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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

A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

Options:

A.

Oral confirmation from the borrower

B.

An updated statement showing a zero balance

C.

A letter from the borrower explaining that they paid it off

D.

No additional information required

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Question 2

A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

Options:

A.

been convicted of a felony within the past seven years.

B.

had an MLO license suspended in any governmental jurisdiction.

C.

taken and failed the SAFE MLO National Test three times within the last year.

D.

never been licensed or registered as an MLO in any governmental jurisdiction.

Question 3

Interest-only mortgages are considered high risk compared to traditional mortgage products because:

Options:

A.

scheduled payments do not reduce the loan's principal balance.

B.

the borrower's ability to repay is not considered when making the credit decision.

C.

the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.

D.

the interest rate exceeds the APOR by 6.5 percentage points.