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[General] 2026 MLO–100% Free Practice Exam Fee | High-quality New MLO Exam Papers

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【General】 2026 MLO–100% Free Practice Exam Fee | High-quality New MLO Exam Papers

Posted at yesterday 09:23      View：4 | Replies：1        Print      Only Author   [Copy Link] 1#
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q18-Q23):NEW QUESTION # 18
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?
  • A. Notary
  • B. Credit report
  • C. Title Insurance
  • D. Interest
Answer: D
Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
Truth in Lending Act (TILA), 12 CFR §1026.4
CFPB Regulation Z Guidelines

NEW QUESTION # 19
A loan that is meant to be offered to prospective borrowers with poor credit history is generally referred to by which of the following terms?
  • A. Interest-only
  • B. Balloon
  • C. Fixed-rate
  • D. Subprime
Answer: D
Explanation:
A subprime loan is a type of loan offered to borrowers with low credit scores or other risk factors. These loans typically have higher interest rates to compensate for increased risk.
"Subprime loans are made to borrowers who have poor or limited credit histories and pose a higher risk of default."
- SAFE MLO National Test Study Guide
References:
CFPB, Subprime Mortgage Definition

NEW QUESTION # 20
Which of the following characteristics is unique to a home equity line of credit (HELOC)?
  • A. A borrower is permitted to make interest-only payments for the term of the loan.
  • B. A borrower is permitted to receive additional advances.
  • C. A borrower is permitted to borrow more than the property is worth.
  • D. A borrower is permitted to sell the property without paying off the loan.
Answer: B
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 # 21
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?
  • A. Notary
  • B. Credit report
  • C. Title Insurance
  • D. Interest
Answer: D
Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Regulation Z Guidelines

NEW QUESTION # 22
The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:
  • A. adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
  • B. implement a written program to detect warning signs of identity theft.
  • C. adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
  • D. implement an internal watch system to prevent the misrepresentation of occupancy status
Answer: B
Explanation:
The Red Flags Rule, under the Fair and Accurate Credit Transactions Act (FACTA), requires lenders and other financial institutions to develop and implement a written Identity Theft Prevention Program. This program must detect, prevent, and mitigate identity theft by identifying "red flags" that signal potential fraud, such as:
* Unusual account activity
* Inconsistent or mismatched identification information
* Suspicious patterns in credit applications
Lenders are required to take steps to verify identities, monitor transactions, and respond to signs of identity theft to protect consumers and minimize fraud risk.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* Red Flags Rule under 16 CFR 681.2

NEW QUESTION # 23
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Posted at yesterday 11:58        Only Author  2#
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