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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q107-Q112):

NEW QUESTION # 107
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A. had an MLO license suspended in any governmental jurisdiction.
B. taken and failed the SAFE MLO National Test three times within the last year.
C. been convicted of a felony within the past seven years.
D. never been licensed or registered as an MLO in any governmental jurisdiction.

Answer: C

Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements

NEW QUESTION # 108
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 not permitted as compensation only includes salary and his salary is 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 bonuses and his salary and bonus is not based on loan terms.
D. His compensation is permitted as compensation only includes salary and his salary is not 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 # 109
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. Adverse action
B. Credit closure
C. Denial of credit
D. Account closure

Answer: A

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 # 110
A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

A. Nothing, as the loan has already been approved
B. Recommend that the borrower attend homeownership counseling
C. Tell the borrower not to say anything at closing
D. Notify the underwriter regarding possible change of borrower's employment status

Answer: D

Explanation:
If the mortgage loan originator (MLO) becomes aware of a potential change in the borrower's employment status, such as the company closing and the borrower being laid off, the MLO must notify the underwriter.
The borrower's ability to repay the loan could be impacted by the job loss, and failing to update the underwriter would be a violation of proper lending practices.
* Ignoring the information or withholding it (Options A and B) could lead to loan default and is unethical.
* Homeownership counseling (C) is beneficial but not relevant to the immediate concern of loan approval and repayment ability.
References:
* TILA and Ability-to-Repay Rule (ATR)
* Fannie Mae Guidelines for employment verification

NEW QUESTION # 111
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A. Seller's points offered to reduce the borrower's closing costs
B. A standard credit application fee charged to all loan applicants
C. Document preparation fees for items such as mortgages and deeds
D. Daily or per diem interest paid by borrower

Answer: D

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition

NEW QUESTION # 112
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Pass Guaranteed 2025 NMLS Reliable MLO: Reliable Mortgage Loan Origination (SAFE MLO) Exam Exam Registration

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q107-Q112):

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