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The study material to get NMLS Mortgage Loan Origination (SAFE MLO) Exam certified should be according to individual's learning style and experience. Real NMLS MLO Exam Questions certification makes you more dedicated and professional as it will provide you complete information required to work within a professional working environment.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q199-Q204):

NEW QUESTION # 199
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 permitted as the MLO performed origination services for the borrower.
B. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
C. 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.
D. The fee is permitted if the fee is disclosed on the final settlement statement.

Answer: B

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 # 200
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

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

Answer: D

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 # 201
Which of the following advertising statements is permissible?

A. "5% 30-year fixed with no closing costs"
B. "30-year variable rate mortgages starting at ____"
C. "5% for 10 years, then one balloon payment"
D. "30-year fixed mortgage for a 5% APR with approved credit"

Answer: D

Explanation:
The Truth in Lending Act (TILA) Regulation Z requires that advertisements for mortgage credit products that state a rate or terms must be clear and not misleading. Phrases like "with approved credit" are permissible when a specific APR is disclosed and required terms are provided. However, "no closing costs" or "variable rate starting at ___" are considered potentially misleading if not all relevant terms are disclosed.
"If an advertisement states a rate of finance charge, it must state the rate as an annual percentage rate (APR)...
Disclosures must not be misleading. Stating 'with approved credit' in connection with an APR is permissible."
- 12 CFR § 1026.24, Regulation Z
References:
CFPB, Advertising Requirements
SAFE MLO National Test Study Guide

NEW QUESTION # 202
Which of the following activities is an example of redlining in mortgage lending?

A. The systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices
B. The mortgage loan originator convincing the underwriter to move their loan file to the front of the line or "redline" it
C. Ensuring that all creditworthy borrowers are afforded equal treatment when applying for a mortgage loan
D. The act of the mortgage lender putting a "red line" under the borrower's name in a file to indicate they are a substandard applicant

Answer: A

Explanation:
Redlining is a discriminatory practice in mortgage lending where certain neighborhoods, often those predominantly inhabited by minority groups, are systematically denied access to mortgages, insurance, or other financial services. Lenders would use literal red lines on maps to designate these areas as high-risk or undesirable, refusing to offer loans or offering them at inflated interest rates.
* Redlining is a violation of fair lending laws such as the Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA). Both of these federal laws prohibit discrimination based on race, color, national origin, religion, sex, family status, or disability in housing and credit transactions.
* This practice has historically contributed to racial segregation and economic inequality in the U.S., as minority groups were systematically excluded from access to homeownership and wealth-building opportunities.
References:
* Home Mortgage Disclosure Act (HMDA)
* Fair Housing Act (FHA)
* Equal Credit Opportunity Act (ECOA)

NEW QUESTION # 203
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A. Document preparation fees for items such as mortgages and deeds
B. Daily or per diem interest paid by borrower
C. Seller's points offered to reduce the borrower's closing costs
D. A standard credit application fee charged to all loan applicants

Answer: B

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition

NEW QUESTION # 204
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