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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 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.

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Question 2

Which of the following fees must remain the same unless a valid changed circumstance occurs?

Options:

A.

Total per diem interest

B.

Homeowner's insurance

C.

Owner's title insurance premium

D.

Fees paid to an affiliate of the lender

Question 3

Under which of the following conditions, if any, is a mortgage lender permitted to charge a fee for the preparation of a Closing Disclosure?

Options:

A.

The borrower requests additional copies of the Closing Disclosure after the closing.

B.

The borrower requests that the Closing Disclosure be prepared before the scheduled closing.

C.

The lender has an affiliated business arrangement with the escrow agent.

D.

The lender is not allowed to charge a fee for the preparation of the Closing Disclosure.