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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

Which of the following advertising statements is permissible?

Options:

A.

"5% 30-year fixed with no closing costs"

B.

"5% for 10 years, then one balloon payment"

C.

"30-year variable rate mortgages starting at ____"

D.

"30-year fixed mortgage for a 5% APR with approved credit"

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Question 2

Which of the following characteristics is unique to a home equity line of credit (HELOC)?

Options:

A.

A borrower is permitted to receive additional advances.

B.

A borrower is permitted to make interest-only payments for the term of the loan.

C.

A borrower is permitted to borrow more than the property is worth.

D.

A borrower is permitted to sell the property without paying off the loan.

Question 3

Which of the following events will cause a mortgage loan originator's (MLO's) temporary authority to cease in a given state?

Options:

A.

The MLO was terminated by his previous employer.

B.

Another state denies the MLO's license application.

C.

The state does not grant temporary authority to transitioning MLOs.

D.

A week has elapsed between when the MLO's federal registration expired and sponsorship by a new employer.