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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q14-Q19):

NEW QUESTION # 14
Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

A. Community second funds
B. Personal unsecured loans
C. Virtual currency funds
D. Foreign assets located outside of the U.S. or its territories

Answer: A

Explanation:
Community second funds are an acceptable source of funds for down payments, closing costs, or financial reserves. These are subordinate loans provided by housing finance agencies, nonprofits, or government entities to help borrowers meet the required down payment or closing costs. These funds are often offered to low-to-moderate income borrowers or first-time homebuyers as part of affordable housing programs.
* Virtual currency (A), such as Bitcoin, is not an acceptable source due to its volatility and challenges in verifying its stability.
* Personal unsecured loans (C) are generally not allowed, as they increase the borrower's debt and reduce their financial stability.
* Foreign assets outside of the U.S. (D) are not typically acceptable unless they can be easily liquidated and transferred to the U.S.
References:
* Fannie Mae Selling Guide on acceptable sources of funds
* Freddie Mac Guidelines for down payment and closing costs

NEW QUESTION # 15
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

A. Whether the applicant's age makes them ineligible for credit-related insurance
B. Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made
C. Whether the applicant has a phone number listing in their name
D. Whether the applicant seems likely to have children

Answer: B

Explanation:
When evaluating credit risk, lenders are legally permitted to consider whether alimony payments that the applicant relies on for income are likely to continue and be consistently made. Lenders need to assess the reliability of income sources, and documented alimony that is expected to continue is a valid consideration under ECOA (Equal Credit Opportunity Act) guidelines.
* Factors like the applicant's likelihood of having children (A), phone listing (B), and age (C) are not permissible criteria for evaluating creditworthiness under ECOA, as these would constitute discrimination.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB ECOA Guidelines

NEW QUESTION # 16
Which of the following actions should a mortgage loan originator (MLO) take if a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the real estate broker's client?

A. Accept the money after obtaining the requested loan for the client
B. Receive the $500 fee and include it on the Closinq Disclosure
C. Decline the money
D. Apply the $500 towards the downpayment

Answer: C

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits kickbacks, referral fees, and unearned fees in any transaction involving a federally related mortgage loan. If a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the broker's client, the MLO must decline the money. Accepting payment for a referral is illegal under Section 8 of RESPA.
* Options such as applying the money toward the down payment (B) or including it on the Closing Disclosure (C)** do not make the payment legal, as it would still violate RESPA.
References:
* RESPA Section 8 - Prohibition on kickbacks and referral fees
* CFPB Guidelines on RESPA compliance

NEW QUESTION # 17
When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

A. if the HELOC is insured by HUD.
B. if the HELOC requires private mortgage insurance
C. if the company offering the HELOC has deposit accounts insured by the FDIC.
D. the APR and the costs of acquiring and maintaining the HELOC.

Answer: D

Explanation:
When applying for a Home Equity Line of Credit (HELOC), consumers should carefully review the APR and the total costs of acquiring and maintaining the HELOC. The APR reflects the overall cost of borrowing, including interest and certain fees, and is crucial for understanding the long-term expense of the HELOC.
Additionally, consumers should consider fees associated with setting up and maintaining the HELOC, such as annual fees, transaction fees, and closing costs.
* While HUD insurance (A) and FDIC deposit insurance (C) are unrelated to HELOCs, and private mortgage insurance (B) is generally not required for HELOCs, the APR and fees are critical factors that directly impact the cost of borrowing.
References:
* Truth in Lending Act (TILA) disclosure requirements for HELOCs
* CFPB HELOC Guide

NEW QUESTION # 18
Interest-only mortgages are considered high risk compared to traditional mortgage products because:

A. scheduled payments do not reduce the loan's principal balance.
B. the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
C. the borrower's ability to repay is not considered when making the credit decision.
D. the interest rate exceeds the APOR by 6.5 percentage points.

Answer: A

Explanation:
Interest-only mortgages are considered higher risk compared to traditional mortgages because the borrower' s scheduled payments only cover the interest on the loan, and none of the principal balance is reduced during the interest-only period. As a result, the loan balance remains unchanged, which increases the risk for both the borrower and lender if the value of the home decreases or if the borrower cannot make larger payments when the principal becomes due.
* Other risks, such as exceeding the APOR (Average Prime Offer Rate) by a certain margin (C, D), apply to high-cost mortgages, not specifically interest-only loans.
References:
* CFPB Qualified Mortgage and Ability-to-Repay Rule
* Fannie Mae Guidelines on interest-only mortgages

NEW QUESTION # 19
......

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