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Legit MLO Exam Download

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Total 230 questions

Mortgage Loan Origination (SAFE MLO) Exam Questions and Answers

Question 57

Which of the following acts or practices violates appraisal independence?

Options:

A.

The mortgage loan originator (MLO) asks the appraiser to correct errors on the appraisal.

B.

The MLO asks the appraiser for a minimum valuation of the property so that the loan-to-value meets lending requirements.

C.

The MLO asks the appraiser to consider additional comparable properties to make or support an appraisal.

D.

The MLO asks the appraiser to provide further detail or explanation for the appraiser's value conclusion.

Question 58

Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

Options:

A.

The individual has been a witness in a trial at which the defendant was convicted of felony fraud.

B.

The individual has been subject to a court order for payment of child support.

C.

The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.

D.

The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.

Question 59

Which of the following responses best describes redlining?

Options:

A.

The identification of minority census tracts

B.

The identification of low and moderate income census tracts

C.

The identification of locations in which the lender will not lend

D.

The analysis of the points and fees charged on loan transactions

Question 60

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"

Page: 15 / 17
Total 230 questions