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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q17-Q22):

NEW QUESTION # 17
A borrower has been approved for a new home loan and has completed all necessary paperwork. When should the borrower receive the Closing Disclosure?

A. On the day of consummation
B. 4 business days prior lo consummation
C. 3 business days prior to consummation
D. 1 business day prior to consummation

Answer: C

Explanation:
According to the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Closing Disclosure (CD) at least 3 business days prior to loan consummation. This waiting period gives the borrower adequate time to review the final terms and costs associated with the mortgage loan. If there are significant changes to the terms of the loan after the CD is issued, a new 3-day waiting period may be required.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB Closing Disclosure Guidelines

NEW QUESTION # 18
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A. the lesser of the purchase price or appraised value.
B. the purchase price, plus the mortgage insurance for FHA loans.
C. the appraised value of the property.
D. the purchase price of the property.

Answer: A

Explanation:
For an FHA loan, the loan-to-value (LTV) ratio is calculated by dividing the loan amount by the lesser of the purchase price or appraised value of the property. This ensures that the loan amount is based on the lower of the two figures, protecting the lender from over-lending on a property that may not appraise at the agreed purchase price.
* This method is consistent with FHA guidelines, ensuring that the loan is adequately secured by the property's value.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines for FHA LTV calculations

NEW QUESTION # 19
According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

A. The borrower receiving a salary increase
B. Market fluctuations on a locked loan
C. Changes that the MLO should have known at the time the Loan Estimate was provided
D. A natural disaster in the area where the loan will close

Answer: D

Explanation:
Under TRID, a revised Loan Estimate (LE) can be issued if there is a changed circumstance that affects the loan terms or costs. This can include situations such as a natural disaster in the area where the loan will close, which may impact the value of the property or loan costs. Such changes are considered beyond the control of the parties involved and justify a revised estimate.
* Market fluctuations (A) on a locked loan and borrower salary increases (B) are not valid reasons for issuing a revised LE.
* Changes that the MLO should have known at the time of the original LE (D) do not qualify as a valid changed circumstance.
References:
* TRID Rule, 12 CFR §1026.19(e)
* CFPB Guidelines on changed circumstances for Loan Estimates

NEW QUESTION # 20
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
B. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
C. The fee is permitted if the fee is disclosed on the final settlement statement.
D. The fee is permitted as the MLO performed origination services for the borrower.

Answer: A

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks

NEW QUESTION # 21
Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?

A. Regulating the federal funds rate at which money is lent to banks
B. Regulating mortgage lenders on their mortgage origination practices and procedures
C. Regulating the number of mortgage loan originators in the mortgage industry
D. Deciding what quantity of mortgage-backed securities are purchased by the government

Answer: B

Explanation:
The Consumer Financial Protection Bureau (CFPB) is responsible for regulating mortgage lenders and overseeing their origination practices and procedures. The CFPB was created under the Dodd-Frank Act to protect consumers from unfair, deceptive, or abusive practices in financial services, including mortgages.
Its functions include:
* Enforcing rules related to mortgage origination, such as TILA, RESPA, and ECOA.
* Ensuring that lenders provide clear disclosures and follow fair lending practices.
Other functions:
* Regulating the federal funds rate (A) is the role of the Federal Reserve.
* Deciding the quantity of mortgage-backed securities purchased by the government (D) is related to Federal Reserve monetary policy, not the CFPB.
References:
* Dodd-Frank Wall Street Reform and Consumer Protection Act
* CFPB's Role in Mortgage Origination

NEW QUESTION # 22
......

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MLO Latest Exam Dumps & MLO Verified Study Torrent & MLO Practice Torrent Dumps

MLO Reliable Exam Syllabus & MLO Training Solutions

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q17-Q22):

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