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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q93-Q98):

NEW QUESTION # 93
During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

A. close the loan, then re-disclose after the loan funds.
B. tell the borrower to close the loan.
C. postpone the closing, re-disclose and wait three business days.
D. postpone the closing, re-disclose and wait three days.

Answer: C

Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rules, any significant change to the Annual Percentage Rate (APR) beyond the allowed tolerance before closing requires the lender to provide a revised Closing Disclosure (CD). If the APR increases by more than 0.125% for fixed-rate loans, the lender must re- disclose the CD and provide the borrower with at least three business days to review the updated terms before consummation (closing).
* In this case, the interest rate increase from 3.250% to 3.875% is a significant change that impacts the APR, triggering the need for re-disclosure and the mandatory three-business-day waiting period.
* The lender must postpone the closing until the new three-day waiting period passes to ensure compliance with TRID regulations.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB TRID Guidelines

NEW QUESTION # 94
Which of the following scenarios describes an assumable loan?

A. A loan holder can sell the loan.
B. A purchaser of a property may be able to take over the existing loan payments.
C. A borrower has an option to choose a loan servicer.
D. A borrower has an option to take out a second mortgage

Answer: B

Explanation:
An assumable loan is a loan in which a purchaser of a property has the option to take over the existing loan payments under the same terms as the original borrower. This can happen with certain types of loans, such as FHA or VA loans, which allow the buyer to assume the mortgage, potentially at a more favorable interest rate than current market rates.
* Options like taking out a second mortgage (A), choosing a loan servicer (B), or selling the loan (D) do not describe assumable loans.
References:
* FHA Guidelines on Assumable Loans
* VA Loan Assumption Guidelines

NEW QUESTION # 95
Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

A. It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
B. It ensures that the terms and fees that are quoted at the time of application do not change.
C. It provides a three-day cooling-off period for all loans
D. It allows borrowers five days to review the final amount needed for settlement.

Answer: A

Explanation:
The purpose of the TILA-RESPA Integrated Disclosure (TRID) rule is to aid borrowers in understanding the loan transaction process by using clear and readily understandable language in the Loan Estimate (LE) and Closing Disclosure (CD) forms. TRID simplifies and standardizes the mortgage disclosure process, making it easier for borrowers to understand the costs, terms, and potential risks of their loan.
* TRID does not provide a cooling-off period (A) or prevent loan terms from changing (C), but it requires transparency and clarity in disclosure.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19
* CFPB Guidelines on TRID compliance

NEW QUESTION # 96
Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

A. 30-year conventional mortgage lending standards
B. Credit score modeling standards
C. Mortgage loan loss mitigation standards
D. Nontraditional mortgage lending standards

Answer: D

Explanation:
Under the SAFE Act, mortgage loan originators (MLOs) must complete 8 hours of continuing education (CE) each year to maintain their licenses. The required CE topics include:
* 3 hours of federal law and regulations.
* 2 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending.
* 2 hours on nontraditional mortgage lending standards, which refers to loan products that do not have fixed interest rates, such as adjustable-rate mortgages (ARMs) and other alternative loan types.
* 1 elective hour, which can vary based on state or company preferences.
The focus on nontraditional mortgage lending helps ensure MLOs understand the complexities and risks of nonstandard loan products.
References:
* SAFE Act Continuing Education Requirements
* NMLS Annual Renewal Guidelines

NEW QUESTION # 97
The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

A. adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
B. adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
C. implement a written program to detect warning signs of identity theft.
D. implement an internal watch system to prevent the misrepresentation of occupancy status

Answer: C

Explanation:
The Red Flags Rule, under the Fair and Accurate Credit Transactions Act (FACTA), requires lenders and other financial institutions to develop and implement a written Identity Theft Prevention Program. This program must detect, prevent, and mitigate identity theft by identifying "red flags" that signal potential fraud, such as:
* Unusual account activity
* Inconsistent or mismatched identification information
* Suspicious patterns in credit applications
Lenders are required to take steps to verify identities, monitor transactions, and respond to signs of identity theft to protect consumers and minimize fraud risk.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* Red Flags Rule under 16 CFR 681.2

NEW QUESTION # 98
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