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2026 Latest MLO Latest Test Simulator | 100% Free Customized MLO Lab SimulationAt PDFTorrent, we are committed to providing our clients with the actual and latest NMLS MLO exam questions. Our real MLO exam questions in three formats are designed to save time and help you clear the MLO Certification Exam in a short time. Preparing with PDFTorrent's updated MLO exam questions is a great way to complete preparation in a short time and pass the MLO test in one sitting. NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q138-Q143):NEW QUESTION # 138
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?
A. Whether the applicant seems likely to have children
B. Whether the applicant's age makes them ineligible for credit-related insurance
C. Whether the applicant has a phone number listing in their name
D. Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made
Answer: D
Explanation:
Lenders may consider whether alimony, child support, or separate maintenance payments are likely to be consistently made, as this affects the borrower's ability to repay. Consideration of family status, phone listings, or age (except as required for legal capacity) is prohibited by the Equal Credit Opportunity Act (ECOA).
"A creditor must consider alimony, child support, or separate maintenance income to the extent that it is likely to be consistently received."
- 12 CFR ¡ì 1002.6(b)(5), Regulation B (ECOA)
References:
CFPB, Considering Alimony and Child Support
SAFE MLO National Test Study Guide
NEW QUESTION # 139
Which of the following information is required to be included on Uniform Residential Loan Application?
A. Proof of homeownership counseling
B. Homeowners insurance provider
C. Assets and liabilities
D. Appraiser name and address
Answer: C
Explanation:
The Uniform Residential Loan Application (URLA, Form 1003) requires a comprehensive listing of the applicant's assets and liabilities. This helps the lender determine the applicant's net worth and capacity to repay the loan.
"The application must contain a complete and accurate accounting of all borrower assets and liabilities."
- Fannie Mae Form 1003, Uniform Residential Loan Application Instructions References:
Fannie Mae, Form 1003 Instructions
NEW QUESTION # 140
The SAFE Act defines a nontraditional mortgage as all of the following except:
A. 15-year mortgage with an interest rate of 10%.
B. An interest-only mortgage.
C. A payment option ARM with a down payment of 5%.
D. A 30-year fixed rate mortgage with a 25% down payment.
Answer: D
Explanation:
The SAFE Act defines a "nontraditional mortgage" as any loan product other than a 30-year fixed-rate mortgage. Nontraditional loans include adjustable-rate mortgages (ARMs), interest-only loans, payment option ARMs, and other products with features outside the standard fixed-rate structure.
"Nontraditional mortgage product means any mortgage product other than a thirty-year fixed-rate mortgage."
- SAFE Act, 12 USC ¡ì 5102(7); NMLS UST Outline
Thus, the 30-year fixed-rate mortgage with a 25% down payment is not nontraditional; all the other examples are.
References:
SAFE Act, 12 USC ¡ì 5102(7)
SAFE MLO National Test Study Guide
NEW QUESTION # 141
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:
A. high school diploma.
B. originator counseling certificate.
C. unique identifier
D. compliance plan.
Answer: C
Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all mortgage loan originators (MLOs) to obtain a unique identifier through the Nationwide Multistate Licensing System (NMLS) before engaging in the business of residential mortgage loan origination. This identifier is used to track MLOs across state lines and ensure accountability and transparency in the mortgage industry.
* A compliance plan (B) or other qualifications like a high school diploma (C) or counseling certificate (D) are not specific SAFE Act requirements for engaging in mortgage origination.
References:
* SAFE Act, 12 USC ¡ì5101
* NMLS Licensing Requirements
NEW QUESTION # 142
Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?
A. Personal unsecured loans
B. Foreign assets located outside of the U.S. or its territories
C. Community second funds
D. Virtual currency funds
Answer: C
Explanation:
Community second funds are an acceptable source of funds for down payments, closing costs, or financial reserves. These are subordinate loans provided by housing finance agencies, nonprofits, or government entities to help borrowers meet the required down payment or closing costs. These funds are often offered to low-to-moderate income borrowers or first-time homebuyers as part of affordable housing programs.
* Virtual currency (A), such as Bitcoin, is not an acceptable source due to its volatility and challenges in verifying its stability.
* Personal unsecured loans (C) are generally not allowed, as they increase the borrower's debt and reduce their financial stability.
* Foreign assets outside of the U.S. (D) are not typically acceptable unless they can be easily liquidated and transferred to the U.S.
References:
* Fannie Mae Selling Guide on acceptable sources of funds
* Freddie Mac Guidelines for down payment and closing costs
NEW QUESTION # 143
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