AUTHENTIC NMLS MLO EXAM QUESTIONS & MLO PASS TEST

Authentic NMLS MLO Exam Questions & MLO Pass Test

Authentic NMLS MLO Exam Questions & MLO Pass Test

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Tags: Authentic MLO Exam Questions, MLO Pass Test, MLO Actualtest, MLO Latest Test Dumps, Valid Exam MLO Blueprint

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q103-Q108):

NEW QUESTION # 103
Which of the following is an origination fee?

  • A. Appraisal fee
  • B. Title insurance fee
  • C. Underwriting fee
  • D. Prepaid Interest 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 # 104
Which of the following actions should a mortgage loan originator (MLO) take if a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the real estate broker's client?

  • A. Accept the money after obtaining the requested loan for the client
  • B. Apply the $500 towards the downpayment
  • C. Receive the $500 fee and include it on the Closinq Disclosure
  • D. Decline the money

Answer: D

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits kickbacks, referral fees, and unearned fees in any transaction involving a federally related mortgage loan. If a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the broker's client, the MLO must decline the money. Accepting payment for a referral is illegal under Section 8 of RESPA.
* Options such as applying the money toward the down payment (B) or including it on the Closing Disclosure (C)** do not make the payment legal, as it would still violate RESPA.
References:
* RESPA Section 8 - Prohibition on kickbacks and referral fees
* CFPB Guidelines on RESPA compliance


NEW QUESTION # 105
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

  • A. Fee splitting
  • B. Double fee method
  • C. Single fee method
  • D. Tip sharing

Answer: A

Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation


NEW QUESTION # 106
Which of the following statements is permissible in an advertisement?

  • A. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
  • B. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
  • C. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."
  • D. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."

Answer: B

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules


NEW QUESTION # 107
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?

  • A. 10 days
  • B. 60 days
  • C. 45 days
  • D. 30 days

Answer: D

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 # 108
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