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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q128-Q133):

NEW QUESTION # 128
Which of the following occupancy types are listed on the Uniform Residential Loan Application?

A. Primary residence, vacation residence, multifamily residence
B. Primary residence, secondary residence, investment
C. Primary residence, multiunit residence, commercial
D. Primary residence, duplex residence, business

Answer: B

Explanation:
The Uniform Residential Loan Application (URLA/Fannie Mae Form 1003) allows the applicant to select one of the following occupancy types: primary residence, secondary residence, or investment property.
"Occupancy types on the URLA are: Primary Residence, Secondary Residence, Investment Property."
- Fannie Mae Form 1003: Uniform Residential Loan Application
References:
Fannie Mae, Form 1003 Instructions

NEW QUESTION # 129
According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A. A description of an applicant's race
B. An applicant's verified income after underwriting
C. An applicant has exercised his right under the Consumer Credit Protection Act
D. An applicant's income is derived from public assistance

Answer: B

Explanation:
Under ECOA, a creditor may decline a loan based on an applicant's inability to repay, as demonstrated by verified income and other underwriting criteria. It is illegal to consider race, receipt of public assistance, or exercise of consumer rights as a basis for denial.
"A creditor may consider verified income in evaluating creditworthiness. Discrimination based on race, public assistance, or exercise of rights under the Consumer Credit Protection Act is prohibited."
- 12 CFR § 1002.6, Regulation B (ECOA)
References:
CFPB, ECOA Credit Evaluation
SAFE MLO National Test Study Guide

NEW QUESTION # 130
Which of the following statements is permissible in an advertisement?

A. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
B. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."
C. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
D. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."

Answer: C

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules

NEW QUESTION # 131
A mortgage loan originator paying compensation to a real estate agent for client referrals is:

A. Permissible if the compensation is limited to meals or other noncash gifts.
B. Prohibited unless the client is notified and consents to the payment.
C. Considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA).
D. Permissible if the compensation is limited to payment for the real estate agent's related business expenses.

Answer: C

Explanation:
Section 8(a) of the Real Estate Settlement Procedures Act (RESPA) strictly prohibits giving or accepting any fee, kickback, or thing of value in exchange for the referral of settlement service business related to a federally related mortgage loan.
"No person shall give and no person shall accept any fee, kickback or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person."
- 12 U.S.C. § 2607(a); 12 CFR § 1024.14(b), Regulation X
This means it is illegal for a mortgage loan originator (MLO) to pay a real estate agent for referring clients, regardless of client notification, consent, or limitation to business expenses. Minor items of minimal value (e.
g., pens, promotional items) may be allowed if not given in exchange for referrals, but any compensation for referrals is a prohibited kickback.
References:
CFPB, RESPA Section 8 Kickbacks and Referral Fees
SAFE MLO National Test Study Guide

NEW QUESTION # 132
Which of the following fees must remain the same unless a valid changed circumstance occurs?

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

Answer: D

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 # 133
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