Pass Guaranteed Quiz NMLS - High Pass-Rate MLO - Mortgage Loan Origination (SAFE MLO) Exam Reliable Dumps Sheet

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q59-Q64):

NEW QUESTION # 59
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
B. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
C. A loan officer presents a consumer with a loan that has the lowest total amount of fees.
D. A loan officer presents a consumer with loan options from multiple creditors with various fees.

Answer: B

Explanation:
Steering occurs when a loan officer influences or directs a borrower towards a specific loan product or lender based on the compensation the loan officer will receive, rather than the borrower's best interests. In Option C, the loan officer is steering the borrower to a loan from a particular lender to earn higher compensation, which is prohibited under the Dodd-Frank Act and TILA's Loan Originator Compensation Rule.
Other options:
* Option A describes offering a loan with higher fees, but it does not indicate that compensation is the motive, so it is not a clear example of steering.
* Option B and Option D describe fair loan presentation practices.
References:
Dodd-Frank Act, Loan Originator Compensation Rule
Truth in Lending Act (TILA), 12 CFR Part 1026

NEW QUESTION # 60
A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

A. [Consider the issue to be a private family matter and proceed with the next steps in the application process
B. Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
C. Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
D. Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf

Answer: B

Explanation:
When an MLO suspects that a borrower, such as the mother in this case, may be under duress or being coerced into a transaction, they have a duty to ensure that all parties are willingly participating. The ethical approach would be to ask to speak privately with the mother to verify her intentions and comfort level with the transaction. This ensures that the loan is compliant with consumer protection laws such as the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), which protect against unfair lending practices.
* Ignoring the situation (Option B) could lead to participation in a coerced or fraudulent transaction.
* Suggesting that the son be a co-borrower (Option C) or signing a power of attorney (Option D) are inappropriate if the mother is unwilling to proceed.
Verifying her willingness safeguards the integrity of the loan process and ensures compliance with fair lending practices.
References:
* Truth in Lending Act (TILA)
* Equal Credit Opportunity Act (ECOA)
* CFPB guidelines on elder financial abuse

NEW QUESTION # 61
A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?

A. Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."
B. Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
C. Regulation Z does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower.
D. Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided

Answer: B

Explanation:
Regulation Z allows creditors to provide a written estimate of costs before a Loan Estimate is triggered, provided the estimate clearly states that the figures are not binding and are not the official Loan Estimate. The required statement is:
"Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
"If a creditor provides a written estimate of terms or costs before providing the Loan Estimate, the creditor must clearly and conspicuously state at the top of the first page, in 12-point font, 'Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.'"
- 12 CFR § 1026.19(e)(2)(ii), Regulation Z
References:
CFPB, TILA-RESPA Integrated Disclosure Rule Guide
12 CFR § 1026.19(e)(2)(ii)

NEW QUESTION # 62
When providing documents to a state regulator regarding a consumer complaint that was submitted to the state regulator, a licensed company should:

A. Contact the consumer to get their authorization to provide documents to the regulator.
B. Provide the documents along with the company's explanation of what caused the complaint.
C. Redact any names and personal information before providing the documents for privacy reasons.
D. Send the documents by U.S. mail rather than electronically for privacy reasons.

Answer: B

Explanation:
When responding to a state regulator's request regarding a consumer complaint, the company should provide all requested documents, along with an explanation of the facts and what caused the complaint. Regulators have authority to access unredacted information as part of their oversight and investigative powers.
"Regulators have the right to access all pertinent documentation in the course of investigations or examinations. Companies should provide a full and factual response, including all supporting documentation and their explanation of events."
- SAFE Act, 12 U.S.C. § 5117; NMLS Policy Guidebook
References:
SAFE Act, 12 U.S.C. § 5117
NMLS, Investigation & Enforcement

NEW QUESTION # 63
Which of the following activities is an example of redlining in mortgage lending?

A. The systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices
B. The act of the mortgage lender putting a "red line" under the borrower's name in a file to indicate they are a substandard applicant
C. The mortgage loan originator convincing the underwriter to move their loan file to the front of the line or "redline" it
D. Ensuring that all creditworthy borrowers are afforded equal treatment when applying for a mortgage loan

Answer: A

Explanation:
Redlining is a discriminatory practice in mortgage lending where certain neighborhoods, often those predominantly inhabited by minority groups, are systematically denied access to mortgages, insurance, or other financial services. Lenders would use literal red lines on maps to designate these areas as high-risk or undesirable, refusing to offer loans or offering them at inflated interest rates.
* Redlining is a violation of fair lending laws such as the Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA). Both of these federal laws prohibit discrimination based on race, color, national origin, religion, sex, family status, or disability in housing and credit transactions.
* This practice has historically contributed to racial segregation and economic inequality in the U.S., as minority groups were systematically excluded from access to homeownership and wealth-building opportunities.
References:
* Home Mortgage Disclosure Act (HMDA)
* Fair Housing Act (FHA)
* Equal Credit Opportunity Act (ECOA)

NEW QUESTION # 64
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