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NMLS SAFE TEST EXAM 2 VERSIONS (VERSION A AND B) AND PRACTICE EXAM QUESTIONS ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$19.99
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NMLS SAFE TEST EXAM 2 VERSIONS (VERSION A AND B) AND PRACTICE EXAM QUESTIONS ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
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Course
NMLS SAFE 2024
Institution
NMLS SAFE 2024
NMLS SAFE TEST EXAM 2 VERSIONS
(VERSION A AND B) AND PRACTICE
EXAM QUESTIONS ACTUAL EXAM
COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
NMLS SAFE TEST EXAM 2 VERSIONS
(VERSION A AND B) AND PRACTICE
EXAM QUESTIONS ACTUAL EXAM
COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
VERSION A
A young couple is applying for a loan for a new home
purchase. A portion of their down payment is a loan
from a Grandparent for $25,000. The money was
already given to them and placed in their account
three months prior to the loan application. The loan
payments won't start for one year, how should the
$25,000 be reported on the mortgage application?
A. Asset
B. A Liability
C. Gift of funds
D. Not reported at all - ....ANSWER...B). A Liability
,What action should an MLO take if during a refinance
involving a mother and son the MLO gets the feeling
the mother is hesitant about the refinance?
a.) Ignore the situation as it may be a family matter
b.) Pull the mother aside to discuss
c.) Refer the transaction to the AML department
d.) Pull the son aside to discuss - ....ANSWER...A.)
Ignore the situation as it may be a family matter
MLO went on a vacation and had her LOA meet with
her client. When the MLO came back it was found
that the LOA was signing documents as the MLO,
turns out this practice was happening often and with
MLO's permission. What should be done?
a.Terminate the LO
b.)Terminate LOA
c.)Report to authorities
d.)Terminate both - ....ANSWER...D.)Terminate both
A borrower applies for a loan and while in process
notifies the MLO they have just financed the
purchase of a car for their daughter who plans to
make the payments. The payments do not show on
,the borrower's current credit report. What action
should the MLO take?
a. Don't report the information since it is not on
credit
b. Advise the UW and let them handle it
c. Ask the borrower to obtain a statement of terms
d. Turn the loan down - ....ANSWER...C.) Ask the
borrower to obtain a statement of terms
2 types of fraud: - ....ANSWER...Fraud for profit -
think insider
Fraud for housing - think consumer
Which of the following could be an indication of
possible fraud on an application for an owner
occupied purchase transaction?
a. The applicants currently live with their parents
b. The applicants currently own & live in a property
in the same neighborhood as the property for the
loan
c. The property is out of state
d. There are 4 applicants on the application -
....ANSWER...B.) The applicants currently own & live
, in a property in the same neighborhood as the
property for the loan
Usually involves an appraiser and a group of people
who buy and resell to each other at
inflated prices and ultimately to another person. -
....ANSWER...Property Flipping
A loan on a fictitious home that does not exist on the
land - ....ANSWER...Air Loan
Which is not an example of fraud?
a. shot gunning
b. straw buyer
c- stated loans
d- silent seconds - ....ANSWER...C.) Stated Loans
A borrower who is employed as a waiter applied for
a mortgage loan. He told the MLO that he did not
report all his tip income on his tax return. What step
should the MLO take ?
a.) Contact the employer to verify the tip income
b.) Tell the borrower to re-do his taxes correctly
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