Quiz 2025 MLO: Mortgage Loan Origination (SAFE MLO) Exam–Valid Valid Examcollection

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q65-Q70):

NEW QUESTION # 65
Non-qualified mortgages offer more options for borrowers who:

A. are self-employed.
B. are currently living with their parents.
C. have no down payment.
D. are unemployed.

Answer: A

Explanation:
Non-qualified mortgages (Non-QM) are designed to help borrowers who do not meet the standard documentation or income verification requirements of traditional qualified mortgages (QM). Non-QM loans provide more flexibility in underwriting guidelines and are often used by borrowers such as:
* Self-employed individuals who may have inconsistent or difficult-to-verify income streams. These borrowers may use bank statements or asset-based verification instead of W-2 forms or tax returns to qualify for a loan.
Non-QMs cater to borrowers who have unique financial situations but still demonstrate the ability to repay.
Non-QM loans are not necessarily high-risk but offer alternatives for those who don't meet the stringent Qualified Mortgage rules.
Other options:
* Unemployed individuals (A) typically cannot qualify unless they have alternative forms of income.
* No down payment (C): Non-QM loans usually still require a down payment, though the amount may vary.
* Living with parents (D) is not a relevant factor in Non-QM lending.
References:
* Dodd-Frank Act and Ability-to-Repay (ATR) rule
* CFPB guidelines on Qualified vs. Non-Qualified Mortgages

NEW QUESTION # 66
Which of the following types of income are considered as qualifying when applying for a mortgage loan?

A. Federal tax refund
B. Net rental income
C. Family gifts
D. Reimbursed expenses

Answer: B

Explanation:
Net rental income is considered qualifying income when applying for a mortgage, as it represents income generated from rental properties. Lenders typically calculate net rental income by subtracting property expenses from the total rental income, and they require documentation such as tax returns or lease agreements to verify this income.
* Reimbursed expenses (A), family gifts (C), and federal tax refunds (D) are generally not considered qualifying income, as they are one-time or non-recurring sources of funds.
References:
* Fannie Mae Selling Guide on qualifying income
* Freddie Mac Guidelines for rental income

NEW QUESTION # 67
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A. Every 7 days
B. Every 2 weeks
C. Every 31 days
D. Annually

Answer: C

Explanation:
According to the Telemarketing Sales Rule (TSR) and the National Do Not Call Registry requirements, nonexempt telemarketing entities must check their call lists against the National Do Not Call Registry at least every 31 days. This ensures that they do not call individuals who have opted out of receiving telemarketing calls.
* The 31-day rule helps ensure compliance and reduces the likelihood of violating the Do Not Call regulations.
References:
* Telemarketing Sales Rule (TSR), 16 CFR Part 310
* Federal Trade Commission (FTC) Guidelines

NEW QUESTION # 68
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

A. Servicing fee
B. Referral fee
C. Yield-to-loan fee
D. Origination charge

Answer: D

Explanation:
An origination charge is an allowable closing cost typically found on the Closing Disclosure (CD). This fee is charged by the lender for processing the mortgage application and creating the loan. It may include administrative fees, underwriting fees, and other costs related to loan origination.
* Referral fees (B) are illegal under RESPA.
* Servicing fees (C) are not typically listed as closing costs but are part of ongoing loan maintenance.
* Yield-to-loan fees (D) are not a standard item on a Closing Disclosure.
References:
* TILA-RESPA Integrated Disclosure (TRID) Rule
* RESPA (Real Estate Settlement Procedures Act) Section 8

NEW QUESTION # 69
A borrower has been approved for a new home loan and has completed all necessary paperwork. When should the borrower receive the Closing Disclosure?

A. 4 business days prior lo consummation
B. 1 business day prior to consummation
C. 3 business days prior to consummation
D. On the day of consummation

Answer: C

Explanation:
According to the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Closing Disclosure (CD) at least 3 business days prior to loan consummation. This waiting period gives the borrower adequate time to review the final terms and costs associated with the mortgage loan. If there are significant changes to the terms of the loan after the CD is issued, a new 3-day waiting period may be required.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB Closing Disclosure Guidelines

NEW QUESTION # 70
......

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