최신 SAFE MLO MLO 무료샘플문제:

1. The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

A) compliance plan.
B) unique identifier
C) originator counseling certificate.
D) high school diploma.

2. According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

A) Credit report
B) Title Insurance
C) Notary
D) Interest

3. A mortgage loan originator (MLO) closes a high-cost mortgage for a borrower. Seven months later, the borrower returns to the MLO to apply for a cash-out refinance as the borrower intends to use the cash to purchase a collector car. The MLO determines that the only loan the borrower qualifies for is a high-cost mortgage at a higher interest rate. In which of the following ways should the MLO proceed?

A) Close the loan as normal with no further action required
B) Close the loan as normal and take the vehicle as additional collateral
C) Deny the loan, unless it is in the best interest of the borrower
D) Close the loan as normal, as the borrower can refinance a high-cost mortgage after six months

4. Within three business days of receiving an application, which of the following information is a creditor required to provide to an applicant?

A) The applicant's right to receive a copy of the appraisal report
B) Timeline of the appraisal process
C) The applicant's right to select the appraiser
D) A copy of the appraisal report

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

A) adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
B) adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
C) implement an internal watch system to prevent the misrepresentation of occupancy status
D) implement a written program to detect warning signs of identity theft.

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