MLO EXAM QUESTIONS - MLO GUIDE TORRENT & MLO TEST TORRENT

MLO Exam Questions - MLO Guide Torrent & MLO Test Torrent

MLO Exam Questions - MLO Guide Torrent & MLO Test Torrent

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q46-Q51):

NEW QUESTION # 46
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

  • A. gross monthly income.
  • B. net monthly income
  • C. loan amount.
  • D. taxable income.

Answer: A

Explanation:
In a debt-to-income (DTI) analysis, the borrower's total monthly housing-related payments (including principal, interest, taxes, insurance, and any homeowner association fees) are assessed as a percentage of their gross monthly income. Lenders use the gross income, which is the borrower's income before taxes and deductions, to determine affordability and creditworthiness.
* Net monthly income (A) and taxable income (C) are not used in standard DTI calculations.
* The loan amount (D) is unrelated to the DTI calculation.
References:
* Fannie Mae and Freddie Mac Guidelines on DTI ratios
* CFPB Guidelines on Ability-to-Repay and DTI


NEW QUESTION # 47
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

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

Answer: A

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 # 48
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

  • A. the appraised value of the property.
  • B. the purchase price of the property.
  • C. the purchase price, plus the mortgage insurance for FHA loans.
  • D. the lesser of the purchase price or appraised value.

Answer: D

Explanation:
For an FHA loan, the loan-to-value (LTV) ratio is calculated by dividing the loan amount by the lesser of the purchase price or appraised value of the property. This ensures that the loan amount is based on the lower of the two figures, protecting the lender from over-lending on a property that may not appraise at the agreed purchase price.
* This method is consistent with FHA guidelines, ensuring that the loan is adequately secured by the property's value.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines for FHA LTV calculations


NEW QUESTION # 49
Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

  • A. Receipt of child support
  • B. Country of birth
  • C. Marital status
  • D. Immigration status

Answer: D

Explanation:
Under the Equal Credit Opportunity Act (ECOA), lenders can deny a loan based on immigration status, as it directly relates to the borrower's ability to legally reside and work in the country. Lenders must ensure that the borrower has the legal capacity to enter into a binding contract and that they are authorized to work in the U.S. for the loan's duration.
* Receipt of child support (A), marital status (C), and country of birth (D) are protected characteristics under ECOA, meaning a lender cannot deny credit based on these factors.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB Regulation B


NEW QUESTION # 50
It is acceptable for a lender to request a co-applicant in which of the following situations?

  • A. The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage
  • B. The co-applicant will be residing in the house with the borrower.
  • C. The borrower will not qualify for the loan on their own.
  • D. The borrower's future income is dependent on the co-applicant.

Answer: C

Explanation:
It is acceptable for a lender to request a co-applicant if the borrower will not qualify for the loan on their own based on their income, credit score, or other financial factors. A co-applicant, such as a spouse or family member, can help strengthen the application by adding additional income or improving the credit profile, which may help the borrower meet the lender's qualification requirements.
* Other situations (B, C, D) such as future income, residency, or gifting funds do not necessarily require a co-applicant and are not acceptable reasons to mandate one.
References:
* Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002
* Fannie Mae Selling Guide on co-borrowers


NEW QUESTION # 51
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