Updated ExamBoosts NMLS MLO Exam Questions in Three Formats

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q184-Q189):

NEW QUESTION # 184
A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?

A. Start a loan application so that the MLO can obtain the credit report and then show the application as
"withdrawn"
B. Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
C. Offer to obtain the credit report but only if the friend will pay for the cost of the report
D. Ask the friend to provide the MLO with a written authorization to obtain his credit report

Answer: B

Explanation:
The Fair Credit Reporting Act (FCRA) restricts the permissible purposes for which a credit report can be obtained. A mortgage loan originator may only pull a credit report for a bona fide mortgage loan transaction.
Pulling a credit report for a non-mortgage transaction, even with the consumer's consent, is not a permissible purpose.
"A person may obtain a consumer report only if the report is to be used for a permissible purpose under the FCRA. Permissible purposes include credit transactions initiated by the consumer."
- 15 U.S.C. § 1681b; FCRA
References:
FTC, Using Consumer Reports: What Landlords Need to Know
SAFE MLO National Test Study Guide

NEW QUESTION # 185
If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

A. 30 days
B. 60 days
C. 45 days
D. 10 days

Answer: A

Explanation:
According to ECOA (Equal Credit Opportunity Act) and Regulation B, if a borrower waives the right to receive their appraisal three business days before consummation, and the transaction does not close, the creditor must still provide a copy of the appraisal within 30 days of determining that the loan will not consummate.
* This ensures that borrowers still receive essential documentation, even if the loan fails to close.
References:
* ECOA (Equal Credit Opportunity Act), 12 CFR §1002.14(a)(1)
* CFPB Guidelines on appraisal delivery timelines

NEW QUESTION # 186
Interest-only mortgages are considered high risk compared to traditional mortgage products because:

A. scheduled payments do not reduce the loan's principal balance.
B. the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
C. the borrower's ability to repay is not considered when making the credit decision.
D. the interest rate exceeds the APOR by 6.5 percentage points.

Answer: A

Explanation:
Interest-only mortgages are considered higher risk compared to traditional mortgages because the borrower' s scheduled payments only cover the interest on the loan, and none of the principal balance is reduced during the interest-only period. As a result, the loan balance remains unchanged, which increases the risk for both the borrower and lender if the value of the home decreases or if the borrower cannot make larger payments when the principal becomes due.
* Other risks, such as exceeding the APOR (Average Prime Offer Rate) by a certain margin (C, D), apply to high-cost mortgages, not specifically interest-only loans.
References:
* CFPB Qualified Mortgage and Ability-to-Repay Rule
* Fannie Mae Guidelines on interest-only mortgages

NEW QUESTION # 187
When there is no tax return history for a rental property, the Federal Housing Administration (FHA) requires gross rental income to be documented and reduced by what percentage?

A. 20%
B. 10%
C. 25%
D. 15%

Answer: C

Explanation:
When there is no tax return history for a rental property, FHA guidelines require lenders to reduce the gross rental income by 25% to account for vacancies and maintenance.
"If there is no history of rental income on the borrower's tax returns, the lender must reduce the market rent by 25% before considering it as effective income."
- HUD 4000.1 FHA Single Family Housing Policy Handbook
References:
HUD 4000.1, FHA Rental Income Requirements (see Rental Income)

NEW QUESTION # 188
A loan that is meant to be offered to prospective borrowers with poor credit history is generally referred to by which of the following terms?

A. Fixed-rate
B. Balloon
C. Subprime
D. Interest-only

Answer: C

Explanation:
A subprime loan is a type of loan offered to borrowers with low credit scores or other risk factors. These loans typically have higher interest rates to compensate for increased risk.
"Subprime loans are made to borrowers who have poor or limited credit histories and pose a higher risk of default."
- SAFE MLO National Test Study Guide
References:
CFPB, Subprime Mortgage Definition

NEW QUESTION # 189
......

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Updated ExamBoosts NMLS MLO Exam Questions in Three Formats

100% Pass 2025 NMLS Latest MLO: New Mortgage Loan Origination (SAFE MLO) Exam Test Duration

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q184-Q189):

2025 100% Free MLO –High-quality 100% Free New Test Duration | Real Mortgage Loan Origination (SAFE MLO) Exam Questions

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