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Reliable NMLS MLO Exam Question | Valid MLO Study Materials

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q55-Q60):

NEW QUESTION # 55
The term "primary mortgage market" refers to which of the following responses?

A. The process by which mortgages are pooled and converted to marketable securities
B. The medium in which mortgages are bought and sold following origination
C. The role of Fannie Mae, Freddie Mac and Ginnie Mae in the mortgage industry
D. The confluence of borrowers and mortgage loan originators to negotiate loan terms and complete mortgage transactions

Answer: D

Explanation:
The primary mortgage market is where borrowers and lenders (such as banks, credit unions, and mortgage companies) come together to negotiate and complete mortgage transactions. The secondary market is where existing mortgages are bought and sold between investors.
"The primary mortgage market is composed of lenders who originate mortgage loans directly to consumers."
- SAFE MLO National Test Study Guide
References:
SAFE MLO National Test Study Guide
CFPB, Mortgage Market Overview

NEW QUESTION # 56
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

A. taxable income.
B. net monthly income
C. gross monthly income.
D. loan amount.

Answer: C

Explanation:
In a debt-to-income (DTI) analysis, the borrower's total monthly housing-related payments (including principal, interest, taxes, insurance, and any homeowner association fees) are assessed as a percentage of their gross monthly income. Lenders use the gross income, which is the borrower's income before taxes and deductions, to determine affordability and creditworthiness.
* Net monthly income (A) and taxable income (C) are not used in standard DTI calculations.
* The loan amount (D) is unrelated to the DTI calculation.
References:
* Fannie Mae and Freddie Mac Guidelines on DTI ratios
* CFPB Guidelines on Ability-to-Repay and DTI

NEW QUESTION # 57
Which of the following does a higher-priced mortgage require if the seller acquired the home 90 days or fewer prior to the date of the purchase contract and the sales price exceeds the seller's acquisition price by more than
10%?

A. Two written appraisals only
B. Two written appraisals and one automated valuation model
C. One written appraisal and one broker price opinion
D. One written appraisal only and one automated valuation model

Answer: A

Explanation:
Under Regulation Z, Section 1026.35(c), for higher-priced mortgage loans (HPMLs), if the seller acquired the property 90 days or less before the date of the borrower's purchase agreement and the resale price exceeds the seller's acquisition price by more than 10%, the lender must obtain two written appraisals from different certified or licensed appraisers.
"A creditor must obtain two written appraisals if the seller acquired the property 90 days or fewer prior to the date of the consumer's agreement to acquire the property and the price exceeds the seller's acquisition price by more than 10 percent."
- 12 CFR § 1026.35(c)(4)(i)
References:
CFPB, Higher-Priced Mortgage Loans Appraisal Rule
SAFE MLO National Test Study Guide

NEW QUESTION # 58
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

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

Answer: A

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 # 59
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:

A. balloon mortgage.
B. FHA mortgage.
C. deferred-payment mortgage.
D. qualified mortgage.

Answer: A

Explanation:
A balloon mortgage is a type of loan where a large portion of the principal is repaid in a lump sum at the end of the loan term. This structure often features smaller, periodic payments during the life of the loan, with the remaining balance (the balloon payment) due at the end of the loan period. Balloon mortgages are typically shorter-term loans, such as 5 or 7 years.
* This differs from other loan types:
* FHA mortgages (A) are fully amortized loans backed by the government.
* Qualified mortgages (C) meet specific ability-to-repay standards and are fully amortized.
* Deferred-payment mortgages (D) often refer to reverse mortgages or loans with delayed payment schedules, which are not the same as balloon loans.
References:
* Fannie Mae and Freddie Mac Mortgage Guidelines on balloon loans
* Truth in Lending Act (TILA) definitions of mortgage types

NEW QUESTION # 60
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Leo White Leo White

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