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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q57-Q62):
NEW QUESTION # 57
How many days before consummation must a borrower receive a revised Loan Estimate?
- A. 5 business days
- B. 10 business days
- C. 4 business days
- D. 7 business days
Answer: D
Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, borrowers must receive the Loan Estimate (LE) at least 7 business days before consummation of the loan. This rule allows borrowers ample time to review the terms and costs of the mortgage before closing.
If a revised Loan Estimate is issued due to changes in circumstances (e.g., interest rate changes, property changes), the borrower still needs to receive it no later than 7 business days before consummation.
References:
* TRID (TILA-RESPA Integrated Disclosure Rule), 12 CFR §1026.19(f)
* CFPB Loan Estimate Requirements
NEW QUESTION # 58
Offering or negotiating the terms of a loan includes which of the following actions?
- A. Providing general explanations or descriptions in response to a consumer's inquiry
- B. Presenting particular loan terms to an applicant verbally, in writing, or otherwise
- C. Making an underwriting decision about whether an applicant qualifies for a loan
- D. Arranging the loan closing or other aspects of the loan process
Answer: B
Explanation:
Under the SAFE Act, offering or negotiating the terms of a loan includes presenting specific loan terms to an applicant, whether verbally, in writing, or through any other communication method. This activity directly involves discussing or negotiating loan details like interest rates, loan amounts, and repayment terms, which requires licensure as a mortgage loan originator (MLO).
* Providing general explanations (A) and arranging loan closings (D) do not require an MLO license because they do not involve negotiating or offering specific loan terms.
* Making underwriting decisions (B) is also a separate activity not considered "offering or negotiating" loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Guidelines on MLO licensure requirements
NEW QUESTION # 59
What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?
- A. $250,000 for residential property structures
- B. $150,000 for residential property structures
- C. $350,000 for residential property structures
- D. $50,000 for residential property structures
Answer: A
Explanation:
The minimum amount of flood insurance required by lenders for a residential building located in a Special Flood Hazard Area (SFHA) is the lesser of:
* 100% of the replacement cost of the structure, or
* The maximum available under the National Flood Insurance Program (NFIP), which is $250,000 for residential property structures.
This requirement ensures that the property is adequately covered in case of flood damage.
References:
* National Flood Insurance Program (NFIP) Guidelines
* Flood Disaster Protection Act (FDPA)
NEW QUESTION # 60
Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?
- A. The borrower's attestation that he expects a raise within 30 days
- B. A copy of a check register
- C. An electronic paystub
- D. The income stated on the loan application
Answer: C
Explanation:
To verify a borrower's income for the ability-to-repay (ATR) requirements, lenders must rely on verified documentation, such as:
* Electronic paystubs
* W-2 forms
* Tax returns
An electronic paystub is acceptable as it provides detailed proof of the borrower's income, including salary, deductions, and other compensation.
* Items like a check register (B), the income stated on the loan application (C), or a borrower's attestation (D) without documentation are not considered valid forms of income verification.
References:
* Dodd-Frank Act - Ability-to-Repay Rule
* CFPB Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule
NEW QUESTION # 61
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. balloon mortgage.
- B. FHA mortgage.
- C. deferred-payment mortgage.
- D. qualified mortgage.
Answer: A
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 # 62
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