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[General] NMLS MLO Exam | MLO Cost Effective Dumps - Fast Download of MLO Certification Ex

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【General】 NMLS MLO Exam | MLO Cost Effective Dumps - Fast Download of MLO Certification Ex

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q216-Q221):NEW QUESTION # 216
An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO's future business. This illegal practice is known as:
  • A. paying it forward.
  • B. redlining.
  • C. fee splitting.
  • D. blockbusting.
Answer: C
Explanation:
Fee splitting is the illegal practice where a mortgage loan originator (MLO) and another party, such as an appraiser, share fees in exchange for referrals or future business. This is prohibited under the Real Estate Settlement Procedures Act (RESPA), which bans kickbacks, referral fees, and unearned fees between settlement service providers.
In this case, the appraiser offering to give the MLO half of her appraisal fees in exchange for future business is a clear violation of RESPA's anti-kickback provisions. Fee splitting can lead to inflated costs for consumers and undermines the integrity of the mortgage process.
Other options:
* Redlining (A) refers to discriminatory lending practices based on geography.
* Blockbusting (C) refers to discriminatory real estate practices.
* Paying it forward (D) is not a term in the context of mortgage lending.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA guidelines

NEW QUESTION # 217
During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:
  • A. tell the borrower to close the loan.
  • B. close the loan, then re-disclose after the loan funds.
  • C. postpone the closing, re-disclose and wait three days.
  • D. postpone the closing, re-disclose and wait three business days.
Answer: D
Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rules, any significant change to the Annual Percentage Rate (APR) beyond the allowed tolerance before closing requires the lender to provide a revised Closing Disclosure (CD). If the APR increases by more than 0.125% for fixed-rate loans, the lender must re- disclose the CD and provide the borrower with at least three business days to review the updated terms before consummation (closing).
* In this case, the interest rate increase from 3.250% to 3.875% is a significant change that impacts the APR, triggering the need for re-disclosure and the mandatory three-business-day waiting period.
* The lender must postpone the closing until the new three-day waiting period passes to ensure compliance with TRID regulations.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB TRID Guidelines

NEW QUESTION # 218
Which of the following is an origination fee?
  • A. Prepaid Interest fee
  • B. Title insurance fee
  • C. Underwriting fee
  • D. Appraisal fee
Answer: C
Explanation:
An underwriting fee is considered an origination fee because it is a charge for the lender's services in processing and evaluating the mortgage application. Origination fees include any fees associated with creating and underwriting the loan.
* Appraisal fees (A), title insurance fees (C), and prepaid interest fees (D) are not considered origination fees; they are separate charges related to third-party services or pre-paid interest.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Mortgage Origination Fee Guidelines

NEW QUESTION # 219
Which of the following fees is a finance charge?
  • A. A notary fee
  • B. A late payment fee
  • C. An appraisal fee
  • D. An origination fee
Answer: D
Explanation:
An origination fee is considered a finance charge under TILA because it represents the cost of obtaining credit. A finance charge includes all fees that a borrower must pay as a condition of securing a loan, excluding certain exempt fees like notary or appraisal fees.
* Notary fees (A) and appraisal fees (C) are typically excluded from the finance charge calculation.
* Late payment fees (D) are not considered finance charges; they are penalties for delinquent payments.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4 (Regulation Z)
* CFPB Finance Charge Definitions

NEW QUESTION # 220
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:
  • A. secondary marketing practices of selling loans to investors.
  • B. hiring procedures and training.
  • C. compliance management training and internal controls
  • D. compliance management, senior management and branch locations.
Answer: C
Explanation:
Consumer complaints and their analysis are critical for identifying weaknesses in a company's compliance management system (CMS) and internal controls. The CFPB (Consumer Financial Protection Bureau) emphasizes that analyzing complaints helps companies spot patterns of non-compliance, risks, or failures in managing regulatory requirements. By reviewing consumer feedback, businesses can identify gaps in their compliance practices, including weaknesses in training programs and internal systems, that may lead to violations of laws like RESPA, TILA, and ECOA.
* Complaints may reveal issues with loan disclosures, error resolution, unfair lending practices, or lack of training in regulatory updates.
* Regular analysis helps reinforce internal controls and improve compliance processes.
References:
* CFPB Compliance Management Review Guidelines
* TILA and RESPA regulations on consumer protection

NEW QUESTION # 221
......
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