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[General] Free PDF Quiz 2026 MLO: Perfect Mortgage Loan Origination (SAFE MLO) Exam Reliab

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【General】 Free PDF Quiz 2026 MLO: Perfect Mortgage Loan Origination (SAFE MLO) Exam Reliab

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q100-Q105):NEW QUESTION # 100
What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?
  • A. $250,000 for residential property structures
  • B. $350,000 for residential property structures
  • C. $150,000 for residential property structures
  • D. $50,000 for residential property structures
Answer: A
Explanation:
The minimum amount of flood insurance required by lenders for a residential building located in a Special Flood Hazard Area (SFHA) is the lesser of:
* 100% of the replacement cost of the structure, or
* The maximum available under the National Flood Insurance Program (NFIP), which is $250,000 for residential property structures.
This requirement ensures that the property is adequately covered in case of flood damage.
References:
* National Flood Insurance Program (NFIP) Guidelines
* Flood Disaster Protection Act (FDPA)

NEW QUESTION # 101
Which of the following property value approaches does an appraiser use on a rental property?
  • A. Annual approach
  • B. Sales comparison approach
  • C. Cost approach
    B Income approach
Answer: A
Explanation:
For rental properties, an appraiser will typically use the Income Approach to estimate the property's value.
This method is based on the income-generating potential of the property, which is most relevant for investment properties, including rentals.
* The Income Approach assesses the property's ability to generate future cash flow by evaluating the income that can be derived from renting it. The formula often involves determining the net operating income (NOI) and applying a capitalization rate (cap rate) to estimate value.
* This method is most appropriate for rental properties because their value is inherently tied to their profitability.
Other methods:
* Cost approach: More suited for unique properties or new construction.
* Sales comparison approach: Often used for owner-occupied properties, comparing recent sales of similar properties.
References:
* Uniform Standards of Professional Appraisal Practice (USPAP)
* Fannie Mae's Appraisal Guidelines for Rental Properties

NEW QUESTION # 102
Loan applications must include all of the following information with respect to mortgage loan originators (MLOs) except the:
  • A. Employer's NMLS unique identifier.
  • B. Return fax number.
  • C. MLO's NMLS unique identifier.
  • D. MLO's name.
Answer: B
Explanation:
Regulation Z (TILA) requires that a loan application and all related disclosures identify the mortgage loan originator's name, NMLS unique identifier, and the employer's (company) NMLS unique identifier. There is no regulatory requirement for a return fax number to be included on the loan application.
"For any loan application, the creditor must ensure that the loan originator's name and Nationwide Mortgage Licensing System and Registry (NMLS) unique identifier, and the name and NMLS unique identifier of the loan originator's employer are included on the loan application, the note, and the security instrument."
- 12 CFR § 1026.36(g)(1), Regulation Z, TILA
A return fax number is not required by federal mortgage regulations.
References:
CFPB, Loan Originator Identifier Requirements
SAFE MLO National Test Study Guide

NEW QUESTION # 103
Which of the following characteristics is unique to a home equity line of credit (HELOC)?
  • A. A borrower is permitted to sell the property without paying off the loan.
  • B. A borrower is permitted to borrow more than the property is worth.
  • C. A borrower is permitted to receive additional advances.
  • D. A borrower is permitted to make interest-only payments for the term of the loan.
Answer: C
Explanation:
A home equity line of credit (HELOC) is a revolving form of credit secured by the equity in the borrower's home. What is unique about a HELOC, compared to traditional closed-end loans, is that the borrower can take multiple draws or advances up to the credit limit during the draw period.
"A HELOC is a line of credit extended to a homeowner that uses the borrower's home as collateral. The distinguishing feature of a HELOC is that the borrower may take additional advances at his or her discretion, up to the approved credit limit, during the draw period."
- SAFE MLO National Test Study Guide
Other answers:
Interest-only payments can occur in some loan types but are not unique to HELOCs.
Borrowing more than the property is worth (being "underwater") is not allowed.
Selling the property without paying off the loan is not permitted; the HELOC must be satisfied at sale.
References:
CFPB, What is a HELOC?
SAFE MLO National Test Study Guide

NEW QUESTION # 104
A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?
  • A. Recommend that the borrower attend homeownership counseling
  • B. Tell the borrower not to say anything at closing
  • C. Nothing, as the loan has already been approved
  • D. Notify the underwriter regarding possible change of borrower's employment status
Answer: D
Explanation:
If the mortgage loan originator (MLO) becomes aware of a potential change in the borrower's employment status, such as the company closing and the borrower being laid off, the MLO must notify the underwriter.
The borrower's ability to repay the loan could be impacted by the job loss, and failing to update the underwriter would be a violation of proper lending practices.
* Ignoring the information or withholding it (Options A and B) could lead to loan default and is unethical.
* Homeownership counseling (C) is beneficial but not relevant to the immediate concern of loan approval and repayment ability.
References:
* TILA and Ability-to-Repay Rule (ATR)
* Fannie Mae Guidelines for employment verification

NEW QUESTION # 105
......
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