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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

Prepaid charges include which of the following items?

Options:

A.

Origination fee

B.

Credit report fee

C.

Conveyance tax

D.

Per diem interest

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Question 2

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

Question 3

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.