FREE PDF 2025 NMLS UNPARALLELED MLO TEST DUMP

Free PDF 2025 NMLS Unparalleled MLO Test Dump

Free PDF 2025 NMLS Unparalleled MLO Test Dump

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Tags: MLO Test Dump, MLO Pass4sure Pass Guide, Online MLO Training Materials, MLO Study Tool, MLO Mock Exams

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q29-Q34):

NEW QUESTION # 29
What is the maximum civil penalty that is permitted to be imposed for each violation or failure to comply with the SAFE Act?

  • A. $25, 000 for each act or omission: $250,000 maximum
  • B. $2,500 for each act or omission; $25,000 maximum
  • C. $2,500 for each act or omission
  • D. 000 for each act or omission

Answer: C

Explanation:
Under the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act), the maximum civil penalty for each violation or failure to comply is $25,000 per act or omission. This applies to mortgage loan originators (MLOs) and others who violate licensing or regulatory requirements under the SAFE Act.
Violations can include actions such as failing to obtain proper licensure or engaging in fraudulent lending practices.
References:
* SAFE Act, 12 USC §5107
* NMLS Enforcement Guidelines


NEW QUESTION # 30
Which of the following is an origination fee?

  • A. Prepaid Interest fee
  • B. Underwriting fee
  • C. Title insurance fee
  • D. Appraisal fee

Answer: B

Explanation:
An underwriting fee is considered an origination fee because it is a charge for the lender's services in processing and evaluating the mortgage application. Origination fees include any fees associated with creating and underwriting the loan.
* Appraisal fees (A), title insurance fees (C), and prepaid interest fees (D) are not considered origination fees; they are separate charges related to third-party services or pre-paid interest.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Mortgage Origination Fee Guidelines


NEW QUESTION # 31
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:

  • A. Bank Secrecy Act (BSA).
  • B. Truth in Lending Act (TILA).
  • C. Gramm-Leach-Bliley Act(GLBA).
  • D. Real Estate Settlement Procedures Act(RESPA).

Answer: A

Explanation:
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC §5311
* FinCEN Guidelines on SAR filing


NEW QUESTION # 32
Which of the following activities is an example of redlining in mortgage lending?

  • A. Ensuring that all creditworthy borrowers are afforded equal treatment when applying for a mortgage loan
  • B. The mortgage loan originator convincing the underwriter to move their loan file to the front of the line or "redline" it
  • C. The systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices
  • D. The act of the mortgage lender putting a "red line" under the borrower's name in a file to indicate they are a substandard applicant

Answer: C

Explanation:
Redlining is a discriminatory practice in mortgage lending where certain neighborhoods, often those predominantly inhabited by minority groups, are systematically denied access to mortgages, insurance, or other financial services. Lenders would use literal red lines on maps to designate these areas as high-risk or undesirable, refusing to offer loans or offering them at inflated interest rates.
* Redlining is a violation of fair lending laws such as the Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA). Both of these federal laws prohibit discrimination based on race, color, national origin, religion, sex, family status, or disability in housing and credit transactions.
* This practice has historically contributed to racial segregation and economic inequality in the U.S., as minority groups were systematically excluded from access to homeownership and wealth-building opportunities.
References:
* Home Mortgage Disclosure Act (HMDA)
* Fair Housing Act (FHA)
* Equal Credit Opportunity Act (ECOA)


NEW QUESTION # 33
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

  • A. secondary marketing practices of selling loans to investors.
  • B. compliance management, senior management and branch locations.
  • C. compliance management training and internal controls
  • D. hiring procedures and training.

Answer: C

Explanation:
Consumer complaints and their analysis are critical for identifying weaknesses in a company's compliance management system (CMS) and internal controls. The CFPB (Consumer Financial Protection Bureau) emphasizes that analyzing complaints helps companies spot patterns of non-compliance, risks, or failures in managing regulatory requirements. By reviewing consumer feedback, businesses can identify gaps in their compliance practices, including weaknesses in training programs and internal systems, that may lead to violations of laws like RESPA, TILA, and ECOA.
* Complaints may reveal issues with loan disclosures, error resolution, unfair lending practices, or lack of training in regulatory updates.
* Regular analysis helps reinforce internal controls and improve compliance processes.
References:
* CFPB Compliance Management Review Guidelines
* TILA and RESPA regulations on consumer protection


NEW QUESTION # 34
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