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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q146-Q151):

NEW QUESTION # 146
The characteristics of a fixed-rate mortgage include a:

A. mandatory 30-year term.
B. fixed margin.
C. minimum balloon payment.
D. fixed interest rate.

Answer: D

Explanation:
A fixed-rate mortgage is characterized by a fixed interest rate that remains constant throughout the life of the loan, ensuring that the borrower's monthly principal and interest payments remain the same over time.
This is the defining feature of a fixed-rate mortgage.
Other options:
* A fixed margin (A) applies to adjustable-rate mortgages (ARMs).
* Mandatory 30-year terms (C) and balloon payments (D) are not characteristics of a fixed-rate mortgage, as fixed-rate loans can have varying term lengths (15, 20, or 30 years) without balloon payments.
References:
* Fannie Mae Selling Guide on fixed-rate mortgages
* Freddie Mac Mortgage Products

NEW QUESTION # 147
Under the SAFE Act, which of the following individuals is not a "mortgage loan originator"?

A. An individual who takes a loan application for compensation
B. An individual who quotes interest rates to a consumer for compensation
C. An individual who negotiates credit terms on behalf of a consumer for compensation
D. An individual who handles the collection of a mortgage payment from a consumer for compensation

Answer: D

Explanation:
The SAFE Act defines a mortgage loan originator (MLO) as someone who takes a residential mortgage loan application and offers or negotiates terms for compensation or gain. An individual who only handles the collection of mortgage payments is not acting as an MLO under the Act.
"Mortgage loan originator means an individual who (i) takes a residential mortgage loan application; and (ii) offers or negotiates terms of a residential mortgage loan for compensation or gain. The term does not include an individual who only performs administrative or clerical tasks or who only collects mortgage payments."
- SAFE Act, 12 U.S.C. § 5102(4); NMLS Uniform State Content Outline
References:
SAFE Act, 12 U.S.C. § 5102(4)

NEW QUESTION # 148
Which of the following information is required to be included on Uniform Residential Loan Application?

A. Homeowners insurance provider
B. Assets and liabilities
C. Appraiser name and address
D. Proof of homeownership counseling

Answer: B

Explanation:
The Uniform Residential Loan Application (URLA, Form 1003) requires a comprehensive listing of the applicant's assets and liabilities. This helps the lender determine the applicant's net worth and capacity to repay the loan.
"The application must contain a complete and accurate accounting of all borrower assets and liabilities."
- Fannie Mae Form 1003, Uniform Residential Loan Application Instructions References:
Fannie Mae, Form 1003 Instructions

NEW QUESTION # 149
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. Mortgage loan loss mitigation standards
B. Credit score modeling standards
C. 30-year conventional mortgage lending 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 # 150
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A. Consider the application incomplete and put initial processing on hold until the additional information is received
B. Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
C. Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
D. Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated

Answer: D

Explanation:
In this situation, the most compliant action is to provide timely initial disclosures to the borrower within the required timeframe, even if the figures may be adjusted later when additional information is obtained. This is in accordance with TILA-RESPA Integrated Disclosure (TRID) rules, which mandate that the Loan Estimate (LE) must be provided within three business days after receiving an application, even if all details are not yet finalized.
* Holding off on processing (Option A) or waiting until additional information is obtained (Option D) is non-compliant, as this could violate the timely disclosure requirements.
* While documenting attempts to gather information (Option B) is good practice, it does not fulfill the regulatory obligation to provide disclosures promptly.
By issuing initial disclosures, even if the numbers are subject to change, the creditor remains compliant with the Consumer Financial Protection Bureau (CFPB) guidelines. Corrections can be made in subsequent disclosures.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Regulation Z requirements for disclosures

NEW QUESTION # 151
......

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NMLS MLO Exam is Easy with Our Trustable Dump MLO Torrent: Mortgage Loan Origination (SAFE MLO) Exam Effectively

2025 100% Free MLO – 100% Free Dump Torrent | Valid Mortgage Loan Origination (SAFE MLO) Exam Mock Test

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q146-Q151):

Pass Guaranteed Quiz 2025 MLO: Mortgage Loan Origination (SAFE MLO) Exam Updated Dump Torrent

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