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New MLO Practice Questions & MLO Valid Exam Format

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New MLO Practice Questions – The Best Valid Exam Format for MLO: Mortgage Loan Origination (SAFE MLO) Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q117-Q122):

NEW QUESTION # 117
Which of the following items is a liquid asset?

A. Publicly traded stocks
B. Net worth of a business
C. Antique jewelry
D. An automobile owned free and clear

Answer: A

Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards

NEW QUESTION # 118
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

A. 70 years of age or older.
B. 60 years of age or older.
C. 62 years of age or older.
D. 65 years of age or older.

Answer: C

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term "elderly" is defined as anyone who is 62 years of age or older. This designation is significant in fair lending, as the ECOA prohibits discrimination based on age in any aspect of a credit transaction, including mortgage lending.
* ECOA protects borrowers from being denied credit or offered unfavorable terms based solely on their age, and it provides additional protections to borrowers considered "elderly." References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691(a)
* CFPB Regulation B, 12 CFR Part 1002

NEW QUESTION # 119
Which of the following is an origination fee?

A. Prepaid Interest fee
B. Underwriting fee
C. Title insurance fee
D. Appraisal fee

Answer: B

Explanation:
An underwriting fee is considered an origination fee because it is a charge for the lender's services in processing and evaluating the mortgage application. Origination fees include any fees associated with creating and underwriting the loan.
* Appraisal fees (A), title insurance fees (C), and prepaid interest fees (D) are not considered origination fees; they are separate charges related to third-party services or pre-paid interest.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Mortgage Origination Fee Guidelines

NEW QUESTION # 120
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

A. Second
B. First
C. First as it will be combined with the 80% loan
D. Second but combined with any other liens

Answer: A

Explanation:
In an 80/20 loan structure, the borrower obtains two loans: an 80% first mortgage and a 20% second mortgage, often referred to as a "piggyback loan." The 20% loan has second lien priority, meaning it is subordinate to the 80% loan. If the borrower defaults and the property is foreclosed, the lender holding the first mortgage (80%) is paid first, and the second mortgage (20%) is paid from any remaining proceeds.
* The first lien is always the larger 80% loan, and the second lien covers the smaller 20% loan.
References:
* Fannie Mae Guidelines on piggyback loans
* Freddie Mac Loan Priority Rules

NEW QUESTION # 121
According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

A. Changes that the MLO should have known at the time the Loan Estimate was provided
B. Market fluctuations on a locked loan
C. The borrower receiving a salary increase
D. A natural disaster in the area where the loan will close

Answer: D

Explanation:
Under TRID, a revised Loan Estimate (LE) can be issued if there is a changed circumstance that affects the loan terms or costs. This can include situations such as a natural disaster in the area where the loan will close, which may impact the value of the property or loan costs. Such changes are considered beyond the control of the parties involved and justify a revised estimate.
* Market fluctuations (A) on a locked loan and borrower salary increases (B) are not valid reasons for issuing a revised LE.
* Changes that the MLO should have known at the time of the original LE (D) do not qualify as a valid changed circumstance.
References:
* TRID Rule, 12 CFR §1026.19(e)
* CFPB Guidelines on changed circumstances for Loan Estimates

NEW QUESTION # 122
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