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Reliable NMLS MLO Test Sims | MLO Dumps Vce

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q92-Q97):

NEW QUESTION # 92
Which of the following federal laws requires disclosures intended to prevent lenders or mortgage loan originators (MLOs) from increasing fees during the origination process?

A. Real Estate Settlement Procedures Act (RESPA1)
B. Home Mortgage Disclosure Act (HMDA)
C. Equal Credit Opportunity Act (ECOA)
D. Truth in Lending Act (TILA)

Answer: A

Explanation:
The Real Estate Settlement Procedures Act (RESPA) requires disclosures intended to prevent lenders and mortgage loan originators (MLOs) from increasing fees during the loan origination process. RESPA mandates the disclosure of estimated fees through the Loan Estimate (LE) and ensures that fees do not change substantially from the Loan Estimate to the final Closing Disclosure (CD) unless specific conditions justify the changes. This protects borrowers from "fee increases" during the settlement process.
* While TILA (A) deals with disclosure of loan terms and APR, RESPA (D) focuses specifically on fees and closing costs during origination.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2601
* CFPB RESPA Guidelines on fee tolerances

NEW QUESTION # 93
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A. had an MLO license suspended in any governmental jurisdiction.
B. taken and failed the SAFE MLO National Test three times within the last year.
C. been convicted of a felony within the past seven years.
D. never been licensed or registered as an MLO in any governmental jurisdiction.

Answer: C

Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements

NEW QUESTION # 94
Which of the following scenarios describes an assumable loan?

A. A borrower has an option to take out a second mortgage
B. A loan holder can sell the loan.
C. A purchaser of a property may be able to take over the existing loan payments.
D. A borrower has an option to choose a loan servicer.

Answer: C

Explanation:
An assumable loan is a loan in which a purchaser of a property has the option to take over the existing loan payments under the same terms as the original borrower. This can happen with certain types of loans, such as FHA or VA loans, which allow the buyer to assume the mortgage, potentially at a more favorable interest rate than current market rates.
* Options like taking out a second mortgage (A), choosing a loan servicer (B), or selling the loan (D) do not describe assumable loans.
References:
* FHA Guidelines on Assumable Loans
* VA Loan Assumption Guidelines

NEW QUESTION # 95
Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?

A. Appraisal disclosure
B. Special information booklet
C. Affiliated business arrangement
D. Loan application

Answer: C

Explanation:
When a mortgage loan originator (MLO) is also acting as a real estate broker in the same transaction, an Affiliated Business Arrangement (ABA) Disclosure is required under RESPA. This disclosure ensures that the borrower is made aware of the relationship between the parties involved in the transaction and any potential conflict of interest, especially if the MLO could benefit financially from both roles.
* Loan application (A), appraisal disclosure (B), and the special information booklet (C) are separate required disclosures, but they do not address the issue of affiliated businesses.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB Guidelines on affiliated business arrangements

NEW QUESTION # 96
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer with a loan that has the lowest total amount of fees.
B. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
C. 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.
D. A loan officer presents a consumer with loan options from multiple creditors with various fees.

Answer: B

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 # 97
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