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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

An interest-only mortgage is a mortgage with scheduled payments that require the consumer to have:

Options:

A.

Payments of interest for a specified amount of time.

B.

Fixed payments every month, but the interest rate adjusts monthly.

C.

Adjustable payments every month based on an adjustable interest rate.

D.

Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.

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Question 2

Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

Options:

A.

The National Bank Act

B.

The National Currency Act

C.

The Bank Secrecy Act

D.

The Real Estate Settlement Procedures Act

Question 3

Which of the following responses describes the required amount of flood insurance coverage?

Options:

A.

The original appraised value of the home

B.

The outstanding principal balance of the loan

C.

The minimum amount of National Flood Insurance Program coverage available

D.

The property value on file with the county property valuation administrator office