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MLO Exam Review - MLO Test Collection

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q164-Q169):

NEW QUESTION # 164
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

A. Standard county related mortgage loan
B. Unified commerce related mortgage loan
C. State registration related mortgage loan
D. Federally related mortgage loan

Answer: D

Explanation:
The Real Estate Settlement Procedures Act (RESPA) applies to federally related mortgage loans, which include:
* Loans made by lenders insured by a federal agency (such as FHA or VA loans)
* Loans intended for sale to Fannie Mae or Freddie Mac
* Loans from lenders that are federally regulated or insured
RESPA's goal is to protect consumers by requiring disclosures related to the costs of real estate transactions, preventing kickbacks, and ensuring transparency in the settlement process. It applies to most residential mortgage loans.
Other options:
* County-related mortgage loans (B), state registration loans (C), and unified commerce loans (D) are not standard terms under RESPA.
References:
* Real Estate Settlement Procedures Act (RESPA)
* 12 CFR Part 1024, Regulation X

NEW QUESTION # 165
When does the Loan Estimate expire?

A. After the 10th business day
B. After the 7th business day
C. After the 3rd business day
D. After the 5th business day

Answer: A

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, the Loan Estimate (LE) expires after 10 business days from the date it was provided, unless the borrower indicates an intent to proceed with the loan. If the borrower does not confirm their intent within 10 business days, the terms and costs in the Loan Estimate are no longer valid, and the lender may issue a new estimate with updated terms.
References:
TRID Rule - Loan Estimate Expiration
12 CFR Part 1026 (Regulation Z)

NEW QUESTION # 166
A lender will require private mortgage insurance for first lien loans with loan-to-value over what percentage?

A. 75%
B. 78%
C. 80%
D. 70%

Answer: C

Explanation:
Private mortgage insurance (PMI) is typically required for conventional first-lien loans when the loan-to- value (LTV) ratio exceeds 80%. That is, when the borrower puts down less than 20% as a down payment.
"PMI is required by lenders on conventional loans with a loan-to-value ratio greater than 80 percent."
- Homeowners Protection Act of 1998; CFPB PMI Guidance
References:
CFPB, When can I remove PMI?

NEW QUESTION # 167
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

A. 30 days
B. 120 days
C. 90 days
D. 60 days

Answer: B

Explanation:
Under the CFPB mortgage servicing rules, a mortgage company cannot initiate foreclosure proceedings until a borrower's loan is at least 120 days delinquent. This rule is designed to give borrowers sufficient time to explore loss mitigation options, such as loan modification, forbearance, or repayment plans, before facing foreclosure.
* The 120-day delinquency rule applies to all residential mortgage loans, providing a mandatory grace period before foreclosure filing.
This requirement is part of the Dodd-Frank Act and is enforced under Regulation X.
References:
* CFPB Mortgage Servicing Rules
* 12 CFR Part 1024 (Regulation X)

NEW QUESTION # 168
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A. Daily or per diem interest paid by borrower
B. A standard credit application fee charged to all loan applicants
C. Document preparation fees for items such as mortgages and deeds
D. Seller's points offered to reduce the borrower's closing costs

Answer: A

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition

NEW QUESTION # 169
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Jim Clark Jim Clark

Biography

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