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Passed Exam Today MLO

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Total 230 questions

Mortgage Loan Origination (SAFE MLO) Exam Questions and Answers

Question 65

Which of the following statements is permissible in an advertisement?

Options:

A.

"Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"

B.

"Looking for a VA loan? We are endorsed by and affiliated with the VA administration."

C.

"Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."

D.

"Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."

Question 66

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.

Question 67

Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

Options:

A.

Virtual currency funds

B.

Community second funds

C.

Personal unsecured loans

D.

Foreign assets located outside of the U.S. or its territories

Question 68

A lender will require private mortgage insurance for first lien loans with loan-to-value over what percentage?

Options:

A.

70%

B.

75%

C.

78%

D.

80%

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Total 230 questions