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Demo NMLS MLO Test, MLO Valid Practice Questions
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Pass Guaranteed Quiz 2025 Newest NMLS MLO: Demo Mortgage Loan Origination (SAFE MLO) Exam Test
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q32-Q37):
NEW QUESTION # 32
A consumer with HIV/AIDS is protected from lending discrimination by the:
- A. Dodd-Frank
- B. Employment Non-Discrimination Act
- C. Fair Housing Act
- D. Equality Act
Answer: C
Explanation:
The Fair Housing Act prohibits discrimination in housing based on disability. Federal courts and HUD have consistently ruled that HIV/AIDS qualifies as a disability under the Act.
"The Fair Housing Act prohibits discrimination in housing based on disability, including HIV/AIDS."
- U.S. Department of Justice; HUD Fair Housing Act Overview
References:
HUD, Housing Discrimination and Persons with HIV/AIDS
DOJ, The Fair Housing Act
NEW QUESTION # 33
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?
- A. 90 days
- B. 120 days
- C. 30 days
- D. 60 days
Answer: B
Explanation:
Under the CFPB mortgage servicing rules, a mortgage company cannot initiate foreclosure proceedings until a borrower's loan is at least 120 days delinquent. This rule is designed to give borrowers sufficient time to explore loss mitigation options, such as loan modification, forbearance, or repayment plans, before facing foreclosure.
* The 120-day delinquency rule applies to all residential mortgage loans, providing a mandatory grace period before foreclosure filing.
This requirement is part of the Dodd-Frank Act and is enforced under Regulation X.
References:
* CFPB Mortgage Servicing Rules
* 12 CFR Part 1024 (Regulation X)
NEW QUESTION # 34
If a borrower believes that there is incorrect information on their credit report, which of the following actions should they take?
- A. Call the credit bureau to report the error
- B. Make a written notification to the credit bureau to report the error
- C. Ask the company that is reporting the error to the credit bureau to fix the error
- D. Ask the lender to fix the error
Answer: B
Explanation:
Consumers should dispute errors in writing directly with the credit bureau that is reporting the incorrect information. This written notification triggers an official investigation by the bureau, which must respond within 30 days.
"To dispute an error on your credit report, write a letter to the credit reporting company identifying each item in your report you dispute. Include copies of documents that support your position."
- Fair Credit Reporting Act (FCRA); CFPB Disputing Errors on Credit Reports References:
CFPB, How do I dispute an error on my credit report?
Fair Credit Reporting Act (FCRA), 15 U.S.C. ยง 1681i
NEW QUESTION # 35
Which of the following statements is true regarding a fixed-rate mortgage?
- A. The rate is fixed for 5 years and is followed by a step-up for 5 years.
- B. The rate is fixed for 10 years and then adjusts every year thereafter.
- C. The rate is fixed for 30 years with no adjustment.
- D. The rate is fixed for 15 years and is followed by a single balloon payment.
Answer: C
Explanation:
A fixed-rate mortgage (FRM) is a mortgage loan where the interest rate remains constant for the entire term of the loan, regardless of changes in market interest rates. These loans typically come in terms of 15, 20, or 30 years, with 30-year fixed-rate mortgages being the most common in the U.S.
"A fixed-rate mortgage is one in which the interest rate remains the same for the entire term of the loan. The most common term is 30 years. This provides borrowers with a stable and predictable monthly payment over the life of the loan."
- SAFE Mortgage Loan Originator Test Prep Guide (NMLS-approved)
"Unlike adjustable-rate mortgages, fixed-rate mortgages do not change over time. The interest rate is locked in at the time of loan origination."
- U.S. Department of Housing and Urban Development (HUD), Mortgage Basics Guide The other options describe adjustable-rate mortgages (ARMs) or balloon mortgages, which are distinctly different products:
* Option A: Describes a type of step-rate mortgage, not a fixed-rate loan.
* Option B: Refers to a 10/1 ARM, not a fixed-rate mortgage.
* Option C: Refers to a balloon mortgage, where a large payment is due at the end of the term.
Therefore, only Option D accurately describes a true fixed-rate mortgage product.
References:
SAFE MLO National Test Study Guide
NMLS Uniform State Content Outline
HUD Mortgage Basics Guide
CFPB Real Estate Settlement Procedures (RESPA) Overview
NEW QUESTION # 36
In a loan transaction subject to the TILA-RESPA Integrated Disclosure rule (TRID), the creditor must ensure that the consumer receives a Closing Disclosure reflecting the actual terms of the transaction:
- A. No later than three business days before consummation.
- B. Within three business days of the loan application date.
- C. No later than seven business days before consummation.
- D. No later than one business day before consummation.
Answer: A
Explanation:
TRID regulations require that the consumer receive the Closing Disclosure at least three business days before loan consummation. This gives the borrower adequate time to review final terms and costs.
"The creditor must ensure that the consumer receives the Closing Disclosure no later than three business days before consummation."
- 12 CFR ยง 1026.19(f)(1)(ii)
References:
CFPB, TILA-RESPA Integrated Disclosure Rule Guide
12 CFR ยง 1026.19(f)(1)(ii)
NEW QUESTION # 37
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