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Exam MLO Reference & MLO Certification Materials

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q78-Q83):

NEW QUESTION # 78
Which of the following responses describes the loan-to-value ratio when buying a home?

A. The total loan amount, plus mortgage insurance, divided by the appraised value
B. The loan amount divided by the appraised value
C. The loan amount divided by the lesser of the appraised value or the sales price
D. The total loan amount, plus closing costs, divided by the appraised value

Answer: C

Explanation:
The loan-to-value (LTV) ratio is calculated by dividing the loan amount by the lesser of the appraised value or the purchase price of the property. This protects lenders from over-lending on a property that may have a sales price above its actual market value.
"The loan-to-value ratio is calculated by dividing the loan amount by the lesser of the appraised value or sales price."
- Fannie Mae Selling Guide; SAFE MLO National Test Study Guide
References:
Fannie Mae, LTV Ratio Definition

NEW QUESTION # 79
Which of the following actions by a mortgage loan originator is prohibited regarding credit secured by a dwelling?

A. Providing disclosures within three days of an application
B. Presenting program options that best qualify and satisfy the consumer
C. Providing a copy of the credit application to the primary borrower
D. Receiving compensation from both the borrower and the lender

Answer: D

Explanation:
Mortgage loan originators (MLOs) are subject to strict rules regarding compensation to prevent conflicts of interest and protect consumers. According to the Truth in Lending Act (TILA) Regulation Z, Loan Originator Compensation Rule (12 CFR § 1026.36(d)), an MLO may not receive compensation from both the borrower and any other person (such as a creditor or lender) in a single transaction. This is often referred to as the "anti- dual compensation rule" and is designed to prevent situations where an MLO could be incentivized to steer consumers into less favorable loans for higher pay.
"A loan originator may not receive compensation directly or indirectly from both the consumer and another person in connection with the same transaction."
- 12 CFR § 1026.36(d)(2), Regulation Z, Truth in Lending Act
Other options are not prohibited and are actually required or encouraged by law:
B: Presenting best program options is part of an MLO's fiduciary and ethical duties.
C: Providing required disclosures (e.g., Loan Estimate) within three business days of application is required under TILA/RESPA Integrated Disclosure (TRID) rules.
D: Providing a copy of the credit application is permissible and often requested.
References:
CFPB, "Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z)" SAFE MLO National Test Study Guide
12 CFR § 1026.36(d) Regulation Z

NEW QUESTION # 80
A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A. take both applications and do one loan "in house" and broker the second loan to another lender.
B. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
C. refer the purchase loan to another MLO in their company to obtain a referral fee.
D. advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.

Answer: D

Explanation:
The MLO must advise the borrower that if they plan to purchase a new home shortly after refinancing, they must disclose this information upfront. Since the terms of the refinance loan require that the borrower occupy the property for 12 months, the MLO should suggest refinancing the current property as a non-owner- occupied loan if the borrower does not intend to stay in the home. This approach ensures compliance with the loan terms and avoids potential mortgage fraud.
* Other options (A, B, C) involve potential conflicts of interest or violations of the loan terms.
References:
* Fannie Mae Guidelines on occupancy requirements
* CFPB Guidelines on owner-occupied versus non-owner-occupied loans

NEW QUESTION # 81
A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?

A. His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.
B. His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.
C. His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.
D. His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.

Answer: B

Explanation:
Under Dodd-Frank Act regulations and Regulation Z (TILA), mortgage loan originators (MLOs) cannot be compensated based on the terms of the loan, such as interest rates, loan amount, or product type. This includes any financial incentives, like bonuses or rewards, tied to loan terms. In this case:
* The trip to Hawaii was awarded based on closing loans with an interest rate of 5% or higher, which directly ties the MLO's compensation to a specific loan term (the interest rate).
* This violates the Loan Originator Compensation Rule, which prohibits compensating MLOs based on the terms or conditions of a loan, in order to protect borrowers from steering into unfavorable loan products.
Therefore, all forms of compensation-including bonuses, trips, or other rewards-are scrutinized if they are tied to loan terms, making the MLO's trip to Hawaii an illegal incentive under current law.
References:
* Dodd-Frank Act - Loan Originator Compensation Rules
* TILA/Regulation Z - Anti-Steering and Loan Terms Compensation Rules

NEW QUESTION # 82
Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?

A. £250,000
B. £500,000
C. $750,000
D. $1,000,000

Answer: A

Explanation:
The maximum available flood insurance structure coverage for a residential property under the National Flood Insurance Program (NFIP) is £250,000. The NFIP is a federal program that provides flood insurance to property owners in participating communities.
* The £250,000 limit applies specifically to residential property structures. For contents coverage, the maximum is $100,000.
Higher coverage limits, such as $500,000 or $1,000,000, may be available through private insurers, but the NFIP itself caps coverage at $250,000 for structures.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Manual

NEW QUESTION # 83
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Leah Bennett Leah Bennett

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