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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q231-Q236):

NEW QUESTION # 231
Which of the following is an origination fee?

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

Answer: C

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 # 232
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

A. compliance plan.
B. unique identifier
C. originator counseling certificate.
D. high school diploma.

Answer: B

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all mortgage loan originators (MLOs) to obtain a unique identifier through the Nationwide Multistate Licensing System (NMLS) before engaging in the business of residential mortgage loan origination. This identifier is used to track MLOs across state lines and ensure accountability and transparency in the mortgage industry.
* A compliance plan (B) or other qualifications like a high school diploma (C) or counseling certificate (D) are not specific SAFE Act requirements for engaging in mortgage origination.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 233
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. Adverse action
D. Denial of credit

Answer: C

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 # 234
A veteran borrower obtains a VA loan to purchase a property for $200,000 and opts to finance the entire purchase price plus the VA funding fee of 2.15%. The initial payment for principal and interest will be calculated based on a loan amount of:

A. $200,000 plus lender's attorney fees
B. $204,300
C. $204,300 plus lender's attorney fees
D. $200,000

Answer: B

Explanation:
The VA funding fee can be financed into the loan amount. The fee is calculated as a percentage of the base loan ($200,000 x 2.15% = $4,300). The total loan amount is thus $204,300.
"The VA funding fee may be included in the loan. The total loan amount is the base loan plus the funding fee."
- VA Lender's Handbook, Chapter 8: Loan Approval and Closing
References:
VA Lender's Handbook, Chapter 8
CFPB, VA Loan Funding Fee

NEW QUESTION # 235
Which of the following statements best describes the index on an ARM?

A. The Federal Reserve adjusts the discount rate index.
B. The index rate is fixed for the life of the loan.
C. Mortgage lenders control the value of the index.
D. Index rates vary as the general level of interest rates change.

Answer: D

Explanation:
The index for an adjustable-rate mortgage (ARM) is tied to a published benchmark (such as LIBOR, SOFR, or U.S. Treasury securities). Index rates fluctuate over time as the general level of interest rates in the market changes.
"The index is a published interest rate to which the interest rate on an ARM is tied. The index rate changes over time, usually in line with general market rates."
- CFPB, Consumer Handbook on Adjustable-Rate Mortgages (CHARM)
References:
CFPB, What is an ARM?

NEW QUESTION # 236
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