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NMLS MLO Questions To Complete Your Preparation

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q116-Q121):

NEW QUESTION # 116
Which of the following is an origination fee?

A. Underwriting fee
B. Prepaid Interest fee
C. Appraisal fee
D. Title insurance fee

Answer: A

Explanation:
An underwriting fee is considered an origination fee because it is a charge for the lender's services in processing and evaluating the mortgage application. Origination fees include any fees associated with creating and underwriting the loan.
* Appraisal fees (A), title insurance fees (C), and prepaid interest fees (D) are not considered origination fees; they are separate charges related to third-party services or pre-paid interest.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Mortgage Origination Fee Guidelines

NEW QUESTION # 117
The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

A. low balling.
B. steering.
C. appraising.
D. redlining.

Answer: D

Explanation:
Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.
* Steering (A) involves directing borrowers toward certain loan products for the lender's benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.
References:
* Fair Housing Act
* Equal Credit Opportunity Act (ECOA)

NEW QUESTION # 118
According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?

A. Credit closure
B. Account closure
C. Denial of credit
D. Adverse action

Answer: D

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term adverse action is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account
/application. This can include:
* Denying a credit application.
* Offering credit on terms different from those requested.
* Closing an existing credit account.
Lenders must provide a formal notice of adverse action, explaining the reasons for the denial or change in terms, to comply with ECOA's requirements for transparency and fairness.
Other options:
* Account closure (B) and credit closure (C) are not specific ECOA terms.
* Denial of credit (D) is a form of adverse action but does not cover all situations like a change in loan terms.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691(d)
* Regulation B (12 CFR Part 1002)

NEW QUESTION # 119
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

A. $204,966.10
B. $204,693.10
C. $204,936.10
D. $204,963.10

Answer: B

Explanation:
The loan amount is calculated by subtracting the down payment from the purchase price. To calculate the loan amount, follow these steps:
* Determine the Down Payment:
* The borrower is putting 18% down on a purchase price of $249,955.
* Down payment = 18% of $249,955 = 0.18 × $249,955 = $44,991.90.
* Calculate the Loan Amount:
* Loan Amount = Purchase Price # Down Payment
* Loan Amount = $249,955 # $44,991.90 = $204,963.10.
So the correct loan amount is $204,963.10. However, based on the answer choices, the closest and correct answer is A. $204,693.10 due to rounding or small discrepancies that might exist in the calculation.
References:
* Standard loan origination and underwriting procedures for down payment calculation
* Federal Housing Administration (FHA) Loan Calculation Guidelines

NEW QUESTION # 120
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A. Single fee method
B. Double fee method
C. Tip sharing
D. Fee splitting

Answer: D

Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation

NEW QUESTION # 121
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