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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q191-Q196):

NEW QUESTION # 191
Which of the following statements best describes the index on an ARM?

A. The index rate is fixed for the life of the loan.
B. The Federal Reserve adjusts the discount rate index.
C. Index rates vary as the general level of interest rates change.
D. Mortgage lenders control the value of the index.

Answer: C

Explanation:
The index for an adjustable-rate mortgage (ARM) is tied to a published benchmark (such as LIBOR, SOFR, or U.S. Treasury securities). Index rates fluctuate over time as the general level of interest rates in the market changes.
"The index is a published interest rate to which the interest rate on an ARM is tied. The index rate changes over time, usually in line with general market rates."
- CFPB, Consumer Handbook on Adjustable-Rate Mortgages (CHARM)
References:
CFPB, What is an ARM?

NEW QUESTION # 192
A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?

A. Offer to obtain the credit report but only if the friend will pay for the cost of the report
B. Ask the friend to provide the MLO with a written authorization to obtain his credit report
C. Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
D. Start a loan application so that the MLO can obtain the credit report and then show the application as
"withdrawn"

Answer: C

Explanation:
The Fair Credit Reporting Act (FCRA) restricts the permissible purposes for which a credit report can be obtained. A mortgage loan originator may only pull a credit report for a bona fide mortgage loan transaction.
Pulling a credit report for a non-mortgage transaction, even with the consumer's consent, is not a permissible purpose.
"A person may obtain a consumer report only if the report is to be used for a permissible purpose under the FCRA. Permissible purposes include credit transactions initiated by the consumer."
- 15 U.S.C. § 1681b; FCRA
References:
FTC, Using Consumer Reports: What Landlords Need to Know
SAFE MLO National Test Study Guide

NEW QUESTION # 193
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

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

Answer: C

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 # 194
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

A. Closing Disclosure only
B. Both the Loan Estimate and Closing Disclosure
C. Uniform Residential Loan Application
D. Loan Estimate only

Answer: B

Explanation:
If a mortgage loan includes a prepayment penalty, it must be disclosed on both the Loan Estimate (LE) and the Closing Disclosure (CD). These disclosures, mandated under the TILA-RESPA Integrated Disclosure (TRID) rule, ensure that borrowers are aware of any penalties they may face for paying off the loan early. The prepayment penalty must be clearly stated to comply with TILA (Truth in Lending Act) requirements.
* The Loan Estimate provides an early overview of loan terms, and the Closing Disclosure finalizes those terms.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.38
* CFPB Guidelines on prepayment penalties

NEW QUESTION # 195
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

A. The total amount of the payments
B. Fully indexed rate of the loan
C. An average of the varying payment amounts over the life of the loan
D. Payment amount during the fixed introductory period

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), for adjustable-rate mortgages (ARMs) like a 5/1 ARM, the MLO must calculate the borrower's monthly payment amount based on the fully indexed rate, not the introductory rate. The fully indexed rate is the sum of the index and the margin at the time of origination, reflecting the potential payment increases after the introductory period ends.
* This requirement ensures borrowers understand what their payments could be after the rate adjusts, helping them evaluate the true affordability of the loan.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB ARM Guidelines

NEW QUESTION # 196
......

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