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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q166-Q171):

NEW QUESTION # 166
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. 3.00% interest rate with a 0.50% discount point
C. 3.50% interest rate with a 1.00% discount point
D. 3.25% interest rate with no points

Answer: C

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 # 167
It is acceptable for a lender to request a co-applicant in which of the following situations?

A. The borrower will not qualify for the loan on their own.
B. The borrower's future income is dependent on the co-applicant.
C. The co-applicant will be residing in the house with the borrower.
D. The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage

Answer: A

Explanation:
It is acceptable for a lender to request a co-applicant if the borrower will not qualify for the loan on their own based on their income, credit score, or other financial factors. A co-applicant, such as a spouse or family member, can help strengthen the application by adding additional income or improving the credit profile, which may help the borrower meet the lender's qualification requirements.
* Other situations (B, C, D) such as future income, residency, or gifting funds do not necessarily require a co-applicant and are not acceptable reasons to mandate one.
References:
* Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002
* Fannie Mae Selling Guide on co-borrowers

NEW QUESTION # 168
The ability to originate loans under temporary authority applies to which of the following?

A. Previously registered mortgage loan originators (MLOs)
B. An MLO who is still waiting for their credit check to be completed
C. An MLO who has scheduled their test but not completed it
D. Previously licensed real estate brokers

Answer: A

Explanation:
Temporary authority to originate loans applies to registered MLOs (from a depository institution) who become employed by a state-licensed mortgage company, as well as to state-licensed MLOs seeking licensure in another state, provided they meet all SAFE Act requirements.
"Temporary authority to originate loans applies to... registered mortgage loan originators seeking state licensure and state-licensed MLOs seeking licensure in a new state."
- SAFE Act, 12 U.S.C. § 5117; NMLS Temporary Authority Guidelines
It does not apply to real estate brokers or those who have not passed required testing/background checks.
References:
NMLS, Temporary Authority to Operate
SAFE Act, 12 U.S.C. § 5117

NEW QUESTION # 169
Which of the following occupancy types are listed on the Uniform Residential Loan Application?

A. Primary residence, vacation residence, multifamily residence
B. Primary residence, duplex residence, business
C. Primary residence, secondary residence, investment
D. Primary residence, multiunit residence, commercial

Answer: C

Explanation:
The Uniform Residential Loan Application (URLA/Fannie Mae Form 1003) allows the applicant to select one of the following occupancy types: primary residence, secondary residence, or investment property.
"Occupancy types on the URLA are: Primary Residence, Secondary Residence, Investment Property."
- Fannie Mae Form 1003: Uniform Residential Loan Application
References:
Fannie Mae, Form 1003 Instructions

NEW QUESTION # 170
Which of the following fees must remain the same unless a valid changed circumstance occurs?

A. Fees paid to an affiliate of the lender
B. Homeowner's insurance
C. Total per diem interest
D. Owner's title insurance premium

Answer: A

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) Rule, fees paid to affiliates of the lender (e.g., title companies, appraisers) must remain the same on the Loan Estimate (LE) unless there is a valid changed circumstance (such as a significant change in the loan terms or property value). These fees fall under the zero-tolerance category, meaning they cannot increase from the amount disclosed on the LE unless a change in circumstance justifies the increase.
* Other costs like per diem interest (A), homeowner's insurance (B), and owner's title insurance premiums (C) can change, as they are not subject to the same zero-tolerance rules.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19
* CFPB TRID Guidelines on fee tolerance

NEW QUESTION # 171
......

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