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MLO Exam Questions Fee, Test MLO Simulator Fee

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q17-Q22):

NEW QUESTION # 17
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 not permitted as the MLO did not perform any actual origination services for the borrower.
B. 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.
C. The fee is permitted if the fee is disclosed on the final settlement statement.
D. The fee is permitted as the MLO performed origination services for the borrower.

Answer: A

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 # 18
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

A. Unified commerce related mortgage loan
B. Federally related mortgage loan
C. State registration related mortgage loan
D. Standard county related mortgage loan

Answer: B

Explanation:
The Real Estate Settlement Procedures Act (RESPA) applies to federally related mortgage loans, which include:
* Loans made by lenders insured by a federal agency (such as FHA or VA loans)
* Loans intended for sale to Fannie Mae or Freddie Mac
* Loans from lenders that are federally regulated or insured
RESPA's goal is to protect consumers by requiring disclosures related to the costs of real estate transactions, preventing kickbacks, and ensuring transparency in the settlement process. It applies to most residential mortgage loans.
Other options:
* County-related mortgage loans (B), state registration loans (C), and unified commerce loans (D) are not standard terms under RESPA.
References:
* Real Estate Settlement Procedures Act (RESPA)
* 12 CFR Part 1024, Regulation X

NEW QUESTION # 19
Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

A. hiring procedures and training.
B. secondary marketing practices of selling loans to investors.
C. compliance management, senior management and branch locations.
D. compliance management training and internal controls

Answer: D

Explanation:
Consumer complaints and their analysis are critical for identifying weaknesses in a company's compliance management system (CMS) and internal controls. The CFPB (Consumer Financial Protection Bureau) emphasizes that analyzing complaints helps companies spot patterns of non-compliance, risks, or failures in managing regulatory requirements. By reviewing consumer feedback, businesses can identify gaps in their compliance practices, including weaknesses in training programs and internal systems, that may lead to violations of laws like RESPA, TILA, and ECOA.
* Complaints may reveal issues with loan disclosures, error resolution, unfair lending practices, or lack of training in regulatory updates.
* Regular analysis helps reinforce internal controls and improve compliance processes.
References:
* CFPB Compliance Management Review Guidelines
* TILA and RESPA regulations on consumer protection

NEW QUESTION # 20
Which of the following scenarios describes an assumable loan?

A. A loan holder can sell the loan.
B. A purchaser of a property may be able to take over the existing loan payments.
C. A borrower has an option to take out a second mortgage
D. A borrower has an option to choose a loan servicer.

Answer: B

Explanation:
An assumable loan is a loan in which a purchaser of a property has the option to take over the existing loan payments under the same terms as the original borrower. This can happen with certain types of loans, such as FHA or VA loans, which allow the buyer to assume the mortgage, potentially at a more favorable interest rate than current market rates.
* Options like taking out a second mortgage (A), choosing a loan servicer (B), or selling the loan (D) do not describe assumable loans.
References:
* FHA Guidelines on Assumable Loans
* VA Loan Assumption Guidelines

NEW QUESTION # 21
When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

A. a forgetful borrower.
B. fair lending.
C. mortgage fraud.
D. pricing discrepancies.

Answer: C

Explanation:
When multiple discrepancies in a borrower's Social Security number (SSN) are found within the same loan file, it raises concerns of mortgage fraud. The Social Security number is a critical identifier used to verify a borrower's identity, credit history, and employment. Inconsistent or altered SSNs may suggest attempts to hide the true identity of the borrower, which can be an indicator of fraudulent activity.
* Mortgage fraud involves deliberate misrepresentation of information on loan applications, documents, or other parts of the mortgage process. SSN discrepancies can point to identity theft or attempts to use multiple identities to obtain a loan fraudulently.
* This is a serious concern under the Fair Credit Reporting Act (FCRA) and can lead to legal action if discovered during underwriting or later in the loan process.
Mortgage loan originators (MLOs) must report such discrepancies as they may violate federal laws like RESPA and TILA and lead to further investigation.
References:
* Federal Trade Commission (FTC) guidelines on identity theft
* Mortgage Acts and Practices (MAP) Rule

NEW QUESTION # 22
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Ted Cook Ted Cook

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