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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q56-Q61):

NEW QUESTION # 56
Which of the following federal laws requires disclosures intended to prevent lenders or mortgage loan originators (MLOs) from increasing fees during the origination process?

A. Real Estate Settlement Procedures Act (RESPA1)
B. Home Mortgage Disclosure Act (HMDA)
C. Truth in Lending Act (TILA)
D. Equal Credit Opportunity Act (ECOA)

Answer: A

Explanation:
The Real Estate Settlement Procedures Act (RESPA) requires disclosures intended to prevent lenders and mortgage loan originators (MLOs) from increasing fees during the loan origination process. RESPA mandates the disclosure of estimated fees through the Loan Estimate (LE) and ensures that fees do not change substantially from the Loan Estimate to the final Closing Disclosure (CD) unless specific conditions justify the changes. This protects borrowers from "fee increases" during the settlement process.
* While TILA (A) deals with disclosure of loan terms and APR, RESPA (D) focuses specifically on fees and closing costs during origination.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2601
* CFPB RESPA Guidelines on fee tolerances

NEW QUESTION # 57
The characteristics of a fixed-rate mortgage include a:

A. fixed margin.
B. minimum balloon payment.
C. mandatory 30-year term.
D. fixed interest rate.

Answer: D

Explanation:
A fixed-rate mortgage is characterized by a fixed interest rate that remains constant throughout the life of the loan, ensuring that the borrower's monthly principal and interest payments remain the same over time.
This is the defining feature of a fixed-rate mortgage.
Other options:
* A fixed margin (A) applies to adjustable-rate mortgages (ARMs).
* Mandatory 30-year terms (C) and balloon payments (D) are not characteristics of a fixed-rate mortgage, as fixed-rate loans can have varying term lengths (15, 20, or 30 years) without balloon payments.
References:
* Fannie Mae Selling Guide on fixed-rate mortgages
* Freddie Mac Mortgage Products

NEW QUESTION # 58
Which of the following duties requires licensure under the SAFE Act?

A. An individual who performs processing and underwriting duties at the direction of and subject to the supervision of a licensed individual
B. A licensed and registered real estate broker performing real estate brokerage activities
C. An individual who offers or negotiates terms of a residential mortgage loan for compensation or gain
D. An individual who performs administrative or clerical tasks on behalf of a mortgage loan originator

Answer: C

Explanation:
Under the SAFE Act, an individual must be licensed as a mortgage loan originator (MLO) if they take a residential mortgage loan application and offer or negotiate terms for compensation or gain. Activities such as only performing clerical or support duties, or acting solely as a real estate broker in their normal capacity, do not require an MLO license.
"The term 'mortgage loan originator'... means an individual who (i) takes a residential mortgage loan application; and (ii) offers or negotiates terms of a residential mortgage loan for compensation or gain."
- SAFE Act, 12 USC § 5102(4)
References:
SAFE Act, 12 USC § 5102(4)
NMLS Uniform State Content Outline

NEW QUESTION # 59
Which of the following components of an ARM adjusts periodically?

A. Margin, index and interest rate
B. Index and margin only
C. Margin and interest rate only
D. Index and interest rate only

Answer: D

Explanation:
In an Adjustable-Rate Mortgage (ARM), the index is a benchmark interest rate that can change periodically, and the interest rate on the loan adjusts based on changes to this index, plus a fixed margin. The margin itself remains fixed throughout the life of the loan.
"The interest rate on an ARM is composed of two parts: the index (which fluctuates) and the margin (which is fixed). The interest rate adjusts periodically based on changes in the index."
- SAFE MLO National Test Study Guide; CFPB's Consumer Handbook on ARMs
References:
CFPB, Consumer Handbook on Adjustable-Rate Mortgages
SAFE MLO National Test Study Guide

NEW QUESTION # 60
Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

A. NMLS
B. The Federal Trade Commission
C. A state regulator
D. The Conference of State Bank Supervisors

Answer: C

Explanation:
For state-licensed, non-depository lenders, the primary regulatory authority is the state regulator in the jurisdiction where the lender operates. Each state has its own agency or department responsible for overseeing licensing, compliance, and enforcement of mortgage laws for non-depository institutions.
* The NMLS (A) is the system used to manage licenses but is not a regulatory authority.
* The Federal Trade Commission (B) oversees federal consumer protection laws but is not the primary regulator for state-licensed lenders.
* The Conference of State Bank Supervisors (CSBS) (D) helps coordinate state regulation but does not directly regulate individual lenders.
References:
SAFE Act, 12 USC §5101
NMLS and State Regulator Guidelines

NEW QUESTION # 61
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Newest NMLS MLO Latest Exam Online | Try Free Demo before Purchase

Trusting Reliable MLO Latest Exam Online Is The Quickest Way to Pass Mortgage Loan Origination (SAFE MLO) Exam

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q56-Q61):

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