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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q18-Q23):

NEW QUESTION # 18
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 borrower has been employed by the same company for three years.
B. The residence is more than 120 miles from the work location on a refinance.
C. The borrower lacks a history in an industry that requires specific skills.
D. A recent college graduate holds a high-level position in the organization.

Answer: A

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 # 19
What are the maximum basis points added to the average prime offer rate (APOR) that keep a loan's APR as a qualified mortgage under the Consumer Financial Protection Bureau's (CFPB's) Safe Harbor Rule?

A. 85 basis points
B. 300 basis points
C. 150 basis points
D. 100 basis points

Answer: D

Explanation:
A loan is a Qualified Mortgage (QM) with "safe harbor" legal protection if its APR does not exceed the average prime offer rate (APOR) by more than 100 basis points (1%) for a first-lien transaction.
"A covered transaction is a safe harbor QM if the APR does not exceed the APOR for a comparable transaction by 1.5 or more percentage points for first-lien transactions, or 3.5 percentage points for subordinate-lien transactions. For purposes of safe harbor protection, the threshold is 1 percentage point (100 basis points) above APOR."
- 12 CFR § 1026.43(e); CFPB QM/ATR Rule Summary
References:
CFPB, Qualified Mortgage and Ability-to-Repay Rule
SAFE MLO National Test Study Guide

NEW QUESTION # 20
Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

A. SAFE Act
B. Truth in Lending Act (TILA)
C. Home Ownership and Equity Protection Act (HOEPA)
D. Real Estate Settlement Procedures Act (RESPA)

Answer: A

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) establishes federal and state licensing standards for mortgage loan originators (MLOs) and mandates that each state creates a licensing and regulatory agency to oversee mortgage companies. This agency is responsible for investigating, examining, and enforcing compliance with mortgage regulations. The act aims to ensure that mortgage companies and MLOs operate with transparency, competency, and accountability.
* The SAFE Act gives regulatory bodies the authority to conduct background checks, examinations, and audits of licensed mortgage companies.
Other Acts:
* TILA and RESPA focus on disclosure requirements and fair lending practices but do not specifically regulate state licensing and examinations.
* HOEPA regulates high-cost loans and predatory lending practices, not licensing.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing and Registration Requirements

NEW QUESTION # 21
Which of the following duties requires licensure under the SAFE Act?

A. A licensed and registered real estate broker performing real estate brokerage activities
B. An individual who performs processing and underwriting duties at the direction of and subject to the supervision of a licensed individual
C. An individual who offers or negotiates terms of a residential mortgage loan for compensation or gain
D. An individual who performs administrative or clerical tasks on behalf of a mortgage loan originator

Answer: C

Explanation:
Under the SAFE Act, an individual must be licensed as a mortgage loan originator (MLO) if they take a residential mortgage loan application and offer or negotiate terms for compensation or gain. Activities such as only performing clerical or support duties, or acting solely as a real estate broker in their normal capacity, do not require an MLO license.
"The term 'mortgage loan originator'... means an individual who (i) takes a residential mortgage loan application; and (ii) offers or negotiates terms of a residential mortgage loan for compensation or gain."
- SAFE Act, 12 USC § 5102(4)
References:
SAFE Act, 12 USC § 5102(4)
NMLS Uniform State Content Outline

NEW QUESTION # 22
According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A. Providing a consumer with the loan policies of the lender
B. Providing a consumer with a Homebuyer's Toolkit
C. Communicating with a consumer to arrange a loan closing
D. Communicating the details of an offer for the first time over the phone

Answer: D

Explanation:
Under the SAFE Act, any activity that involves offering, negotiating, or discussing loan terms with consumers requires licensure as a mortgage loan originator (MLO). Communicating the details of an offer over the phone would require MLO licensure, as it involves explaining or negotiating loan terms.
* Providing general information or resources like a Homebuyer's Toolkit (A) or loan policies (B) does not require an MLO license, as these are not specific to negotiating loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 23
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Perfect Flexible MLO Learning Mode Supply you Fantastic Test Questions for MLO: Mortgage Loan Origination (SAFE MLO) Exam to Prepare easily

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q18-Q23):

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