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Valid MLO Practice Questions & Exam MLO Preview

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q114-Q119):

NEW QUESTION # 114
During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

A. tell the borrower to close the loan.
B. postpone the closing, re-disclose and wait three days.
C. close the loan, then re-disclose after the loan funds.
D. postpone the closing, re-disclose and wait three business days.

Answer: D

Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rules, any significant change to the Annual Percentage Rate (APR) beyond the allowed tolerance before closing requires the lender to provide a revised Closing Disclosure (CD). If the APR increases by more than 0.125% for fixed-rate loans, the lender must re- disclose the CD and provide the borrower with at least three business days to review the updated terms before consummation (closing).
* In this case, the interest rate increase from 3.250% to 3.875% is a significant change that impacts the APR, triggering the need for re-disclosure and the mandatory three-business-day waiting period.
* The lender must postpone the closing until the new three-day waiting period passes to ensure compliance with TRID regulations.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB TRID Guidelines

NEW QUESTION # 115
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

A. An unimproved lot
B. An individual condominium unit
C. A six-unit apartment complex
D. A timeshare

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), a dwelling is defined as any residential structure that includes one to four units, such as an individual condominium unit, single-family home, or townhouse. This definition also includes mobile homes or manufactured homes, as long as they are used as residences.
* Unimproved lots (A) are not considered dwellings because they lack a residential structure.
* A six-unit apartment complex (B) exceeds the limit of four units for a dwelling under TILA.
* Timeshares (D) are typically considered non-residential and do not meet the TILA definition of a dwelling.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(19)
* CFPB Guidelines on TILA's definition of a dwelling

NEW QUESTION # 116
When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

A. if the HELOC is insured by HUD.
B. if the HELOC requires private mortgage insurance
C. the APR and the costs of acquiring and maintaining the HELOC.
D. if the company offering the HELOC has deposit accounts insured by the FDIC.

Answer: C

Explanation:
When applying for a Home Equity Line of Credit (HELOC), consumers should carefully review the APR and the total costs of acquiring and maintaining the HELOC. The APR reflects the overall cost of borrowing, including interest and certain fees, and is crucial for understanding the long-term expense of the HELOC.
Additionally, consumers should consider fees associated with setting up and maintaining the HELOC, such as annual fees, transaction fees, and closing costs.
* While HUD insurance (A) and FDIC deposit insurance (C) are unrelated to HELOCs, and private mortgage insurance (B) is generally not required for HELOCs, the APR and fees are critical factors that directly impact the cost of borrowing.
References:
* Truth in Lending Act (TILA) disclosure requirements for HELOCs
* CFPB HELOC Guide

NEW QUESTION # 117
Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A. The individual has been subject to a court order for payment of child support.
B. The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
C. The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
D. The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.

Answer: D

Explanation:
An individual who had their MLO license application denied, or had a license revoked or suspended in any governmental jurisdiction, is not eligible for temporary authority to act as a mortgage loan originator (MLO) under the SAFE Act. Temporary authority allows registered MLOs who move to a state-licensed mortgage company to act as MLOs while their application for a state license is being processed. However, individuals with disqualifying events, such as prior license denial or revocation, lose this privilege.
Other options:
* Court orders for child support (B) and being a witness in a trial (A) do not disqualify individuals from obtaining temporary authority.
References:
* SAFE Act, 12 USC §5101
* NMLS Temporary Authority to Operate Guidelines

NEW QUESTION # 118
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A. the purchase price of the property.
B. the appraised value 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 # 119
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