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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q108-Q113):

NEW QUESTION # 108
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A. Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
B. Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
C. Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
D. Consider the application incomplete and put initial processing on hold until the additional information is received

Answer: B

Explanation:
In this situation, the most compliant action is to provide timely initial disclosures to the borrower within the required timeframe, even if the figures may be adjusted later when additional information is obtained. This is in accordance with TILA-RESPA Integrated Disclosure (TRID) rules, which mandate that the Loan Estimate (LE) must be provided within three business days after receiving an application, even if all details are not yet finalized.
* Holding off on processing (Option A) or waiting until additional information is obtained (Option D) is non-compliant, as this could violate the timely disclosure requirements.
* While documenting attempts to gather information (Option B) is good practice, it does not fulfill the regulatory obligation to provide disclosures promptly.
By issuing initial disclosures, even if the numbers are subject to change, the creditor remains compliant with the Consumer Financial Protection Bureau (CFPB) guidelines. Corrections can be made in subsequent disclosures.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Regulation Z requirements for disclosures

NEW QUESTION # 109
A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?

A. His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.
B. His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.
C. His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.
D. His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.

Answer: A

Explanation:
Under Dodd-Frank Act regulations and Regulation Z (TILA), mortgage loan originators (MLOs) cannot be compensated based on the terms of the loan, such as interest rates, loan amount, or product type. This includes any financial incentives, like bonuses or rewards, tied to loan terms. In this case:
* The trip to Hawaii was awarded based on closing loans with an interest rate of 5% or higher, which directly ties the MLO's compensation to a specific loan term (the interest rate).
* This violates the Loan Originator Compensation Rule, which prohibits compensating MLOs based on the terms or conditions of a loan, in order to protect borrowers from steering into unfavorable loan products.
Therefore, all forms of compensation-including bonuses, trips, or other rewards-are scrutinized if they are tied to loan terms, making the MLO's trip to Hawaii an illegal incentive under current law.
References:
* Dodd-Frank Act - Loan Originator Compensation Rules
* TILA/Regulation Z - Anti-Steering and Loan Terms Compensation Rules

NEW QUESTION # 110
Which of the following federal laws requires disclosures intended to prevent lenders or mortgage loan originators (MLOs) from increasing fees during the origination process?

A. Truth in Lending Act (TILA)
B. Real Estate Settlement Procedures Act (RESPA1)
C. Home Mortgage Disclosure Act (HMDA)
D. Equal Credit Opportunity Act (ECOA)

Answer: B

Explanation:
The Real Estate Settlement Procedures Act (RESPA) requires disclosures intended to prevent lenders and mortgage loan originators (MLOs) from increasing fees during the loan origination process. RESPA mandates the disclosure of estimated fees through the Loan Estimate (LE) and ensures that fees do not change substantially from the Loan Estimate to the final Closing Disclosure (CD) unless specific conditions justify the changes. This protects borrowers from "fee increases" during the settlement process.
* While TILA (A) deals with disclosure of loan terms and APR, RESPA (D) focuses specifically on fees and closing costs during origination.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2601
* CFPB RESPA Guidelines on fee tolerances

NEW QUESTION # 111
An individual who is a loan processor or underwriter must maintain a state originator license if they:

A. are not in communication with the consumer to obtain mortgage loan information.
B. perform clerical duties for a mortgage lender as a supervised employee
C. are an independent contractor and collect, receive or distribute information in connection with making a credit decision.
D. are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.

Answer: C

Explanation:
An individual who is an independent contractor and performs loan processing or underwriting activities must maintain a state originator license if they collect, receive, or distribute information in connection with making a credit decision. This is because independent contractors are not considered supervised employees, and their work directly impacts the loan approval process.
* In contrast, employees of a mortgage lender who perform clerical duties (A) under supervision do not need a state license, nor do those who do not interact with consumers (B).
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Guidelines for loan processors and underwriters

NEW QUESTION # 112
Which of the following is a requirement for a mortgage loan originator (MLO) license?

A. Completed at least 10 hours of pre-licensing education
B. Have not had an MLO license revoked in the last five years
C. Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority
D. Have never been convicted of a felony in a domestic, foreign or military court

Answer: C

Explanation:
One of the requirements for obtaining an MLO (Mortgage Loan Originator) license under the SAFE Act is that the MLO must be covered by a net worth requirement, surety bond, or must pay into a state fund. This requirement ensures that MLOs have adequate financial backing to protect consumers and the public in the event of legal or financial disputes.
* A (10 hours of pre-licensing education) is incorrect because the requirement is at least 20 hours of pre-licensing education.
* B (license revoked) and C (conviction) are not fully accurate as they do not align with the exact licensing rules under the SAFE Act.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Guidelines

NEW QUESTION # 113
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