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

NEW QUESTION # 57
Which of the following is an origination fee?

A. Prepaid Interest fee
B. Appraisal fee
C. Underwriting fee
D. Title insurance fee

Answer: C

Explanation:
An underwriting fee is considered an origination fee because it is a charge for the lender's services in processing and evaluating the mortgage application. Origination fees include any fees associated with creating and underwriting the loan.
* Appraisal fees (A), title insurance fees (C), and prepaid interest fees (D) are not considered origination fees; they are separate charges related to third-party services or pre-paid interest.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Mortgage Origination Fee Guidelines

NEW QUESTION # 58
A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

A. A recent college graduate holds a high-level position in the organization.
B. The borrower lacks a history in an industry that requires specific skills.
C. The borrower has been employed by the same company for three years.
D. The residence is more than 120 miles from the work location on a refinance.

Answer: C

Explanation:
Lenders are permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation when the borrower has a stable employment history, such as being employed by the same company for three years or more. This provides sufficient documentation of employment stability, reducing the need for further explanation.
* Other options (A, B, C) involve situations where the employment status or job stability may raise concerns, thus requiring additional documentation or explanation.
References:
* Fannie Mae Selling Guide on employment verification
* Freddie Mac Employment History Guidelines

NEW QUESTION # 59
What is the maximum civil penalty that is permitted to be imposed for each violation or failure to comply with the SAFE Act?

A. $2,500 for each act or omission
B. $25, 000 for each act or omission: $250,000 maximum
C. $2,500 for each act or omission; $25,000 maximum
D. 000 for each act or omission

Answer: A

Explanation:
Under the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act), the maximum civil penalty for each violation or failure to comply is $25,000 per act or omission. This applies to mortgage loan originators (MLOs) and others who violate licensing or regulatory requirements under the SAFE Act.
Violations can include actions such as failing to obtain proper licensure or engaging in fraudulent lending practices.
References:
* SAFE Act, 12 USC §5107
* NMLS Enforcement Guidelines

NEW QUESTION # 60
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

A. 90 days
B. 30 days
C. 120 days
D. 60 days

Answer: C

NEW QUESTION # 61
According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A. Communicating the details of an offer for the first time over the phone
B. Providing a consumer with a Homebuyer's Toolkit
C. Communicating with a consumer to arrange a loan closing
D. Providing a consumer with the loan policies of the lender

Answer: A

Explanation:
Under the SAFE Act, any activity that involves offering, negotiating, or discussing loan terms with consumers requires licensure as a mortgage loan originator (MLO). Communicating the details of an offer over the phone would require MLO licensure, as it involves explaining or negotiating loan terms.
* Providing general information or resources like a Homebuyer's Toolkit (A) or loan policies (B) does not require an MLO license, as these are not specific to negotiating loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 62
......

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MLO PDF Dumps - Effortless Solution To Pass Exam

2025 Latest Latest Test MLO Discount | Mortgage Loan Origination (SAFE MLO) Exam 100% Free Exam Success

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

Free PDF 2025 MLO: Mortgage Loan Origination (SAFE MLO) Exam Accurate Latest Test Discount

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