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2025 NMLS MLO: Newest Examcollection Mortgage Loan Origination (SAFE MLO) Exam Free Dumps

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q52-Q57):

NEW QUESTION # 52
A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

A. The MLO must present them with a home equity line of credit (HELOC).
B. The MLO must inquire about the ability to repay in the event of a borrower's death.
C. The MLO must complete the application and proceed as normal.
D. The MLO must present them with a reverse mortqaqe.

Answer: C

Explanation:
Under the Equal Credit Opportunity Act (ECOA), age cannot be a basis for discrimination in the loan application process. If borrowers are over 72 years old, the MLO must complete the application and proceed as normal, treating them the same as any other applicant. The MLO should not make assumptions about the borrowers' needs, such as automatically suggesting a reverse mortgage (A) or a home equity line of credit (B). Similarly, there is no obligation for the MLO to inquire specifically about the borrower's ability to repay in the event of death (D), as this would be age discrimination.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB Guidelines on age and lending practices

NEW QUESTION # 53
Which of the following fees must remain the same unless a valid changed circumstance occurs?

A. Fees paid to an affiliate of the lender
B. Total per diem interest
C. Owner's title insurance premium
D. Homeowner's insurance

Answer: A

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) Rule, fees paid to affiliates of the lender (e.g., title companies, appraisers) must remain the same on the Loan Estimate (LE) unless there is a valid changed circumstance (such as a significant change in the loan terms or property value). These fees fall under the zero-tolerance category, meaning they cannot increase from the amount disclosed on the LE unless a change in circumstance justifies the increase.
* Other costs like per diem interest (A), homeowner's insurance (B), and owner's title insurance premiums (C) can change, as they are not subject to the same zero-tolerance rules.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19
* CFPB TRID Guidelines on fee tolerance

NEW QUESTION # 54
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
B. A loan officer presents a consumer with loan options from multiple creditors with various fees.
C. A loan officer presents a consumer with a loan that has the lowest total amount of fees.
D. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.

Answer: D

Explanation:
Steering occurs when a loan officer influences or directs a borrower towards a specific loan product or lender based on the compensation the loan officer will receive, rather than the borrower's best interests. In Option C
, the loan officer is steering the borrower to a loan from a particular lender to earn higher compensation, which is prohibited under the Dodd-Frank Act and TILA's Loan Originator Compensation Rule.
Other options:
* Option A describes offering a loan with higher fees, but it does not indicate that compensation is the motive, so it is not a clear example of steering.
* Option B and Option D describe fair loan presentation practices.
References:
* Dodd-Frank Act, Loan Originator Compensation Rule
* Truth in Lending Act (TILA), 12 CFR Part 1026

NEW QUESTION # 55
A mortgage loan in which a large portion of the borrowed principal is repaid at the end of the loan period is known as a:

A. qualified mortgage.
B. deferred-payment mortgage.
C. FHA mortgage.
D. balloon mortgage.

Answer: D

Explanation:
A balloon mortgage is a type of loan where a large portion of the principal is repaid in a lump sum at the end of the loan term. This structure often features smaller, periodic payments during the life of the loan, with the remaining balance (the balloon payment) due at the end of the loan period. Balloon mortgages are typically shorter-term loans, such as 5 or 7 years.
* This differs from other loan types:
* FHA mortgages (A) are fully amortized loans backed by the government.
* Qualified mortgages (C) meet specific ability-to-repay standards and are fully amortized.
* Deferred-payment mortgages (D) often refer to reverse mortgages or loans with delayed payment schedules, which are not the same as balloon loans.
References:
* Fannie Mae and Freddie Mac Mortgage Guidelines on balloon loans
* Truth in Lending Act (TILA) definitions of mortgage types

NEW QUESTION # 56
Which of the following statements is permissible in an advertisement?

A. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
B. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."
C. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
D. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."

Answer: C

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules

NEW QUESTION # 57
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