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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q107-Q112):

NEW QUESTION # 107
Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?

A. £250,000
B. $1,000,000
C. $750,000
D. £500,000

Answer: A

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 # 108
Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?

A. FHA
B. Fixed
C. ARM
D. Construction

Answer: C

Explanation:
Under Regulation Z, which implements the Truth in Lending Act (TILA), creditors offering Adjustable- Rate Mortgages (ARM) are required to provide disclosures that fully describe each variable-rate loan program in which the consumer expresses interest. These disclosures must explain:
* How the interest rate and payment could change over time
* The frequency of rate changes
* The index used to determine the rate
* Potential caps and limits on rate increases
These disclosures ensure transparency and protect consumers from unexpected payment shocks.
Other loan types:
* FHA loans (B) follow fixed or ARM terms, but the requirement for variable-rate disclosure is specific to ARMs.
* Fixed-rate loans (C) don't have variable rates, so they don't require such detailed disclosures.
* Construction loans (D) may involve different terms but aren't subject to this particular requirement.
References:
* Truth in Lending Act (TILA), specifically for Adjustable-Rate Mortgages
* 12 CFR Part 1026, Regulation Z

NEW QUESTION # 109
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A. Daily or per diem interest paid by borrower
B. Seller's points offered to reduce the borrower's closing costs
C. Document preparation fees for items such as mortgages and deeds
D. A standard credit application fee charged to all loan applicants

Answer: A

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition

NEW QUESTION # 110
A borrower's monthly debt-to-income ratio is calculated by taking the:

A. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
B. 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
C. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.

Answer: C

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 # 111
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

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

Answer: C

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 National Bank 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 # 112
......

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Pass Guaranteed Quiz 2025 High-quality MLO: Reliable Mortgage Loan Origination (SAFE MLO) Exam Exam Pdf

MLO Latest Material | Relevant MLO Questions

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q107-Q112):

MLO Exam Prep & MLO Study Guide & MLO Actual Test

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