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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q104-Q109):

NEW QUESTION # 104
Which of the following property value approaches does an appraiser use on a rental property?

A. Cost approach
B Income approach
B. Annual approach
C. Sales comparison approach

Answer: B

Explanation:
For rental properties, an appraiser will typically use the Income Approach to estimate the property's value.
This method is based on the income-generating potential of the property, which is most relevant for investment properties, including rentals.
* The Income Approach assesses the property's ability to generate future cash flow by evaluating the income that can be derived from renting it. The formula often involves determining the net operating income (NOI) and applying a capitalization rate (cap rate) to estimate value.
* This method is most appropriate for rental properties because their value is inherently tied to their profitability.
Other methods:
* Cost approach: More suited for unique properties or new construction.
* Sales comparison approach: Often used for owner-occupied properties, comparing recent sales of similar properties.
References:
* Uniform Standards of Professional Appraisal Practice (USPAP)
* Fannie Mae's Appraisal Guidelines for Rental Properties

NEW QUESTION # 105
Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

A. The income stated on the loan application
B. The borrower's attestation that he expects a raise within 30 days
C. A copy of a check register
D. An electronic paystub

Answer: D

Explanation:
To verify a borrower's income for the ability-to-repay (ATR) requirements, lenders must rely on verified documentation, such as:
* Electronic paystubs
* W-2 forms
* Tax returns
An electronic paystub is acceptable as it provides detailed proof of the borrower's income, including salary, deductions, and other compensation.
* Items like a check register (B), the income stated on the loan application (C), or a borrower's attestation (D) without documentation are not considered valid forms of income verification.
References:
* Dodd-Frank Act - Ability-to-Repay Rule
* CFPB Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule

NEW QUESTION # 106
How many continuing education hours must mortgage loan originators complete every year to renew their license?

A. 8 hours
B. 16 hours
C. 3 hours
D. 20 hours

Answer: A

Explanation:
Mortgage loan originators (MLOs) are required to complete 8 hours of continuing education (CE) annually to maintain their license under the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act).
This is mandatory to ensure that MLOs stay updated with changing regulations, compliance requirements, and industry practices.
* The 8 hours must include specific coursework, typically:
* 3 hours of federal law and regulations
* 2 hours of ethics (covering fraud, consumer protection, etc.)
* 2 hours of non-traditional mortgage lending
* 1 hour of elective content that may vary depending on state requirements.
Failure to meet these CE requirements can result in license suspension or revocation.
References:
* National Mortgage Licensing System (NMLS) Continuing Education Guidelines
* SAFE Act requirements for MLOs

NEW QUESTION # 107
The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A. government mortgage insurance.
B. optional credit life insurance.
C. private mortgage insurance
D. force-placed hazard insurance.

Answer: A

Explanation:
The upfront premium charged on an FHA mortgage is an example of government mortgage insurance.
This upfront mortgage insurance premium (UFMIP) is required for FHA loans and protects the lender (creditor) in the event of borrower default. FHA loans are insured by the Federal Housing Administration (FHA), a government agency.
* Private mortgage insurance (D) is used for conventional loans, while optional credit life insurance (A) and force-placed hazard insurance (B) are unrelated to FHA loans.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines on UFMIP

NEW QUESTION # 108
A borrower has been approved for a new home loan and has completed all necessary paperwork. When should the borrower receive the Closing Disclosure?

A. On the day of consummation
B. 4 business days prior lo consummation
C. 3 business days prior to consummation
D. 1 business day prior to consummation

Answer: C

Explanation:
According to the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Closing Disclosure (CD) at least 3 business days prior to loan consummation. This waiting period gives the borrower adequate time to review the final terms and costs associated with the mortgage loan. If there are significant changes to the terms of the loan after the CD is issued, a new 3-day waiting period may be required.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB Closing Disclosure Guidelines

NEW QUESTION # 109
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Trusting Reliable MLO Exam Simulations Is The Quickest Way to Pass Mortgage Loan Origination (SAFE MLO) Exam

Latest MLO Test Online - Free MLO Exam Dumps

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q104-Q109):

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