REAL NMLS MLO EXAM QUESTIONS WITH ACCURATE ANSWERS

Real NMLS MLO Exam Questions with Accurate Answers

Real NMLS MLO Exam Questions with Accurate Answers

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Tags: MLO Exam Cram, Mock MLO Exam, MLO Simulation Questions, New MLO Dumps Ebook, MLO Best Practice

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q26-Q31):

NEW QUESTION # 26
Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?

  • A. Creditors must establish an escrow account for taxes and property insurance on first lien mortgage loans.
  • B. Borrowers have a five-day right of rescission.
  • C. Creditors must verity income and assets in order to determine whether the loan applicant has the ability to repay the loan.
  • D. There are restrictions on prepayment penalties.

Answer: B

Explanation:
Under TILA (Truth in Lending Act), higher-priced mortgage loans (HPMLs) are subject to several regulations, including:
* Lenders must verify income and assets to ensure the borrower's ability to repay the loan (A).
* Creditors are required to establish escrow accounts for taxes and property insurance for first-lien mortgages (B).
* There are restrictions on prepayment penalties (C).
However, borrowers of HPMLs do not have a five-day right of rescission. The right of rescission is typically three business days and applies to refinances on primary residences, not to HPMLs.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026
* CFPB Higher-Priced Mortgage Loan Guidelines


NEW QUESTION # 27
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

  • A. First
  • B. First as it will be combined with the 80% loan
  • C. Second but combined with any other liens
  • D. Second

Answer: D

Explanation:
In an 80/20 loan structure, the borrower obtains two loans: an 80% first mortgage and a 20% second mortgage, often referred to as a "piggyback loan." The 20% loan has second lien priority, meaning it is subordinate to the 80% loan. If the borrower defaults and the property is foreclosed, the lender holding the first mortgage (80%) is paid first, and the second mortgage (20%) is paid from any remaining proceeds.
* The first lien is always the larger 80% loan, and the second lien covers the smaller 20% loan.
References:
* Fannie Mae Guidelines on piggyback loans
* Freddie Mac Loan Priority Rules


NEW QUESTION # 28
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

  • A. Refinance
  • B. USDA Rural Development
  • C. Reverse mortgage
  • D. Construction

Answer: A

Explanation:
The Home Ownership and Equity Protection Act (HOEPA) applies to certain types of high-cost loans, particularly refinance and home equity loans, that meet specific APR and fee thresholds. HOEPA was enacted to protect consumers from predatory lending practices in loans that carry excessive fees, high interest rates, or abusive terms.
* HOEPA mainly covers:
* Refinance loans
* Home equity loans
* Closed-end home equity loans
* Certain purchase-money mortgages under specific conditions
Loans like construction loans (B), reverse mortgages (C), and USDA Rural Development loans (D) are generally excluded from HOEPA coverage.
References:
* Home Ownership and Equity Protection Act (HOEPA), 15 U.S.C. § 1639
* CFPB HOEPA Guidelines


NEW QUESTION # 29
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

  • A. A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan
  • B. A payment to its own employees for lender referral activities
  • C. A payment to an attorney for services actually rendered
  • D. A payment to a real estate agent for loan referral activities

Answer: D

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits any payment, kickback, or unearned fee in exchange for loan referrals. This includes payments to real estate agents or other third parties for referring business to lenders or mortgage brokers. Such payments are illegal because they could inflate the cost of settlement services and are not tied to any actual services rendered.
* Payments for actual services (A, D), such as payments to attorneys or contractors for legitimate work, are allowed under RESPA, but paying for loan referrals (B) is strictly prohibited.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidance


NEW QUESTION # 30
Which of the following fees must remain the same unless a valid changed circumstance occurs?

  • A. Owner's title insurance premium
  • B. Homeowner's insurance
  • C. Fees paid to an affiliate of the lender
  • D. Total per diem interest

Answer: C

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) Rule, fees paid to affiliates of the lender (e.g., title companies, appraisers) must remain the same on the Loan Estimate (LE) unless there is a valid changed circumstance (such as a significant change in the loan terms or property value). These fees fall under the zero-tolerance category, meaning they cannot increase from the amount disclosed on the LE unless a change in circumstance justifies the increase.
* Other costs like per diem interest (A), homeowner's insurance (B), and owner's title insurance premiums (C) can change, as they are not subject to the same zero-tolerance rules.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19
* CFPB TRID Guidelines on fee tolerance


NEW QUESTION # 31
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