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MLO Exam Dumps : Mortgage Loan Origination (SAFE MLO) Exam

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Mortgage Loan Origination (SAFE MLO) Exam Questions and Answers

Question 1

If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

Options:

A.

Loan Estimate only

B.

Closing Disclosure only

C.

Uniform Residential Loan Application

D.

Both the Loan Estimate and Closing Disclosure

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Question 2

The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

Options:

A.

the purchase price of the property.

B.

the appraised value of the property.

C.

the lesser of the purchase price or appraised value.

D.

the purchase price, plus the mortgage insurance for FHA loans.

Question 3

The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

Options:

A.

adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.

B.

adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.

C.

implement a written program to detect warning signs of identity theft.

D.

implement an internal watch system to prevent the misrepresentation of occupancy status