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NMLS Certification
MLO Exam
NMLS.MLO.v2025-09-30.q84 Dumps

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Question 41

A consumer with HIV/AIDS is protected from lending discrimination by the:

A.Dodd-Frank
B.Equality Act
C.Fair Housing Act
D.Employment Non-Discrimination Act

Correct Answer: C

The Fair Housing Act prohibits discrimination in housing based on disability. Federal courts and HUD have consistently ruled that HIV/AIDS qualifies as a disability under the Act.
"The Fair Housing Act prohibits discrimination in housing based on disability, including HIV/AIDS."
- U.S. Department of Justice; HUD Fair Housing Act Overview
References:
HUD, Housing Discrimination and Persons with HIV/AIDS
DOJ, The Fair Housing Act

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Question 42

Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

A.Every day from 9 a.m. to 5 p.m.
B.Every day except Sunday and legal holidays
C.Any days except Saturdays and Sundays
D.Any days that employees may access the office to work

Correct Answer: B

Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights

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Question 43

Which of the following responses describes the primary reason to conduct a title search?

A.To confirm the identity of the applicant
B.To determine the amount of homeowner's insurance required
C.To identify any preexisting liens against the collateral property
D.To determine whether a buyer can purchase the collateral property

Correct Answer: C

A title search is performed during the mortgage process to uncover any preexisting claims, liens, judgments, or encumbrances on the property. This ensures that the lender and buyer are aware of any legal interests other parties may have and helps establish clear ownership.
"A title search is a review of public records to determine and confirm a property's legal ownership, and to find out what claims or liens are on the property."
- CFPB, Buying a House: Settlement Process Overview
Confirming applicant identity, insurance, or purchase ability are not the primary purposes of a title search.
References:
CFPB, What is a title search?

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Question 44

Redlining in mortgage lending refers to which of the following practices?

A.Highlighting areas of concern on an appraisal report
B.Highlighting areas of concern on a mortgage application
C.Denying services to residents in states that a company is not licensed in
D.Denying services to residents of a certain area based on race or ethnicity

Correct Answer: D

Redlining is an illegal discriminatory practice where lenders refuse to offer credit or offer less favorable terms to residents of certain neighborhoods, often based on race, ethnicity, or national origin.
"Redlining is an illegal practice in which lenders refuse to make loans or provide other services to people in certain neighborhoods based on their race or ethnicity."
- CFPB, Fair Lending Glossary; Equal Credit Opportunity Act (ECOA)
References:
CFPB, What is redlining?
SAFE MLO National Test Study Guide

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Question 45

Which of the following facets of a loan could be considered predatory lending or steering?

A.Cash-out
B.Fixed interest rate
C.Prepayment penalty
D.Lowered interest rate

Correct Answer: C

Prepayment penalties can be used as a tool for predatory lending or steering, especially if borrowers are not made aware of them or if such penalties are used to discourage refinancing or early payoff, which may not be in the borrower's best interest.
"Certain loan terms such as prepayment penalties... may be considered predatory when they are not adequately disclosed or when used to lock borrowers into unfavorable loans."
- CFPB, Protecting Consumers from Predatory Lending Practices
Cash-out and lowered interest rates are not inherently predatory, and a fixed interest rate is generally a consumer-friendly feature.
References:
CFPB, Predatory Lending
SAFE MLO National Test Study Guide

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