FREE PDF NMLS - MLO USEFUL PRACTICE EXAMS FREE

Free PDF NMLS - MLO Useful Practice Exams Free

Free PDF NMLS - MLO Useful Practice Exams Free

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Tags: MLO Practice Exams Free, Valid MLO Test Practice, New MLO Test Review, MLO Latest Braindumps Ebook, Exam MLO Format

However, you should keep in mind that to get success in the Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam is not an easy task. It is a challenging exam and not a traditional exam. But complete NMLS MLO exam preparation can enable you to crack the NMLS MLO exam easily. For the quick and complete Mortgage Loan Origination (SAFE MLO) Exam (MLO) exam preparation you can trust MLO exam practice test questions. The NMLS MLO exam practice test questions have already helped many NMLS MLO exam candidates in their preparation and success and you can also trust "ITExamDownload" exam questions and start preparing today.

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q66-Q71):

NEW QUESTION # 66
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. Bank Secrecy Act (BSA).
  • B. Truth in Lending Act (TILA).
  • C. Real Estate Settlement Procedures Act(RESPA).
  • D. Gramm-Leach-Bliley Act(GLBA).

Answer: A

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 # 67
When obtaining a mortgage loan, title insurance is required to protect the:

  • A. lender providing the financing.
  • B. seller of the property.
  • C. settlement agent.
  • D. mortgage loan officer.

Answer: A

Explanation:
When obtaining a mortgage loan, title insurance is typically required to protect the lender. The lender's title insurance policy ensures that the lender has a valid lien on the property and protects against potential claims on the title, such as unpaid property taxes, liens, or ownership disputes.
* While owner's title insurance protects the buyer, the lender's title insurance is required to protect the financial interest of the lender.
References:
* TILA-RESPA Integrated Disclosure (TRID) Rule
* ALTA Title Insurance Guidelines


NEW QUESTION # 68
Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

  • A. Truth in Lending Act (TILA)
  • B. Home Ownership and Equity Protection Act (HOEPA)
  • C. Real Estate Settlement Procedures Act (RESPA)
  • D. SAFE Act

Answer: D

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) establishes federal and state licensing standards for mortgage loan originators (MLOs) and mandates that each state creates a licensing and regulatory agency to oversee mortgage companies. This agency is responsible for investigating, examining, and enforcing compliance with mortgage regulations. The act aims to ensure that mortgage companies and MLOs operate with transparency, competency, and accountability.
* The SAFE Act gives regulatory bodies the authority to conduct background checks, examinations, and audits of licensed mortgage companies.
Other Acts:
* TILA and RESPA focus on disclosure requirements and fair lending practices but do not specifically regulate state licensing and examinations.
* HOEPA regulates high-cost loans and predatory lending practices, not licensing.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing and Registration Requirements


NEW QUESTION # 69
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

  • A. The Bank Secrecy Act
  • B. The National Currency Act
  • C. The copyright Act
  • D. The Real Estate Settlement Procedures Act

Answer: A

Explanation:
The Bank Secrecy Act (BSA) requires mortgage lenders and other financial institutions to adopt anti-money laundering (AML) policies to detect and prevent money laundering and other financial crimes. Under BSA, lenders must:
* Implement a written AML compliance program.
* Report suspicious activities using Suspicious Activity Reports (SARs).
* Maintain records and report large cash transactions to prevent illegal financial activities such as money laundering and fraud.
Other laws mentioned:
* The copyright Act and National Currency Act focus on the regulation of national banks.
* The Real Estate Settlement Procedures Act (RESPA) addresses settlement and disclosure requirements but does not cover AML rules.
References:
* Bank Secrecy Act (BSA)
* Financial Crimes Enforcement Network (FinCEN) guidelines


NEW QUESTION # 70
Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

  • A. Taking an application
  • B. Offering or negotiating credit terms
  • C. Performing real estate brokerage activities
  • D. Assisting a consumer in applying for credit

Answer: C

Explanation:
Real estate brokerage activities are not a primary function of a mortgage loan originator (MLO). The MLO's primary role is to assist consumers in taking an application (A), offering or negotiating credit terms (B), and helping consumers apply for credit (C).
* Real estate brokerage activities, such as negotiating real estate transactions, are separate from the loan origination process and require different licensing and qualifications.
References:
* SAFE Act, 12 USC §5101
* NMLS MLO Licensing Guidelines


NEW QUESTION # 71
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