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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q33-Q38):

NEW QUESTION # 33
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A. Every 7 days
B. Annually
C. Every 2 weeks
D. Every 31 days

Answer: D

NEW QUESTION # 34
Which of the following statements describes an advantage of a purchase money second mortgage?

A. The borrower avoids paying private mortgage insurance
B. The borrower avoids paying into the escrow account.
C. The borrower's loan closes faster than a regular mortgage.
D. The borrower pays two mortgage payments.

Answer: A

Explanation:
A purchase money second mortgage allows a borrower to avoid paying private mortgage insurance (PMI) by using a second loan to cover part of the down payment. This structure, often referred to as a "piggyback loan", is commonly used when a borrower does not have a 20% down payment but wants to avoid PMI, which is typically required for loans with less than 20% down.
* The borrower makes payments on both the primary mortgage and the second mortgage, but by keeping the loan-to-value (LTV) on the first mortgage below 80%, they can avoid PMI.
References:
* Fannie Mae Selling Guide on purchase money mortgages
* Freddie Mac Guidelines on private mortgage insurance

NEW QUESTION # 35
Which of the following entities has the primary enforcement authority under the Red Flags Rule?

A. HUD
B. Federal Trade Commission
C. Conference of State Bank Supervisors
D. IRS

Answer: B

Explanation:
The Federal Trade Commission (FTC) has primary enforcement authority under the Red Flags Rule, which is part of the Fair and Accurate Credit Transactions Act (FACTA). The Red Flags Rule requires financial institutions and creditors, including mortgage companies, to implement identity theft prevention programs that detect, prevent, and mitigate identity theft.
* IRS (A), HUD (C), and the Conference of State Bank Supervisors (D) are not responsible for enforcing the Red Flags Rule.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* FTC Red Flags Rule Guidelines

NEW QUESTION # 36
A second (subordinate) mortgage loan includes:

A. home equity conversion mortgage.
B. home equity lines of credit (HELOCs;
C. conventional home purchase loan.
D. government home purchase loan.

Answer: B

Explanation:
A second (subordinate) mortgage loan refers to a mortgage taken out after the primary mortgage and is subordinate to the first in priority of claims on the property in case of default or foreclosure. One of the most common types of subordinate mortgages is a home equity line of credit (HELOC).
* HELOC allows homeowners to borrow against the equity in their home, typically after the first mortgage, making it a subordinate loan.
Other options:
* Government home purchase loans (A) and conventional home purchase loans (B) are typically first mortgages.
* A home equity conversion mortgage (C) is a type of reverse mortgage, which is also typically a primary loan, not a subordinate one.
References:
* Fannie Mae Selling Guide on subordinate financing
* HELOC regulations under Regulation Z

NEW QUESTION # 37
Which of the following responses describes the main purpose of the secondary market?

A. To fund second mortgage loans
B. To fund additional loans
C. To service second mortgage loans
D. To fund a second home loan

Answer: B

Explanation:
The main purpose of the secondary market is to fund additional loans by allowing lenders to sell existing mortgages to investors. This process replenishes the lender's capital, enabling them to originate more loans.
The secondary market is where mortgage-backed securities (MBS) are bought and sold, providing liquidity to the mortgage market.
* Other options such as funding second mortgages or second home loans are specific transactions that do not capture the overall purpose of the secondary market.
References:
* Fannie Mae and Freddie Mac Secondary Market Guidelines
* HUD Secondary Mortgage Market Overview

NEW QUESTION # 38
......

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New MLO Exam Experience, MLO Exam Success

NMLS MLO Exam Success, Valid MLO Test Duration

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q33-Q38):

MLO Certification Training is Useful for You to Pass Mortgage Loan Origination (SAFE MLO) Exam Exam

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