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Reliable MLO Exam Blueprint | MLO Download Demo

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q25-Q30):

NEW QUESTION # 25
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

A. 90 days
B. 60 days
C. 120 days
D. 30 days

Answer: C

Explanation:
Under the CFPB mortgage servicing rules, a mortgage company cannot initiate foreclosure proceedings until a borrower's loan is at least 120 days delinquent. This rule is designed to give borrowers sufficient time to explore loss mitigation options, such as loan modification, forbearance, or repayment plans, before facing foreclosure.
* The 120-day delinquency rule applies to all residential mortgage loans, providing a mandatory grace period before foreclosure filing.
This requirement is part of the Dodd-Frank Act and is enforced under Regulation X.
References:
* CFPB Mortgage Servicing Rules
* 12 CFR Part 1024 (Regulation X)

NEW QUESTION # 26
A title insurance policy ensures that:

A. The title commitment is accurate.
B. A condominium is warrantable.
C. The borrower can repay the loan.
D. The borrower owns the property.

Answer: D

Explanation:
Title insurance protects against losses arising from disputes over property ownership or other defects in title.
It ensures the borrower (and lender) that the property being purchased is rightfully owned by the borrower and is free of undisclosed liens or encumbrances.
"Title insurance protects against losses if there are problems with the ownership of your property after you buy it. It guarantees that you legally own the home."
- CFPB, What is title insurance?
References:
CFPB, What is title insurance?

NEW QUESTION # 27
A borrower may rescind their mortgage loan until midnight of the third:

A. Business day following consummation or delivery of all material disclosures, whichever occurs first.
B. Business day following consummation or delivery of all material disclosures, whichever occurs last.
C. Calendar day or delivery of all material disclosures, whichever occurs first.
D. Calendar day following consummation or delivery of all material disclosures, whichever occurs last.

Answer: B

Explanation:
Under the Truth in Lending Act (TILA) Regulation Z, for a refinance or non-purchase transaction secured by the borrower's principal dwelling, the right of rescission allows the borrower to rescind the transaction until midnight of the third business day following consummation or delivery of all material disclosures, whichever occurs last.
"The consumer may rescind the transaction until midnight of the third business day following consummation, delivery of the notice of right to rescind, and delivery of all material disclosures, whichever occurs last."
- 12 CFR § 1026.23(a)(3), Regulation Z
References:
CFPB, TILA Right of Rescission
SAFE MLO National Test Study Guide

NEW QUESTION # 28
The purpose of the Patriot Act is to deter and punish:

A. Appraisal fraud
B. Terrorist acts
C. Lending to foreign nationals
D. Mortgage broker fraud

Answer: B

Explanation:
The USA PATRIOT Act was enacted in 2001 to help deter and punish terrorist acts in the United States and around the world, and to enhance law enforcement investigatory tools. It requires financial institutions to establish anti-money laundering programs and procedures to help prevent terrorist financing.
"The purpose of the USA PATRIOT Act is to deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and to address money laundering and terrorist financing."
- USA PATRIOT Act, Public Law 107-56
References:
USA PATRIOT Act, Overview
SAFE MLO National Test Study Guide

NEW QUESTION # 29
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A. The fee is permitted as the MLO performed origination services for the borrower.
B. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
C. The fee is permitted if the fee is disclosed on the final settlement statement.
D. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.

Answer: B

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks

NEW QUESTION # 30
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