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100% Pass Quiz 2025 Authoritative NMLS MLO: New Mortgage Loan Origination (SAFE MLO) Exam Dumps Ppt

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q60-Q65):

NEW QUESTION # 60
Which of the following entities has the primary enforcement authority under the Red Flags Rule?

A. HUD
B. Conference of State Bank Supervisors
C. IRS
D. Federal Trade Commission

Answer: D

Explanation:
The Federal Trade Commission (FTC) has primary enforcement authority under the Red Flags Rule, which is part of the Fair and Accurate Credit Transactions Act (FACTA). The Red Flags Rule requires financial institutions and creditors, including mortgage companies, to implement identity theft prevention programs that detect, prevent, and mitigate identity theft.
* IRS (A), HUD (C), and the Conference of State Bank Supervisors (D) are not responsible for enforcing the Red Flags Rule.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* FTC Red Flags Rule Guidelines

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
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

A. The total amount of the payments
B. Fully indexed rate of the loan
C. An average of the varying payment amounts over the life of the loan
D. Payment amount during the fixed introductory period

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), for adjustable-rate mortgages (ARMs) like a 5/1 ARM, the MLO must calculate the borrower's monthly payment amount based on the fully indexed rate, not the introductory rate. The fully indexed rate is the sum of the index and the margin at the time of origination, reflecting the potential payment increases after the introductory period ends.
* This requirement ensures borrowers understand what their payments could be after the rate adjusts, helping them evaluate the true affordability of the loan.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB ARM Guidelines

NEW QUESTION # 63
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 lesser of the purchase price or appraised value.
C. the purchase price, plus the mortgage insurance for FHA loans.
D. the purchase price of the property.

Answer: B

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 # 64
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:

A. Gramm-Leach-Bliley Act(GLBA).
B. Bank Secrecy Act (BSA).
C. Truth in Lending Act (TILA).
D. Real Estate Settlement Procedures Act(RESPA).

Answer: B

Explanation:
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC §5311
* FinCEN Guidelines on SAR filing

NEW QUESTION # 65
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