Free PDF MLO Exam Actual Questions - How to Study & Well Prepare for NMLS MLO Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q25-Q30):

NEW QUESTION # 25
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A. Annually
B. Every 31 days
C. Every 7 days
D. Every 2 weeks

Answer: B

Explanation:
According to the Telemarketing Sales Rule (TSR) and the National Do Not Call Registry requirements, nonexempt telemarketing entities must check their call lists against the National Do Not Call Registry at least every 31 days. This ensures that they do not call individuals who have opted out of receiving telemarketing calls.
* The 31-day rule helps ensure compliance and reduces the likelihood of violating the Do Not Call regulations.
References:
* Telemarketing Sales Rule (TSR), 16 CFR Part 310
* Federal Trade Commission (FTC) Guidelines

NEW QUESTION # 26
Which of the following factors is considered when determining the interest rate for a subprime mortgage?

A. The term of the loan
B. The credit score of the applicants]
C. The property location
D. The sales price of the property

Answer: B

Explanation:
For subprime mortgages, the credit score of the applicants is a primary factor in determining the interest rate. Subprime loans are designed for borrowers with lower credit scores, typically below 620, and are offered at higher interest rates due to the increased risk of default.
* Factors like the loan term (A), property location (B), and sales price (C) may influence other aspects of the loan, but the credit score is the key factor that determines whether a borrower qualifies for a subprime mortgage and the corresponding interest rate.
References:
* Fannie Mae and Freddie Mac Subprime Lending Guidelines
* CFPB Subprime Mortgage Standards

NEW QUESTION # 27
A borrower's monthly debt-to-income ratio is calculated by taking the:

A. eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.
D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income
B. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
C. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.

Answer: B

Explanation:
The debt-to-income (DTI) ratio is a key metric used by lenders to assess a borrower's ability to manage monthly payments and repay a mortgage. It is calculated by dividing the borrower's total monthly debt obligations, including:
* Monthly housing expenses (principal, interest, taxes, and insurance, also known as PITI).
* Any other recurring debt obligations (car loans, student loans, credit card payments, etc.).
This total is divided by the borrower's gross monthly income (before taxes and deductions). This calculation helps determine whether the borrower meets lending standards, with most lenders preferring a DTI ratio below 43% for qualified mortgages.
References:
* Fannie Mae and Freddie Mac guidelines on debt-to-income ratio
* CFPB Qualified Mortgage Rules

NEW QUESTION # 28
Prepaid charges include which of the following items?

A. Origination fee
B. Credit report fee
C. Conveyance tax
D. Per diem interest

Answer: D

Explanation:
Prepaid charges refer to certain upfront costs paid at closing. These include:
* Per diem interest (D), which covers the interest from the closing date to the end of the month.
Other items like origination fees (A), credit report fees (B), and conveyance taxes (C) are not considered prepaid charges; they are typically categorized as closing costs or settlement fees.
References:
* Real Estate Settlement Procedures Act (RESPA)
* TILA-RESPA Integrated Disclosures (TRID)

NEW QUESTION # 29
The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

A. Asking the appraiser to substantiate a value
B. Encouraging a target value
C. Communication directly between the loan officer and the appraiser
D. Withholding payment from an appraiser

Answer: A

Explanation:
Under the Appraiser Independence Requirements (AIR), appraisers are obligated to perform their duties free from outside influence or coercion. Asking the appraiser to substantiate a value is permissible because it falls within the scope of ensuring an accurate and credible appraisal. However, it is not permissible to pressure the appraiser into achieving a target value (A) or to withhold payment (B) for unfavorable valuations.
* Direct communication between the loan officer and the appraiser (D) may be restricted or controlled to prevent undue influence.
References:
* Dodd-Frank Act, Appraisal Independence Rules
* CFPB Valuation Independence Requirements

NEW QUESTION # 30
......

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Free PDF MLO Exam Actual Questions - How to Study & Well Prepare for NMLS MLO Exam

Starting Your NMLS MLO Exam Preparation? Get the Right Direction Here

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q25-Q30):

Pass Guaranteed Quiz 2025 Authoritative MLO: Mortgage Loan Origination (SAFE MLO) Exam Exam Actual Questions

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