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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q37-Q42):
NEW QUESTION # 37
A veteran borrower obtains a VA loan to purchase a property for $200,000 and opts to finance the entire purchase price plus the VA funding fee of 2.15%. The initial payment for principal and interest will be calculated based on a loan amount of:
- A. $204,300
- B. $200,000 plus lender's attorney fees
- C. $200,000
- D. $204,300 plus lender's attorney fees
Answer: A
Explanation:
The VA funding fee can be financed into the loan amount. The fee is calculated as a percentage of the base loan ($200,000 x 2.15% = $4,300). The total loan amount is thus $204,300.
"The VA funding fee may be included in the loan. The total loan amount is the base loan plus the funding fee."
- VA Lender's Handbook, Chapter 8: Loan Approval and Closing
References:
VA Lender's Handbook, Chapter 8
CFPB, VA Loan Funding Fee
NEW QUESTION # 38
Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?
- A. Regulating mortgage lenders on their mortgage origination practices and procedures
- B. Regulating the federal funds rate at which money is lent to banks
- C. Regulating the number of mortgage loan originators in the mortgage industry
- D. Deciding what quantity of mortgage-backed securities are purchased by the government
Answer: A
Explanation:
The Consumer Financial Protection Bureau (CFPB) is responsible for regulating mortgage lenders and overseeing their origination practices and procedures. The CFPB was created under the Dodd-Frank Act to protect consumers from unfair, deceptive, or abusive practices in financial services, including mortgages.
Its functions include:
* Enforcing rules related to mortgage origination, such as TILA, RESPA, and ECOA.
* Ensuring that lenders provide clear disclosures and follow fair lending practices.
Other functions:
* Regulating the federal funds rate (A) is the role of the Federal Reserve.
* Deciding the quantity of mortgage-backed securities purchased by the government (D) is related to Federal Reserve monetary policy, not the CFPB.
References:
* Dodd-Frank Wall Street Reform and Consumer Protection Act
* CFPB's Role in Mortgage Origination
NEW QUESTION # 39
A sign that an appraisal report may be overvaluing a property is that the:
- A. Subject property address does not match the house number photographed by the appraiser.
- B. Comparable properties are consistent with the subject property.
- C. Subject property and comparable properties were built by the same construction company.
- D. Subject property is in the same neighborhood as the comparable properties.
Answer: A
Explanation:
A mismatch between the subject property address and the house number photographed by the appraiser is a clear red flag. It suggests the photo may not be of the actual property being appraised, raising serious questions about the validity of the appraisal and possible overvaluation or fraud.
"Warning signs of appraisal fraud include... property photos that do not match the address or appearance of the subject property."
- Fannie Mae Appraiser Independence Requirements (AIR); SAFE MLO National Test Study Guide References:
Fannie Mae, Appraiser Independence Requirements
SAFE MLO National Test Study Guide
NEW QUESTION # 40
The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:
- A. loans secured by a mobile home on a leased lot.
- B. refinance of a condominium property.
- C. reverse mortgages.
B home equity lines of credit (HELOCs;
Answer: A
Explanation:
The TILA-RESPA Integrated Disclosure (TRID) rule applies to most closed-end consumer credit transactions secured by real property, including the refinance of a condominium property. TRID mandates specific disclosures, like the Loan Estimate (LE) and Closing Disclosure (CD), to ensure transparency in the loan process.
* TRID does not apply to reverse mortgages (A) or home equity lines of credit (HELOCs) (B), which are covered by other regulations.
* Loans secured by a mobile home on a leased lot (D) are also generally excluded from TRID.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Guidelines on TRID applicability
NEW QUESTION # 41
Which of the following documents is a real estate conveyance?
- A. Promissory note
- B. Occupancy certificate
- C. Quit claim deed
- D. Mortgage instrument
Answer: C
Explanation:
A quit claim deed is a legal document used in real estate transactions to convey ownership or interest in a property from one party to another. It transfers the grantor's interest in the property without any warranties or guarantees about the property's title.
* Promissory notes (B) represent a borrower's promise to repay a loan.
* Mortgage instruments (C) create a lien on the property but do not convey ownership.
* Occupancy certificates (D) certify that a property complies with regulations for occupancy but are not involved in transferring ownership.
References:
* Real Estate Law on property conveyances
* Fannie Mae Deed and Title Transfer Guidelines
NEW QUESTION # 42
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