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NMLS MLO Braindump Pdf | MLO Test Collection
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q62-Q67):
NEW QUESTION # 62
What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?
Answer: B
Explanation:
The minimum amount of flood insurance required by lenders for a residential building located in a Special Flood Hazard Area (SFHA) is the lesser of:
* 100% of the replacement cost of the structure, or
* The maximum available under the National Flood Insurance Program (NFIP), which is $250,000 for residential property structures.
This requirement ensures that the property is adequately covered in case of flood damage.
References:
* National Flood Insurance Program (NFIP) Guidelines
* Flood Disaster Protection Act (FDPA)
NEW QUESTION # 63
Which of the following statements is permissible in an advertisement?
Answer: D
Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules
NEW QUESTION # 64
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?
Answer: C
Explanation:
When evaluating credit risk, lenders are legally permitted to consider whether alimony payments that the applicant relies on for income are likely to continue and be consistently made. Lenders need to assess the reliability of income sources, and documented alimony that is expected to continue is a valid consideration under ECOA (Equal Credit Opportunity Act) guidelines.
* Factors like the applicant's likelihood of having children (A), phone listing (B), and age (C) are not permissible criteria for evaluating creditworthiness under ECOA, as these would constitute discrimination.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB ECOA Guidelines
NEW QUESTION # 65
Which of the following loans is subject to right of rescission?
Answer: B
Explanation:
The right of rescission is a provision under TILA (Truth in Lending Act) that gives borrowers the right to cancel certain types of loans within three business days after closing. This right applies specifically to refinance transactions on a borrower's primary residence, where they are taking cash out or refinancing their mortgage.
* Cash-out refinances on a primary residence (C) are subject to the right of rescission because they involve the homeowner's primary residence.
* Purchase loans (A) and loans secured by vacation homes (B) or other investment properties are not subject to this rule.
* Even if the same creditor is refinancing the loan (Option D), the right of rescission still applies if it's a refinance of the primary residence.
References:
* Truth in Lending Act (TILA) Section 125
* Regulation Z, 12 CFR §1026.23 on the right of rescission
NEW QUESTION # 66
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?
Answer: A
Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition
NEW QUESTION # 67
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