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[General] Excellent 100% Free MLO–100% Free Review Guide | MLO Valid Exam Testking

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【General】 Excellent 100% Free MLO–100% Free Review Guide | MLO Valid Exam Testking

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q106-Q111):NEW QUESTION # 106
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?
  • A. Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
  • B. Consider the application incomplete and put initial processing on hold until the additional information is received
  • C. Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
  • D. Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
Answer: D
Explanation:
In this situation, the most compliant action is to provide timely initial disclosures to the borrower within the required timeframe, even if the figures may be adjusted later when additional information is obtained. This is in accordance with TILA-RESPA Integrated Disclosure (TRID) rules, which mandate that the Loan Estimate (LE) must be provided within three business days after receiving an application, even if all details are not yet finalized.
* Holding off on processing (Option A) or waiting until additional information is obtained (Option D) is non-compliant, as this could violate the timely disclosure requirements.
* While documenting attempts to gather information (Option B) is good practice, it does not fulfill the regulatory obligation to provide disclosures promptly.
By issuing initial disclosures, even if the numbers are subject to change, the creditor remains compliant with the Consumer Financial Protection Bureau (CFPB) guidelines. Corrections can be made in subsequent disclosures.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Regulation Z requirements for disclosures

NEW QUESTION # 107
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:
  • A. compliance plan.
  • B. unique identifier
  • C. originator counseling certificate.
  • D. high school diploma.
Answer: B
Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all mortgage loan originators (MLOs) to obtain a unique identifier through the Nationwide Multistate Licensing System (NMLS) before engaging in the business of residential mortgage loan origination. This identifier is used to track MLOs across state lines and ensure accountability and transparency in the mortgage industry.
* A compliance plan (B) or other qualifications like a high school diploma (C) or counseling certificate (D) are not specific SAFE Act requirements for engaging in mortgage origination.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 108
Which of the following is an acceptable reason for denying a forward mortgage under the Equal Credit Opportunity Act (ECOA)?
  • A. Receipt of child support
  • B. Retirement age
  • C. Marital status
  • D. Immigration status
Answer: D
Explanation:
The Equal Credit Opportunity Act (ECOA) prohibits discrimination based on receipt of child support, marital status, and age (provided the applicant is legally able to contract). However, it permits denial based on immigration status if it affects the creditor's ability to enforce legal rights in case of default.
"A creditor may inquire about an applicant's immigration status and may deny credit if the applicant is not a permanent resident or otherwise not legally in the U.S. and able to contract."
- 12 CFR § 1002.5(e), Regulation B (ECOA)
References:
CFPB, Regulation B: Permissible Inquiries
SAFE MLO National Test Study Guide

NEW QUESTION # 109
Prepaid charges include which of the following items?
  • A. Per diem interest
  • B. Conveyance tax
  • C. Origination fee
  • D. Credit report fee
Answer: A
Explanation:
Prepaid charges refer to certain upfront costs paid at closing. These include:
* Per diem interest (D), which covers the interest from the closing date to the end of the month.
Other items like origination fees (A), credit report fees (B), and conveyance taxes (C) are not considered prepaid charges; they are typically categorized as closing costs or settlement fees.
References:
* Real Estate Settlement Procedures Act (RESPA)
* TILA-RESPA Integrated Disclosures (TRID)

NEW QUESTION # 110
A mortgage loan originator (MLO) closes a high-cost mortgage for a borrower. Seven months later, the borrower returns to the MLO to apply for a cash-out refinance as the borrower intends to use the cash to purchase a collector car. The MLO determines that the only loan the borrower qualifies for is a high-cost mortgage at a higher interest rate. In which of the following ways should the MLO proceed?
  • A. Close the loan as normal with no further action required
  • B. Close the loan as normal, as the borrower can refinance a high-cost mortgage after six months
  • C. Deny the loan, unless it is in the best interest of the borrower
  • D. Close the loan as normal and take the vehicle as additional collateral
Answer: C
Explanation:
Under HOEPA (Home Ownership and Equity Protection Act) rules for high-cost mortgages, a creditor may not refinance a high-cost mortgage into another high-cost mortgage within 12 months of the previous transaction unless the new loan is in the borrower's best interest. This is to prevent loan flipping and predatory lending.
"A creditor may not refinance a high-cost mortgage into another high-cost mortgage within one year unless the new loan is in the borrower's best interest."
- 12 CFR § 1026.34(a)(3)
Since the purpose here is a cash-out for a collector car (not generally a "best interest" purpose), the MLO should deny the loan unless a strong case can be made that it is in the borrower's best interest.
References:
CFPB, High-Cost Mortgages (HOEPA)
12 CFR § 1026.34(a)(3)

NEW QUESTION # 111
......
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