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New NMLS MLO Exam Notes | MLO Vce Exam
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q94-Q99):
NEW QUESTION # 94
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?
Answer: B
Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Regulation Z Guidelines
NEW QUESTION # 95
Which of the following types of income are considered as qualifying when applying for a mortgage loan?
Answer: A
Explanation:
Net rental income is considered qualifying income when applying for a mortgage, as it represents income generated from rental properties. Lenders typically calculate net rental income by subtracting property expenses from the total rental income, and they require documentation such as tax returns or lease agreements to verify this income.
* Reimbursed expenses (A), family gifts (C), and federal tax refunds (D) are generally not considered qualifying income, as they are one-time or non-recurring sources of funds.
References:
* Fannie Mae Selling Guide on qualifying income
* Freddie Mac Guidelines for rental income
NEW QUESTION # 96
Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?
Answer: D
Explanation:
The maximum available flood insurance structure coverage for a residential property under the National Flood Insurance Program (NFIP) is £250,000. The NFIP is a federal program that provides flood insurance to property owners in participating communities.
* The £250,000 limit applies specifically to residential property structures. For contents coverage, the maximum is $100,000.
Higher coverage limits, such as $500,000 or $1,000,000, may be available through private insurers, but the NFIP itself caps coverage at $250,000 for structures.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Manual
NEW QUESTION # 97
Which of the following situations requires further documentation when reviewing bank statements for documentation of assets for down payment and closing costs?
Answer: D
Explanation:
When underwriting a loan, large or unusual deposits that are not readily identifiable (such as payroll deposits) must be sourced and documented. This is to ensure the funds are not borrowed or from an unacceptable source.
"If a bank statement reveals a large deposit that is not payroll-related, the lender must document the source of funds."
- Fannie Mae Selling Guide, B3-4.2-02: Depository Accounts
References:
Fannie Mae, Verifying Assets
SAFE MLO National Test Study Guide
NEW QUESTION # 98
Which of the following statements describes an advantage of a purchase money second mortgage?
Answer: D
Explanation:
A purchase money second mortgage allows a borrower to avoid paying private mortgage insurance (PMI) by using a second loan to cover part of the down payment. This structure, often referred to as a "piggyback loan", is commonly used when a borrower does not have a 20% down payment but wants to avoid PMI, which is typically required for loans with less than 20% down.
* The borrower makes payments on both the primary mortgage and the second mortgage, but by keeping the loan-to-value (LTV) on the first mortgage below 80%, they can avoid PMI.
References:
* Fannie Mae Selling Guide on purchase money mortgages
* Freddie Mac Guidelines on private mortgage insurance
NEW QUESTION # 99
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