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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q150-Q155):

NEW QUESTION # 150
How many days before consummation must a borrower receive a revised Loan Estimate?

A. 10 business days
B. 5 business days
C. 7 business days
D. 4 business days

Answer: C

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, borrowers must receive the Loan Estimate (LE) at least 7 business days before consummation of the loan. This rule allows borrowers ample time to review the terms and costs of the mortgage before closing.
If a revised Loan Estimate is issued due to changes in circumstances (e.g., interest rate changes, property changes), the borrower still needs to receive it no later than 7 business days before consummation.
References:
* TRID (TILA-RESPA Integrated Disclosure Rule), 12 CFR §1026.19(f)
* CFPB Loan Estimate Requirements

NEW QUESTION # 151
A mortgage loan originator who informs a prospective borrower that a certain loan interest rate can only be guaranteed if an application is submitted within the next 30 minutes is committing:

A. Coercion
B. Exaggeration
C. Redlining
D. Discrimination

Answer: A

Explanation:
Coercion is the act of using force, threats, or pressure to influence another party's actions or decisions.
Imposing arbitrary and unreasonable time limits to force a borrower to act quickly-when such urgency is not legitimate-is considered a form of coercion.
"Coercion includes pressuring consumers to make decisions in haste or under duress, such as requiring immediate action to lock in a loan rate."
- SAFE MLO National Test Study Guide; CFPB Consumer Protection Resources This practice is prohibited and unethical.
References:
SAFE MLO National Test Study Guide
CFPB, Unfair, Deceptive, or Abusive Acts or Practices

NEW QUESTION # 152
When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?

A. The addition of an escrow account
B. If a revision is needed to the consumer's contact Information
C. The addition of a prepayment penalty
D. If the APR changes within the acceptable tolerance

Answer: C

Explanation:
A corrected Closing Disclosure (CD) requires a new three-day waiting period before consummation if the following major changes occur:
* The APR changes beyond the allowable tolerance (which is not the scenario here; hence, Option C is incorrect).
* The loan product changes (e.g., switching from a fixed-rate to an adjustable-rate mortgage).
* A prepayment penalty is added, which is the correct answer in this case. A prepayment penalty can significantly impact the borrower's ability to repay the loan early without incurring additional costs, which is why this triggers a new waiting period.
* Changes like the addition of an escrow account (A) or revisions to contact information (D) do not typically require the three-day waiting period, as they do not materially alter the terms of the loan in a way that would affect the borrower's decision to proceed.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* 12 CFR Part 1026 (Regulation Z)

NEW QUESTION # 153
The SAFE Act defines a nontraditional mortgage as all of the following except:

A. 15-year mortgage with an interest rate of 10%.
B. An interest-only mortgage.
C. A 30-year fixed rate mortgage with a 25% down payment.
D. A payment option ARM with a down payment of 5%.

Answer: C

Explanation:
The SAFE Act defines a "nontraditional mortgage" as any loan product other than a 30-year fixed-rate mortgage. Nontraditional loans include adjustable-rate mortgages (ARMs), interest-only loans, payment option ARMs, and other products with features outside the standard fixed-rate structure.
"Nontraditional mortgage product means any mortgage product other than a thirty-year fixed-rate mortgage."
- SAFE Act, 12 USC § 5102(7); NMLS UST Outline
Thus, the 30-year fixed-rate mortgage with a 25% down payment is not nontraditional; all the other examples are.
References:
SAFE Act, 12 USC § 5102(7)
SAFE MLO National Test Study Guide

NEW QUESTION # 154
Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

A. A seller providing financing to the purchaser of a dwelling owned by the seller
B. An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
C. A loan processor performing clerical duties under the direction and supervision of a licensed broker
D. An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan

Answer: A

Explanation:
Under the SAFE Act, individuals who take an application and offer or negotiate terms of a residential mortgage loan for compensation or gain must be licensed as MLOs.
A seller providing financing for the sale of their own property (such as in an owner-finance transaction) is generally required to be licensed as an MLO unless specifically exempted by state or federal law (limited situations, e.g., seller-finance up to 3 properties per year).
Other individuals listed (processors, assistants, underwriters) do not require licensure as long as they are working under the direction and supervision of a licensed MLO and not negotiating loan terms or taking applications.
"Any individual who takes a residential mortgage loan application and offers or negotiates terms for compensation or gain must be licensed as a mortgage loan originator, unless specifically exempted."
- SAFE Act, 12 U.S.C. § 5102(4)
References:
SAFE Act, 12 U.S.C. § 5102(4)
NMLS Uniform State Content Outline

NEW QUESTION # 155
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