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100% Pass NMLS - Trustable MLO - Mortgage Loan Origination (SAFE MLO) Exam Mock Test

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q64-Q69):

NEW QUESTION # 64
Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

A. 30-year conventional mortgage lending standards
B. Credit score modeling standards
C. Mortgage loan loss mitigation standards
D. Nontraditional mortgage lending standards

Answer: D

Explanation:
Under the SAFE Act, mortgage loan originators (MLOs) must complete 8 hours of continuing education (CE) each year to maintain their licenses. The required CE topics include:
* 3 hours of federal law and regulations.
* 2 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending.
* 2 hours on nontraditional mortgage lending standards, which refers to loan products that do not have fixed interest rates, such as adjustable-rate mortgages (ARMs) and other alternative loan types.
* 1 elective hour, which can vary based on state or company preferences.
The focus on nontraditional mortgage lending helps ensure MLOs understand the complexities and risks of nonstandard loan products.
References:
* SAFE Act Continuing Education Requirements
* NMLS Annual Renewal Guidelines

NEW QUESTION # 65
Which of the following responses describes the main purpose of the secondary market?

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

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 # 66
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

A. Referral fee
B. Yield-to-loan fee
C. Origination charge
D. Servicing fee

Answer: C

Explanation:
An origination charge is an allowable closing cost typically found on the Closing Disclosure (CD). This fee is charged by the lender for processing the mortgage application and creating the loan. It may include administrative fees, underwriting fees, and other costs related to loan origination.
* Referral fees (B) are illegal under RESPA.
* Servicing fees (C) are not typically listed as closing costs but are part of ongoing loan maintenance.
* Yield-to-loan fees (D) are not a standard item on a Closing Disclosure.
References:
* TILA-RESPA Integrated Disclosure (TRID) Rule
* RESPA (Real Estate Settlement Procedures Act) Section 8

NEW QUESTION # 67
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
B. A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
C. A loan officer presents a consumer with loan options from multiple creditors with various fees.
D. A loan officer presents a consumer with a loan that has the lowest total amount of fees.

Answer: A

Explanation:
Steering occurs when a loan officer influences or directs a borrower towards a specific loan product or lender based on the compensation the loan officer will receive, rather than the borrower's best interests. In Option C
, the loan officer is steering the borrower to a loan from a particular lender to earn higher compensation, which is prohibited under the Dodd-Frank Act and TILA's Loan Originator Compensation Rule.
Other options:
* Option A describes offering a loan with higher fees, but it does not indicate that compensation is the motive, so it is not a clear example of steering.
* Option B and Option D describe fair loan presentation practices.
References:
* Dodd-Frank Act, Loan Originator Compensation Rule
* Truth in Lending Act (TILA), 12 CFR Part 1026

NEW QUESTION # 68
Which of the following facets of a loan could be considered predatory lending or steering?

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

Answer: D

Explanation:
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

NEW QUESTION # 69
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Efficient MLO Mock Test, Ensure to pass the MLO Exam

100% Pass NMLS - Trustable MLO - Mortgage Loan Origination (SAFE MLO) Exam Mock Test

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q64-Q69):

HOT MLO Mock Test: Mortgage Loan Origination (SAFE MLO) Exam - Valid NMLS MLO Reliable Test Sample

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