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Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?
A. An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
B. An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
C. A seller providing financing to the purchaser of a dwelling owned by the seller
D. A loan processor performing clerical duties under the direction and supervision of a licensed broker
Answer: C
Explanation:
Under the SAFE Act, individuals who take an application and offer or negotiate terms of a residential mortgage loan for compensation or gain must be licensed as MLOs.
A seller providing financing for the sale of their own property (such as in an owner-finance transaction) is generally required to be licensed as an MLO unless specifically exempted by state or federal law (limited situations, e.g., seller-finance up to 3 properties per year).
Other individuals listed (processors, assistants, underwriters) do not require licensure as long as they are working under the direction and supervision of a licensed MLO and not negotiating loan terms or taking applications.
"Any individual who takes a residential mortgage loan application and offers or negotiates terms for compensation or gain must be licensed as a mortgage loan originator, unless specifically exempted."
- SAFE Act, 12 U.S.C. ¡ì 5102(4)
References:
SAFE Act, 12 U.S.C. ¡ì 5102(4)
NMLS Uniform State Content Outline
NEW QUESTION # 115
A real estate broker overhears her buyer discussing what she believes to be illegal activities while on a phone conversation. The real estate broker notifies the buyer's mortgage loan originator (MLO) that the borrower may be using illegally acquired funds as down payment for this property. The MLO decides to report some suspicious cash deposit transactions found in the borrower's bank records. Under the Patriot Act, the MLO may discuss the filing of this report with which of the following parties, if any?
A. His loan processor
B. All parties involved in the transaction
C. The report Is not permitted to be discussed with any parties involved in the transaction.
D. The buyer's agent
Answer: C
Explanation:
Under the USA Patriot Act, if a Suspicious Activity Report (SAR) is filed due to potential illegal activities, the MLO (Mortgage Loan Originator) is prohibited from discussing the filing of the SAR with any parties involved in the transaction, including the buyer's agent, loan processor, or any other party. This prohibition ensures that the investigation is not compromised and that the confidentiality of the report is maintained.
* Discussing the SAR with any party is considered a violation of anti-money laundering (AML) rules.
References:
* USA Patriot Act, Anti-Money Laundering Provisions
* FinCEN Guidelines on SAR Confidentiality
NEW QUESTION # 116
For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?
A. Homeowners association dues
B. Mortgage insurance premium
C. Down payment
D. Hazard insurance premium
Answer: B
Explanation:
For FHA loans, borrowers are required to pay a Mortgage Insurance Premium (MIP). This insurance protects the lender in case of default or foreclosure. FHA loans are backed by the Federal Housing Administration, and MIP is mandatory for borrowers due to the lower down payment requirements and increased risk to lenders.
* Mortgage Insurance Premium (MIP): FHA loans require an upfront MIP at closing (usually 1.75% of the loan amount) and annual MIP, which is divided into monthly installments and added to the mortgage payment.
* The MIP protects lenders by providing insurance coverage in the event the borrower defaults, reducing the lender's loss.
Other options:
* Down payment (A) is required but does not protect the lender.
* Hazard insurance premium (B) protects the property, not the lender in foreclosure.
* Homeowners association dues (D) are unrelated to lender protection.
References:
* FHA Single-Family Housing Policy Handbook
* U.S. Department of Housing and Urban Development (HUD) guidelines
NEW QUESTION # 117
When does the Loan Estimate expire?
A. After the 10th business day
B. After the 7th business day
C. After the 3rd business day
D. After the 5th business day
Answer: A
Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, the Loan Estimate (LE) expires after 10 business days from the date it was provided, unless the borrower indicates an intent to proceed with the loan.
If the borrower does not confirm their intent within 10 business days, the terms and costs in the Loan Estimate are no longer valid, and the lender may issue a new estimate with updated terms.
References:
* TRID Rule - Loan Estimate Expiration
* 12 CFR Part 1026 (Regulation Z)
NEW QUESTION # 118
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?
A. USDA Rural Development
B. Construction
C. Refinance
D. Reverse mortgage
Answer: C
Explanation:
The Home Ownership and Equity Protection Act (HOEPA) applies to certain types of high-cost loans, particularly refinance and home equity loans, that meet specific APR and fee thresholds. HOEPA was enacted to protect consumers from predatory lending practices in loans that carry excessive fees, high interest rates, or abusive terms.
* HOEPA mainly covers:
* Refinance loans
* Home equity loans
* Closed-end home equity loans
* Certain purchase-money mortgages under specific conditions
Loans like construction loans (B), reverse mortgages (C), and USDA Rural Development loans (D) are generally excluded from HOEPA coverage.
References:
* Home Ownership and Equity Protection Act (HOEPA), 15 U.S.C. ¡ì 1639
* CFPB HOEPA Guidelines
NEW QUESTION # 119
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