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NMLS Updated MLO Exam Questions and Answers by angus

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NMLS MLO Exam Overview :

Exam Name: Mortgage Loan Origination (SAFE MLO) Exam
Exam Code: MLO Dumps
Vendor: NMLS Certification: SAFE MLO
Questions: 120 Q&A's Shared By: angus
Question 28

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?

Options:

A.

30 days

B.

60 days

C.

90 days

D.

120 days

Discussion
Question 29

Which of the following fees is a finance charge?

Options:

A.

A notary fee

B.

An origination fee

C.

An appraisal fee

D.

A late payment fee

Discussion
Question 30

During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

Options:

A.

tell the borrower to close the loan.

B.

close the loan, then re-disclose after the loan funds.

C.

postpone the closing, re-disclose and wait three days.

D.

postpone the closing, re-disclose and wait three business days.

Discussion
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Question 31

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

Options:

A.

The National Bank Act

B.

The National Currency Act

C.

The Bank Secrecy Act

D.

The Real Estate Settlement Procedures Act

Discussion
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