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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q84-Q89):

NEW QUESTION # 84
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

A. originator counseling certificate.
B. unique identifier
C. compliance plan.
D. high school diploma.

Answer: B

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all mortgage loan originators (MLOs) to obtain a unique identifier through the Nationwide Multistate Licensing System (NMLS) before engaging in the business of residential mortgage loan origination. This identifier is used to track MLOs across state lines and ensure accountability and transparency in the mortgage industry.
* A compliance plan (B) or other qualifications like a high school diploma (C) or counseling certificate (D) are not specific SAFE Act requirements for engaging in mortgage origination.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 85
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. Consider the application incomplete and put initial processing on hold until the additional information is received
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. Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated

Answer: D

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 # 86
Which of the following items is a liquid asset?

A. An automobile owned free and clear
B. Net worth of a business
C. Publicly traded stocks
D. Antique jewelry

Answer: C

Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards

NEW QUESTION # 87
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. Decline the money
B. Accept the money after obtaining the requested loan for the client
C. Apply the $500 towards the downpayment
D. Receive the $500 fee and include it on the Closinq Disclosure

Answer: A

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 # 88
A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

A. The residence is more than 120 miles from the work location on a refinance.
B. A recent college graduate holds a high-level position in the organization.
C. The borrower lacks a history in an industry that requires specific skills.
D. The borrower has been employed by the same company for three years.

Answer: D

Explanation:
Lenders are permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation when the borrower has a stable employment history, such as being employed by the same company for three years or more. This provides sufficient documentation of employment stability, reducing the need for further explanation.
* Other options (A, B, C) involve situations where the employment status or job stability may raise concerns, thus requiring additional documentation or explanation.
References:
* Fannie Mae Selling Guide on employment verification
* Freddie Mac Employment History Guidelines

NEW QUESTION # 89
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