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[General] Practice MLO Exam Fee, Questions MLO Exam

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【General】 Practice MLO Exam Fee, Questions MLO Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q76-Q81):NEW QUESTION # 76
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?
  • A. A payment to a real estate agent for loan referral activities
  • B. A payment to its own employees for lender referral activities
  • C. A payment to an attorney for services actually rendered
  • D. A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan
Answer: A
Explanation:
Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits any payment, kickback, or unearned fee in exchange for loan referrals. This includes payments to real estate agents or other third parties for referring business to lenders or mortgage brokers. Such payments are illegal because they could inflate the cost of settlement services and are not tied to any actual services rendered.
* Payments for actual services (A, D), such as payments to attorneys or contractors for legitimate work, are allowed under RESPA, but paying for loan referrals (B) is strictly prohibited.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidance

NEW QUESTION # 77
When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?
  • A. The addition of a prepayment penalty
  • B. If a revision is needed to the consumer's contact Information
  • C. The addition of an escrow account
  • D. If the APR changes within the acceptable tolerance
Answer: A
Explanation:
A corrected Closing Disclosure (CD) requires a new three-day waiting period before consummation if the following major changes occur:
* The APR changes beyond the allowable tolerance (which is not the scenario here; hence, Option C is incorrect).
* The loan product changes (e.g., switching from a fixed-rate to an adjustable-rate mortgage).
* A prepayment penalty is added, which is the correct answer in this case. A prepayment penalty can significantly impact the borrower's ability to repay the loan early without incurring additional costs, which is why this triggers a new waiting period.
* Changes like the addition of an escrow account (A) or revisions to contact information (D) do not typically require the three-day waiting period, as they do not materially alter the terms of the loan in a way that would affect the borrower's decision to proceed.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* 12 CFR Part 1026 (Regulation Z)

NEW QUESTION # 78
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?
  • A. Servicing fee
  • B. Origination charge
  • C. Yield-to-loan fee
  • D. Referral fee
Answer: B
Explanation:
An origination charge is an allowable closing cost typically found on the Closing Disclosure (CD). This fee is charged by the lender for processing the mortgage application and creating the loan. It may include administrative fees, underwriting fees, and other costs related to loan origination.
* Referral fees (B) are illegal under RESPA.
* Servicing fees (C) are not typically listed as closing costs but are part of ongoing loan maintenance.
* Yield-to-loan fees (D) are not a standard item on a Closing Disclosure.
References:
* TILA-RESPA Integrated Disclosure (TRID) Rule
* RESPA (Real Estate Settlement Procedures Act) Section 8

NEW QUESTION # 79
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?
  • A. Adverse action
  • B. Denial of credit
  • C. Credit closure
  • D. Account closure
Answer: A
Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term adverse action is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account
/application. This can include:
* Denying a credit application.
* Offering credit on terms different from those requested.
* Closing an existing credit account.
Lenders must provide a formal notice of adverse action, explaining the reasons for the denial or change in terms, to comply with ECOA's requirements for transparency and fairness.
Other options:
* Account closure (B) and credit closure (C) are not specific ECOA terms.
* Denial of credit (D) is a form of adverse action but does not cover all situations like a change in loan terms.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691(d)
* Regulation B (12 CFR Part 1002)

NEW QUESTION # 80
Which of the following responses describes the primary reason to conduct a title search?
  • A. To confirm the identity of the applicant
  • B. To determine whether a buyer can purchase the collateral property
  • C. To determine the amount of homeowner's insurance required
  • D. To identify any preexisting liens against the collateral property
Answer: D
Explanation:
A title search is performed during the mortgage process to uncover any preexisting claims, liens, judgments, or encumbrances on the property. This ensures that the lender and buyer are aware of any legal interests other parties may have and helps establish clear ownership.
"A title search is a review of public records to determine and confirm a property's legal ownership, and to find out what claims or liens are on the property."
- CFPB, Buying a House: Settlement Process Overview
Confirming applicant identity, insurance, or purchase ability are not the primary purposes of a title search.
References:
CFPB, What is a title search?

NEW QUESTION # 81
......
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