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Quiz 2025 NMLS MLO: Reliable Mortgage Loan Origination (SAFE MLO) Exam Valid Exam Book

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q20-Q25):

NEW QUESTION # 20
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:

A. advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
B. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
C. refer the purchase loan to another MLO in their company to obtain a referral fee.
D. take both applications and do one loan "in house" and broker the second loan to another lender.

Answer: A

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 # 21
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

A. Fully indexed rate of the loan
B. An average of the varying payment amounts over the life of the loan
C. Payment amount during the fixed introductory period
D. The total amount of the payments

Answer: A

Explanation:
Under the Truth in Lending Act (TILA), for adjustable-rate mortgages (ARMs) like a 5/1 ARM, the MLO must calculate the borrower's monthly payment amount based on the fully indexed rate, not the introductory rate. The fully indexed rate is the sum of the index and the margin at the time of origination, reflecting the potential payment increases after the introductory period ends.
* This requirement ensures borrowers understand what their payments could be after the rate adjusts, helping them evaluate the true affordability of the loan.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB ARM Guidelines

NEW QUESTION # 22
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:

A. balloon mortgage.
B. FHA mortgage.
C. qualified mortgage.
D. deferred-payment mortgage.

Answer: A

Explanation:
A balloon mortgage is a type of loan where a large portion of the principal is repaid in a lump sum at the end of the loan term. This structure often features smaller, periodic payments during the life of the loan, with the remaining balance (the balloon payment) due at the end of the loan period. Balloon mortgages are typically shorter-term loans, such as 5 or 7 years.
* This differs from other loan types:
* FHA mortgages (A) are fully amortized loans backed by the government.
* Qualified mortgages (C) meet specific ability-to-repay standards and are fully amortized.
* Deferred-payment mortgages (D) often refer to reverse mortgages or loans with delayed payment schedules, which are not the same as balloon loans.
References:
* Fannie Mae and Freddie Mac Mortgage Guidelines on balloon loans
* Truth in Lending Act (TILA) definitions of mortgage types

NEW QUESTION # 23
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A. Every 7 days
B. Every 2 weeks
C. Every 31 days
D. Annually

Answer: C

NEW QUESTION # 24
Which of the following is an origination fee?

A. Underwriting fee
B. Appraisal fee
C. Prepaid Interest fee
D. Title insurance fee

Answer: A

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 # 25
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