Pass Guaranteed Quiz NMLS - MLO - Mortgage Loan Origination (SAFE MLO) Exam First-grade Pass4sure Exam Prep

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q31-Q36):

NEW QUESTION # 31
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A. Double fee method
B. Tip sharing
C. Fee splitting
D. Single fee method

Answer: C

Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation

NEW QUESTION # 32
Which of the following practices is a prudent and reasonable cybersecurity precaution regarding laptop computers?

A. A laptop should be shared by no more than five people.
B. A laptop should automatically shut down and require a new login if not used for a period of time.
C. A laptop should never be taken out of the office.
D. Passwords should only be shared with a direct supervisor.

Answer: B

Explanation:
A best practice in cybersecurity is to set computers to automatically lock, shut down, and require a password or login after a period of inactivity. This helps prevent unauthorized access if the device is left unattended.
"Locking computers when not in use and requiring passwords after periods of inactivity is an essential safeguard to protect sensitive consumer data."
- FTC, Cybersecurity for Small Business; GLBA Safeguards Rule
Other options are not best practices: laptops may need to leave the office, should not be shared, and passwords should never be shared with anyone.
References:
FTC, Cybersecurity for Small Business
SAFE MLO National Test Study Guide

NEW QUESTION # 33
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

A. Whether the applicant seems likely to have children
B. Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made
C. Whether the applicant's age makes them ineligible for credit-related insurance
D. Whether the applicant has a phone number listing in their name

Answer: B

Explanation:
When evaluating credit risk, lenders are legally permitted to consider whether alimony payments that the applicant relies on for income are likely to continue and be consistently made. Lenders need to assess the reliability of income sources, and documented alimony that is expected to continue is a valid consideration under ECOA (Equal Credit Opportunity Act) guidelines.
* Factors like the applicant's likelihood of having children (A), phone listing (B), and age (C) are not permissible criteria for evaluating creditworthiness under ECOA, as these would constitute discrimination.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB ECOA Guidelines

NEW QUESTION # 34
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A. never been licensed or registered as an MLO in any governmental jurisdiction.
B. had an MLO license suspended in any governmental jurisdiction.
C. been convicted of a felony within the past seven years.
D. taken and failed the SAFE MLO National Test three times within the last year.

Answer: C

Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements

NEW QUESTION # 35
Which of the following property value approaches does an appraiser use on a rental property?

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

Answer: C

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 # 36
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Pass Guaranteed Quiz NMLS - MLO - Mortgage Loan Origination (SAFE MLO) Exam First-grade Pass4sure Exam Prep

NMLS MLO Valid Braindumps, Valid Test MLO Test

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q31-Q36):

MLO Test Questions: Mortgage Loan Origination (SAFE MLO) Exam & MLO Actual Test & MLO Exam Simulation

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