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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q123-Q128):

NEW QUESTION # 123
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

A. Loan Estimate only
B. Closing Disclosure only
C. Uniform Residential Loan Application
D. Both the Loan Estimate and Closing Disclosure

Answer: D

Explanation:
If a mortgage loan includes a prepayment penalty, it must be disclosed on both the Loan Estimate (LE) and the Closing Disclosure (CD). These disclosures, mandated under the TILA-RESPA Integrated Disclosure (TRID) rule, ensure that borrowers are aware of any penalties they may face for paying off the loan early. The prepayment penalty must be clearly stated to comply with TILA (Truth in Lending Act) requirements.
* The Loan Estimate provides an early overview of loan terms, and the Closing Disclosure finalizes those terms.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.38
* CFPB Guidelines on prepayment penalties

NEW QUESTION # 124
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer with loan options from multiple creditors with various 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 with a loan that has the lowest total amount of fees.
D. 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.

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 # 125
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?

A. Take no action as the property was occupied at the time of application
B. Allow the application to be underwritten before raising any concerns
C. Notify the MLO's employer and/or the mortgage lender of the discovery
D. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes

Answer: C

Explanation:
Mortgage loan originators are bound by ethical and legal requirements to disclose any material changes in a loan application that could affect the underwriting decision. Discovering that the property is no longer the borrower's primary residence is a significant change and may affect loan terms, program eligibility, and disclosures. According to the SAFE Act and industry best practices, the MLO must immediately report such information to their employer and/or the lender.
"A mortgage loan originator has a duty to promptly notify the lender of any material change in the application or circumstances of the borrower that could impact loan eligibility or the terms of the loan."
- SAFE MLO National Test Study Guide; NMLS UST Outline
Other options fail to fulfill the MLO's legal and ethical obligations and could be construed as misrepresentation or fraud.
References:
SAFE MLO National Test Study Guide
NMLS Uniform State Content Outline
CFPB, Mortgage Origination Rules

NEW QUESTION # 126
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

A. An individual condominium unit
B. An unimproved lot
C. A timeshare
D. A six-unit apartment complex

Answer: A

Explanation:
Under the Truth in Lending Act (TILA), a dwelling is defined as any residential structure that includes one to four units, such as an individual condominium unit, single-family home, or townhouse. This definition also includes mobile homes or manufactured homes, as long as they are used as residences.
* Unimproved lots (A) are not considered dwellings because they lack a residential structure.
* A six-unit apartment complex (B) exceeds the limit of four units for a dwelling under TILA.
* Timeshares (D) are typically considered non-residential and do not meet the TILA definition of a dwelling.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(19)
* CFPB Guidelines on TILA's definition of a dwelling

NEW QUESTION # 127
A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?

A. 3.50% interest rate with a 1.00% discount point
B. 3.25% interest rate with no points
C. 3.50% interest rate with no points
D. 3.00% interest rate with a 0.50% discount point

Answer: A

Explanation:
A mortgage loan originator must only offer rates and terms that are actually available at the time. If a 3.5% rate is only available with 1 discount point, that is the only option the MLO may lawfully present.
"Originators may only quote and offer the rates, terms, and fees actually available from the creditor."
- Regulation Z, 12 CFR § 1026.25, SAFE MLO National Test Study Guide
References:
SAFE MLO National Test Study Guide
CFPB, Loan Estimate and Closing Disclosure FAQs

NEW QUESTION # 128
......

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