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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q220-Q225):

NEW QUESTION # 220
Which of the following scenarios is permissible according to the SAFE Act?

A. An MLO who is not licensed in a subject property's state still originates the loan under the authority of the company's license in that particular state.
B. A third-party underwriter conducts administrative and clerical duties while working under the supervision of a licensed MLO with their organization.
C. An underwriter who is functioning as an independent contractor conducts administrative and clerical duties while working under the supervision of a licensed MLO.
D. An unlicensed assistant to a mortgage loan originator (MLO) conducts MLO activities under the authority of the MLO's unique identifier and licenses.

Answer: B

Explanation:
Under the SAFE Act, administrative and clerical duties may be performed by an individual (including a third- party underwriter) if performed at the direction and supervision of a licensed MLO. Origination activities must be done only by licensed MLOs, and company or MLO licensing is state-specific.
"Administrative or clerical tasks performed at the direction and subject to the supervision and instruction of a licensed mortgage loan originator do not require licensure."
- SAFE Act, 12 U.S.C. § 5102(4)(C)
References:
SAFE Act, 12 U.S.C. § 5102(4)(C)
NMLS Uniform State Test Content Outline

NEW QUESTION # 221
On an annual basis, a licensed state mortgage loan originator must complete three hours of continuing education on federal law and regulations, two hours on nontraditional mortgage products, and two hours on:

A. Ethics
B. How to complete the loan application
C. Government loan programs
D. The operations of the secondary market

Answer: A

Explanation:
According to the SAFE Act, state-licensed MLOs must complete at least eight hours of approved continuing education annually, including three hours of federal law and regulations, two hours of ethics (which includes instruction on fraud, consumer protection, and fair lending), and two hours of training on nontraditional mortgage products.
"The annual continuing education requirement must include at least-(A) 3 hours of Federal law and regulations; (B) 2 hours of ethics, including instruction on fraud, consumer protection, and fair lending issues; (C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace."
- SAFE Act, 12 U.S.C. § 5105(b)(2)(A)-(C)
References:
SAFE Act, 12 U.S.C. § 5105
NMLS, Education Requirements

NEW QUESTION # 222
A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?

A. 3.50% interest rate with no points
B. 3.50% interest rate with a 1.00% discount point
C. 3.25% interest rate with no points
D. 3.00% interest rate with a 0.50% discount point

Answer: B

Explanation:
A mortgage loan originator must only offer rates and terms that are actually available at the time. If a 3.5% rate is only available with 1 discount point, that is the only option the MLO may lawfully present.
"Originators may only quote and offer the rates, terms, and fees actually available from the creditor."
- Regulation Z, 12 CFR § 1026.25, SAFE MLO National Test Study Guide
References:
SAFE MLO National Test Study Guide
CFPB, Loan Estimate and Closing Disclosure FAQs

NEW QUESTION # 223
When two borrowers are refinancing a mortgage loan, the notice of the right to rescind:

A. is permitted to be given to either of the borrowers, and only one borrower is needed to rescind the loan.
B. is permitted to be given to either of the borrowers, but both borrowers need to sign the notice to rescind the loan.
C. must be given to both borrowers, and both borrowers must agree to rescind the loan.
D. must be given to both borrowers, but either borrower is permitted to rescind the loan.

Answer: D

Explanation:
Under TILA's right of rescission, when there are multiple borrowers with an ownership interest in the property, each owner must receive notice of the right to rescind. If any one of them exercises the right, the loan is rescinded.
"When more than one consumer has the right to rescind, the exercise of the right by one consumer is effective as to all."
- 12 CFR § 1026.23(a)(4), Regulation Z
References:
CFPB, Right of Rescission
12 CFR § 1026.23(a)(4)

NEW QUESTION # 224
The SAFE Act defines a nontraditional mortgage as all of the following except:

A. An interest-only mortgage.
B. 15-year mortgage with an interest rate of 10%.
C. A payment option ARM with a down payment of 5%.
D. A 30-year fixed rate mortgage with a 25% down payment.

Answer: D

Explanation:
The SAFE Act defines a "nontraditional mortgage" as any loan product other than a 30-year fixed-rate mortgage. Nontraditional loans include adjustable-rate mortgages (ARMs), interest-only loans, payment option ARMs, and other products with features outside the standard fixed-rate structure.
"Nontraditional mortgage product means any mortgage product other than a thirty-year fixed-rate mortgage."
- SAFE Act, 12 USC § 5102(7); NMLS UST Outline
Thus, the 30-year fixed-rate mortgage with a 25% down payment is not nontraditional; all the other examples are.
References:
SAFE Act, 12 USC § 5102(7)
SAFE MLO National Test Study Guide

NEW QUESTION # 225
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