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[General] NMLS MLO 100% Accuracy & MLO Exam Topics Pdf

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【General】 NMLS MLO 100% Accuracy & MLO Exam Topics Pdf

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q115-Q120):NEW QUESTION # 115
A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?
  • A. Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
  • B. [Consider the issue to be a private family matter and proceed with the next steps in the application process
  • C. Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
  • D. Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
Answer: A
Explanation:
When an MLO suspects that a borrower, such as the mother in this case, may be under duress or being coerced into a transaction, they have a duty to ensure that all parties are willingly participating. The ethical approach would be to ask to speak privately with the mother to verify her intentions and comfort level with the transaction. This ensures that the loan is compliant with consumer protection laws such as the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), which protect against unfair lending practices.
* Ignoring the situation (Option B) could lead to participation in a coerced or fraudulent transaction.
* Suggesting that the son be a co-borrower (Option C) or signing a power of attorney (Option D) are inappropriate if the mother is unwilling to proceed.
Verifying her willingness safeguards the integrity of the loan process and ensures compliance with fair lending practices.
References:
* Truth in Lending Act (TILA)
* Equal Credit Opportunity Act (ECOA)
* CFPB guidelines on elder financial abuse

NEW QUESTION # 116
Which of the following actions by a mortgage loan originator is prohibited regarding credit secured by a dwelling?
  • A. Receiving compensation from both the borrower and the lender
  • B. Providing a copy of the credit application to the primary borrower
  • C. Presenting program options that best qualify and satisfy the consumer
  • D. Providing disclosures within three days of an application
Answer: A
Explanation:
Mortgage loan originators (MLOs) are subject to strict rules regarding compensation to prevent conflicts of interest and protect consumers. According to the Truth in Lending Act (TILA) Regulation Z, Loan Originator Compensation Rule (12 CFR § 1026.36(d)), an MLO may not receive compensation from both the borrower and any other person (such as a creditor or lender) in a single transaction. This is often referred to as the "anti- dual compensation rule" and is designed to prevent situations where an MLO could be incentivized to steer consumers into less favorable loans for higher pay.
"A loan originator may not receive compensation directly or indirectly from both the consumer and another person in connection with the same transaction."
- 12 CFR § 1026.36(d)(2), Regulation Z, Truth in Lending Act
Other options are not prohibited and are actually required or encouraged by law:
B: Presenting best program options is part of an MLO's fiduciary and ethical duties.
C: Providing required disclosures (e.g., Loan Estimate) within three business days of application is required under TILA/RESPA Integrated Disclosure (TRID) rules.
D: Providing a copy of the credit application is permissible and often requested.
References:
CFPB, "Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z)" SAFE MLO National Test Study Guide
12 CFR § 1026.36(d) Regulation Z

NEW QUESTION # 117
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. The addition of an escrow account
  • C. If a revision is needed to the consumer's contact Information
  • 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 # 118
Which of the following scenarios describes an assumable loan?
  • A. A borrower has an option to take out a second mortgage
  • B. A loan holder can sell the loan.
  • C. A purchaser of a property may be able to take over the existing loan payments.
  • D. A borrower has an option to choose a loan servicer.
Answer: C
Explanation:
An assumable loan is a loan in which a purchaser of a property has the option to take over the existing loan payments under the same terms as the original borrower. This can happen with certain types of loans, such as FHA or VA loans, which allow the buyer to assume the mortgage, potentially at a more favorable interest rate than current market rates.
* Options like taking out a second mortgage (A), choosing a loan servicer (B), or selling the loan (D) do not describe assumable loans.
References:
* FHA Guidelines on Assumable Loans
* VA Loan Assumption Guidelines

NEW QUESTION # 119
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. Subprime
  • D. Fixed-rate
Answer: C
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 # 120
......
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