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Real NMLS MLO Exam Questions: Ensure Your Success

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q176-Q181):

NEW QUESTION # 176
Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

A. 7 business days
B. 45 calendar days
C. 30 business days
D. 15 business days

Answer: A

Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Loan Estimate (LE) at least 7 business days before the closing (also called consummation) of the mortgage loan. This rule ensures that the borrower has sufficient time to review and understand the loan terms and costs.
The 7-day waiting period starts from the day the Loan Estimate is delivered or placed in the mail. This period allows the borrower to ask questions and possibly negotiate terms before finalizing the mortgage.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(e)
* Consumer Financial Protection Bureau (CFPB) Guidelines

NEW QUESTION # 177
Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

A. The APR
B. The number of days that the rate is available
C. The MLO's personal website
D. The MLO's business address

Answer: A

Explanation:
Under Regulation Z (TILA), when mortgage loan originators (MLOs) advertise mortgage services, including payment amounts, they must disclose the Annual Percentage Rate (APR). The APR reflects the total cost of the loan, including interest and certain fees, and provides a clear picture of the loan's true cost over time.
* Failure to include the APR in an advertisement that mentions payment amounts, interest rates, or other specific loan terms is considered a violation of TILA's advertising requirements.
* Other details (B, C, D), such as the MLO's website or the number of days the rate is available, are not mandatory in all advertisements, but the APR is required.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Rules for Mortgage Services

NEW QUESTION # 178
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

A. Reverse mortgage
B. Construction
C. USDA Rural Development
D. Refinance

Answer: D

Explanation:
The Home Ownership and Equity Protection Act (HOEPA) applies to certain types of high-cost loans, particularly refinance and home equity loans, that meet specific APR and fee thresholds. HOEPA was enacted to protect consumers from predatory lending practices in loans that carry excessive fees, high interest rates, or abusive terms.
* HOEPA mainly covers:
* Refinance loans
* Home equity loans
* Closed-end home equity loans
* Certain purchase-money mortgages under specific conditions
Loans like construction loans (B), reverse mortgages (C), and USDA Rural Development loans (D) are generally excluded from HOEPA coverage.
References:
* Home Ownership and Equity Protection Act (HOEPA), 15 U.S.C. § 1639
* CFPB HOEPA Guidelines

NEW QUESTION # 179
Which of the following types of income are considered as qualifying when applying for a mortgage loan?

A. Federal tax refund
B. Reimbursed expenses
C. Family gifts
D. Net rental income

Answer: D

Explanation:
Net rental income is considered qualifying income when applying for a mortgage, as it represents income generated from rental properties. Lenders typically calculate net rental income by subtracting property expenses from the total rental income, and they require documentation such as tax returns or lease agreements to verify this income.
* Reimbursed expenses (A), family gifts (C), and federal tax refunds (D) are generally not considered qualifying income, as they are one-time or non-recurring sources of funds.
References:
* Fannie Mae Selling Guide on qualifying income
* Freddie Mac Guidelines for rental income

NEW QUESTION # 180
Which of the following items is a liquid asset?

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

Answer: A

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 # 181
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Ava Campbell Ava Campbell

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