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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q228-Q233):

NEW QUESTION # 228
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. Account closure
B. Adverse action
C. Credit closure
D. Denial of credit

Answer: B

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 # 229
A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?

A. Regulation Z does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower.
B. Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided
C. Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."
D. Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."

Answer: D

Explanation:
Regulation Z allows creditors to provide a written estimate of costs before a Loan Estimate is triggered, provided the estimate clearly states that the figures are not binding and are not the official Loan Estimate. The required statement is:
"Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
"If a creditor provides a written estimate of terms or costs before providing the Loan Estimate, the creditor must clearly and conspicuously state at the top of the first page, in 12-point font, 'Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.'"
- 12 CFR § 1026.19(e)(2)(ii), Regulation Z
References:
CFPB, TILA-RESPA Integrated Disclosure Rule Guide
12 CFR § 1026.19(e)(2)(ii)

NEW QUESTION # 230
Which of the following services is included in the definition of a settlement service?

A. Homeowners association fees
B. Flood insurance
C. Title company/escrow agent services
D. Sale of the mortgage loan on the secondary market

Answer: C

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), settlement services include activities related to closing the mortgage loan, such as title company services and escrow agent services. These services are integral to the settlement process and ensure that the transaction is completed legally and correctly.
* Flood insurance (A) is required for properties in flood zones but is not considered a settlement service.
* Homeowners association fees (B) and the sale of the mortgage loan on the secondary market (D) are also not part of the settlement services.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2602
* CFPB RESPA Guidelines on settlement services

NEW QUESTION # 231
Which of the following responses describes the required amount of flood insurance coverage?

A. The minimum amount of National Flood Insurance Program coverage available
B. The outstanding principal balance of the loan
C. The property value on file with the county property valuation administrator office
D. The original appraised value of the home

Answer: B

Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is
$250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
National Flood Insurance Program (NFIP)
FEMA Flood Insurance Guidelines

NEW QUESTION # 232
The ability to originate loans under temporary authority applies to which of the following?

A. Previously licensed real estate brokers
B. An MLO who is still waiting for their credit check to be completed
C. An MLO who has scheduled their test but not completed it
D. Previously registered mortgage loan originators (MLOs)

Answer: D

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 # 233
......

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q228-Q233):

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