggyback loan." The 20% loan has second lien priority, meaning it is subordinate to the 80% loan. If the borrower defaults and the property is foreclosed, the lender holding the first mortgage (80%) is paid first, and the second mortgage (20%) is paid from any remaining proceeds.
* The first lien is always the larger 80% loan, and the second lien covers the smaller 20% loan.
References:
* Fannie Mae Guidelines on piggyback loans
* Freddie Mac Loan Priority Rules

NEW QUESTION # 61
If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

A. 60 days
B. 45 days
C. 10 days
D. 30 days

Answer: D

Explanation:
According to ECOA (Equal Credit Opportunity Act) and Regulation B, if a borrower waives the right to receive their appraisal three business days before consummation, and the transaction does not close, the creditor must still provide a copy of the appraisal within 30 days of determining that the loan will not consummate.
* This ensures that borrowers still receive essential documentation, even if the loan fails to close.
References:
* ECOA (Equal Credit Opportunity Act), 12 CFR §1002.14(a)(1)
* CFPB Guidelines on appraisal delivery timelines

NEW QUESTION # 62
......

More qualified certification for our future employment has the effect to be reckoned with, only to have enough qualification certifications to prove their ability, can we win over rivals in the social competition. Our MLO Exam Guide is suitable for everyone whether you are a business man or a student, because you just need 20-30 hours to practice, then you can attend to your exam. There is no doubt that you can get a great grade. If you follow our learning pace, you will get unexpected surprises.

New MLO Dumps: https://www.braindumpsqa.com/MLO_braindumps.html

It is a pity if you don’t buy our MLO study tool to prepare for the test NMLS certification, So download immediately after payment is another outstanding advantage of NMLS MLO dumps, Our exam-oriented MLO braindumps are the guarantee of your success with just one go, NMLS MLO Accurate Answers Reciting our material makes it easy.

Matt: What kinds of problems does your book solve, JavaScript MLO has its own grammar, object model, and peculiarities, which means that you need special debugging skills.

It is a pity if you don’t buy our MLO Study Tool to prepare for the test NMLS certification, So download immediately after payment is another outstanding advantage of NMLS MLO dumps.

MLO Torrent Vce - MLO Certking Pdf & MLO Free Questions

Our exam-oriented MLO braindumps are the guarantee of your success with just one go, Reciting our material makes it easy, You are lucky to have used our NMLS MLO exam bootcamp materials, because our product has all of the above merits.

Bill Scott Bill Scott

Biography

Useful Menu

Contact Now