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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q14-Q19):
NEW QUESTION # 14
A loan secured by any lien other than the first lien position is referred to as:
Answer: A
Explanation:
A subordinate lien (or junior lien) refers to any loan or claim against a property that is secondary to the first lien (the primary mortgage). Examples include second mortgages, home equity loans, or lines of credit.
"A subordinate lien is a mortgage or other lien that has a lower priority than a previous mortgage or lien."
- SAFE MLO National Test Study Guide
References:
SAFE MLO National Test Study Guide
CFPB, Glossary
NEW QUESTION # 15
Prepaid charges include which of the following items?
Answer: D
Explanation:
Prepaid charges refer to certain upfront costs paid at closing. These include:
* Per diem interest (D), which covers the interest from the closing date to the end of the month.
Other items like origination fees (A), credit report fees (B), and conveyance taxes (C) are not considered prepaid charges; they are typically categorized as closing costs or settlement fees.
References:
* Real Estate Settlement Procedures Act (RESPA)
* TILA-RESPA Integrated Disclosures (TRID)
NEW QUESTION # 16
A consumer with HIV/AIDS is protected from lending discrimination by the:
Answer: A
Explanation:
The Fair Housing Act prohibits discrimination in housing based on disability. Federal courts and HUD have consistently ruled that HIV/AIDS qualifies as a disability under the Act.
"The Fair Housing Act prohibits discrimination in housing based on disability, including HIV/AIDS."
- U.S. Department of Justice; HUD Fair Housing Act Overview
References:
HUD, Housing Discrimination and Persons with HIV/AIDS
DOJ, The Fair Housing Act
NEW QUESTION # 17
The ability to originate loans under temporary authority applies to which of the following?
Answer: B
Explanation:
Temporary authority to originate loans applies to registered MLOs (from a depository institution) who become employed by a state-licensed mortgage company, as well as to state-licensed MLOs seeking licensure in another state, provided they meet all SAFE Act requirements.
"Temporary authority to originate loans applies to... registered mortgage loan originators seeking state licensure and state-licensed MLOs seeking licensure in a new state."
- SAFE Act, 12 U.S.C. § 5117; NMLS Temporary Authority Guidelines
It does not apply to real estate brokers or those who have not passed required testing/background checks.
References:
NMLS, Temporary Authority to Operate
SAFE Act, 12 U.S.C. § 5117
NEW QUESTION # 18
Which of the following actions by a mortgage loan originator is prohibited regarding credit secured by a dwelling?
Answer: A
Explanation:
Mortgage loan originators (MLOs) are subject to strict rules regarding compensation to prevent conflicts of interest and protect consumers. According to the Truth in Lending Act (TILA) Regulation Z, Loan Originator Compensation Rule (12 CFR § 1026.36(d)), an MLO may not receive compensation from both the borrower and any other person (such as a creditor or lender) in a single transaction. This is often referred to as the "anti- dual compensation rule" and is designed to prevent situations where an MLO could be incentivized to steer consumers into less favorable loans for higher pay.
"A loan originator may not receive compensation directly or indirectly from both the consumer and another person in connection with the same transaction."
- 12 CFR § 1026.36(d)(2), Regulation Z, Truth in Lending Act
Other options are not prohibited and are actually required or encouraged by law:
B: Presenting best program options is part of an MLO's fiduciary and ethical duties.
C: Providing required disclosures (e.g., Loan Estimate) within three business days of application is required under TILA/RESPA Integrated Disclosure (TRID) rules.
D: Providing a copy of the credit application is permissible and often requested.
References:
CFPB, "Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z)" SAFE MLO National Test Study Guide
12 CFR § 1026.36(d) Regulation Z
NEW QUESTION # 19
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