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[General] Free PDF Quiz NMLS - MLO - Perfect Mortgage Loan Origination (SAFE MLO) Exam Exa

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【General】 Free PDF Quiz NMLS - MLO - Perfect Mortgage Loan Origination (SAFE MLO) Exam Exa

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q186-Q191):NEW QUESTION # 186
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?
  • A. Payment amount during the fixed introductory period
  • B. Fully indexed rate of the loan
  • C. An average of the varying payment amounts over the life of the loan
  • D. The total amount of the payments
Answer: B
Explanation:
Under the Truth in Lending Act (TILA), for adjustable-rate mortgages (ARMs) like a 5/1 ARM, the MLO must calculate the borrower's monthly payment amount based on the fully indexed rate, not the introductory rate. The fully indexed rate is the sum of the index and the margin at the time of origination, reflecting the potential payment increases after the introductory period ends.
* This requirement ensures borrowers understand what their payments could be after the rate adjusts, helping them evaluate the true affordability of the loan.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB ARM Guidelines

NEW QUESTION # 187
Which of the following items is a liquid asset?
  • A. An automobile owned free and clear
  • B. Antique jewelry
  • C. Net worth of a business
  • D. Publicly traded stocks
Answer: D
Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards

NEW QUESTION # 188
Which of the following responses describes the required amount of flood insurance coverage?
  • A. The outstanding principal balance of the loan
  • B. The minimum amount of National Flood Insurance Program coverage available
  • C. The property value on file with the county property valuation administrator office
  • D. The original appraised value of the home
Answer: A
Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is $250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Guidelines

NEW QUESTION # 189
What are the maximum basis points added to the average prime offer rate (APOR) that keep a loan's APR as a qualified mortgage under the Consumer Financial Protection Bureau's (CFPB's) Safe Harbor Rule?
  • A. 300 basis points
  • B. 150 basis points
  • C. 100 basis points
  • D. 85 basis points
Answer: C
Explanation:
A loan is a Qualified Mortgage (QM) with "safe harbor" legal protection if its APR does not exceed the average prime offer rate (APOR) by more than 100 basis points (1%) for a first-lien transaction.
"A covered transaction is a safe harbor QM if the APR does not exceed the APOR for a comparable transaction by 1.5 or more percentage points for first-lien transactions, or 3.5 percentage points for subordinate-lien transactions. For purposes of safe harbor protection, the threshold is 1 percentage point (100 basis points) above APOR."
- 12 CFR § 1026.43(e); CFPB QM/ATR Rule Summary
References:
CFPB, Qualified Mortgage and Ability-to-Repay Rule
SAFE MLO National Test Study Guide

NEW QUESTION # 190
Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?
  • A. NMLS
  • B. The Federal Trade Commission
  • C. The Conference of State Bank Supervisors
  • D. A state regulator
Answer: D
Explanation:
For state-licensed, non-depository lenders, the primary regulatory authority is the state regulator in the jurisdiction where the lender operates. Each state has its own agency or department responsible for overseeing licensing, compliance, and enforcement of mortgage laws for non-depository institutions.
* The NMLS (A) is the system used to manage licenses but is not a regulatory authority.
* The Federal Trade Commission (B) oversees federal consumer protection laws but is not the primary regulator for state-licensed lenders.
* The Conference of State Bank Supervisors (CSBS) (D) helps coordinate state regulation but does not directly regulate individual lenders.
References:
SAFE Act, 12 USC §5101
NMLS and State Regulator Guidelines

NEW QUESTION # 191
......
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