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Quiz 2025 NMLS MLO: Mortgage Loan Origination (SAFE MLO) Exam Updated New Dumps Sheet
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q81-Q86):
NEW QUESTION # 81
Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?
Answer: D
Explanation:
Under the Equal Credit Opportunity Act (ECOA), lenders can deny a loan based on immigration status, as it directly relates to the borrower's ability to legally reside and work in the country. Lenders must ensure that the borrower has the legal capacity to enter into a binding contract and that they are authorized to work in the U.S. for the loan's duration.
* Receipt of child support (A), marital status (C), and country of birth (D) are protected characteristics under ECOA, meaning a lender cannot deny credit based on these factors.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB Regulation B
NEW QUESTION # 82
A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:
Answer: D
Explanation:
The MLO must advise the borrower that if they plan to purchase a new home shortly after refinancing, they must disclose this information upfront. Since the terms of the refinance loan require that the borrower occupy the property for 12 months, the MLO should suggest refinancing the current property as a non-owner- occupied loan if the borrower does not intend to stay in the home. This approach ensures compliance with the loan terms and avoids potential mortgage fraud.
* Other options (A, B, C) involve potential conflicts of interest or violations of the loan terms.
References:
* Fannie Mae Guidelines on occupancy requirements
* CFPB Guidelines on owner-occupied versus non-owner-occupied loans
NEW QUESTION # 83
Prepaid charges include which of the following items?
Answer: C
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 # 84
If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?
Answer: A
Explanation:
According to ECOA (Equal Credit Opportunity Act) and Regulation B, if a borrower waives the right to receive their appraisal three business days before consummation, and the transaction does not close, the creditor must still provide a copy of the appraisal within 30 days of determining that the loan will not consummate.
* This ensures that borrowers still receive essential documentation, even if the loan fails to close.
References:
* ECOA (Equal Credit Opportunity Act), 12 CFR §1002.14(a)(1)
* CFPB Guidelines on appraisal delivery timelines
NEW QUESTION # 85
A second (subordinate) mortgage loan includes:
Answer: D
Explanation:
A second (subordinate) mortgage loan refers to a mortgage taken out after the primary mortgage and is subordinate to the first in priority of claims on the property in case of default or foreclosure. One of the most common types of subordinate mortgages is a home equity line of credit (HELOC).
* HELOC allows homeowners to borrow against the equity in their home, typically after the first mortgage, making it a subordinate loan.
Other options:
* Government home purchase loans (A) and conventional home purchase loans (B) are typically first mortgages.
* A home equity conversion mortgage (C) is a type of reverse mortgage, which is also typically a primary loan, not a subordinate one.
References:
* Fannie Mae Selling Guide on subordinate financing
* HELOC regulations under Regulation Z
NEW QUESTION # 86
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