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Quiz 2025 MLO: Mortgage Loan Origination (SAFE MLO) Exam–Efficient Exam Study Solutions

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q93-Q98):

NEW QUESTION # 93
Which of the following responses describes the main purpose of the secondary market?

A. To fund second mortgage loans
B. To fund additional loans
C. To fund a second home loan
D. To service second mortgage loans

Answer: B

Explanation:
The main purpose of the secondary market is to fund additional loans by allowing lenders to sell existing mortgages to investors. This process replenishes the lender's capital, enabling them to originate more loans.
The secondary market is where mortgage-backed securities (MBS) are bought and sold, providing liquidity to the mortgage market.
* Other options such as funding second mortgages or second home loans are specific transactions that do not capture the overall purpose of the secondary market.
References:
* Fannie Mae and Freddie Mac Secondary Market Guidelines
* HUD Secondary Mortgage Market Overview

NEW QUESTION # 94
According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A. Providing a consumer with a Homebuyer's Toolkit
B. Providing a consumer with the loan policies of the lender
C. Communicating with a consumer to arrange a loan closing
D. Communicating the details of an offer for the first time over the phone

Answer: D

Explanation:
Under the SAFE Act, any activity that involves offering, negotiating, or discussing loan terms with consumers requires licensure as a mortgage loan originator (MLO). Communicating the details of an offer over the phone would require MLO licensure, as it involves explaining or negotiating loan terms.
* Providing general information or resources like a Homebuyer's Toolkit (A) or loan policies (B) does not require an MLO license, as these are not specific to negotiating loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 95
Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

A. The income stated on the loan application
B. The borrower's attestation that he expects a raise within 30 days
C. A copy of a check register
D. An electronic paystub

Answer: D

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 # 96
According to Regulation Z, which of the following is a prohibited act?

A. Advertising rates not currently available to applicants
B. Issuing disclosures to applicants
C. Redisclosing a Loan Estimate immediately after locking the rate
D. Including undocumented child support payments made by the borrower

Answer: A

Explanation:
Under Regulation Z, which implements the Truth in Lending Act (TILA), it is a prohibited act to advertise mortgage rates that are not currently available to applicants. This rule ensures transparency in advertising, preventing lenders from misleading consumers with rates or terms that they cannot actually offer.
* Advertising must reflect current, accurate rates and must not mislead borrowers about the costs or availability of loans.
Other options:
* Including undocumented child support (A) may violate documentation standards but is not prohibited under Regulation Z.
* Issuing disclosures (B) and re-disclosing Loan Estimates (C) are required actions under TILA and TRID.
References:
* Regulation Z (TILA), 12 CFR Part 1026
* CFPB Advertising Rules under TILA

NEW QUESTION # 97
Offering or negotiating the terms of a loan includes which of the following actions?

A. Presenting particular loan terms to an applicant verbally, in writing, or otherwise
B. Making an underwriting decision about whether an applicant qualifies for a loan
C. Arranging the loan closing or other aspects of the loan process
D. Providing general explanations or descriptions in response to a consumer's inquiry

Answer: A

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 # 98
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