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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q194-Q199):

NEW QUESTION # 194
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. If the APR changes within the acceptable tolerance
• D. The addition of a prepayment penalty

Answer: D

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 # 195
Which of the following responses describes the primary reason to conduct a title search?

• A. To confirm the identity of the applicant
• B. To determine whether a buyer can purchase the collateral property
• C. To determine the amount of homeowner's insurance required
• D. To identify any preexisting liens against the collateral property

Answer: D

Explanation:
A title search is performed during the mortgage process to uncover any preexisting claims, liens, judgments, or encumbrances on the property. This ensures that the lender and buyer are aware of any legal interests other parties may have and helps establish clear ownership.
"A title search is a review of public records to determine and confirm a property's legal ownership, and to find out what claims or liens are on the property."
- CFPB, Buying a House: Settlement Process Overview
Confirming applicant identity, insurance, or purchase ability are not the primary purposes of a title search.
References:
CFPB, What is a title search?

 

NEW QUESTION # 196
A mortgage loan originator is not required to provide an applicant with an initial Loan Estimate within the three business day period requirement if the applicant does which of the following?

• A. Signs a Truth in Lending statement
• B. Waives the right to receive a Loan Estimate
• C. Has not selected a loan program
• D. Withdraws the application within three business days

Answer: D

Explanation:
If an applicant withdraws the application or the loan is denied by the creditor within three business days of receiving the application, the creditor is not required to provide a Loan Estimate.
"If the creditor determines within the three-business-day period that the application will not or cannot be approved on the terms requested, and notifies the applicant, a Loan Estimate is not required."
- 12 CFR § 1026.19(e)(1)(iii)
References:
CFPB, TILA-RESPA Integrated Disclosure Rule Guide
12 CFR § 1026.19(e)(1)(iii)

 

NEW QUESTION # 197
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 # 198
Closed-end residential mortgage loan products, which are always classified as nontraditional mortgage loans, include:

• A. High-interest mortgage loans.
• B. 30-year, fixed-rate mortgage loans.
• C. Fully amortizing mortgage loans.
• D. Interest-only mortgage loans.

Answer: D

Explanation:
According to the SAFE Act, a nontraditional mortgage loan is any loan product other than a 30-year, fixed- rate mortgage. Interest-only mortgage loans are specifically mentioned as an example of nontraditional loans.
"The term 'nontraditional mortgage product' means any mortgage product other than a thirty-year fixed-rate mortgage."
- SAFE Act, 12 U.S.C. § 5102(7)
References:
SAFE Act, 12 U.S.C. § 5102(7)
SAFE MLO National Test Study Guide

 

NEW QUESTION # 199
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