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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q13-Q18):

NEW QUESTION # 13
Which of the following factors is considered when determining the interest rate for a subprime mortgage?

A. The credit score of the applicants]
B. The sales price of the property
C. The term of the loan
D. The property location

Answer: A

Explanation:
For subprime mortgages, the credit score of the applicants is a primary factor in determining the interest rate. Subprime loans are designed for borrowers with lower credit scores, typically below 620, and are offered at higher interest rates due to the increased risk of default.
* Factors like the loan term (A), property location (B), and sales price (C) may influence other aspects of the loan, but the credit score is the key factor that determines whether a borrower qualifies for a subprime mortgage and the corresponding interest rate.
References:
* Fannie Mae and Freddie Mac Subprime Lending Guidelines
* CFPB Subprime Mortgage Standards

NEW QUESTION # 14
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A. The fee is permitted as the MLO performed origination services for the borrower.
B. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
C. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
D. The fee is permitted if the fee is disclosed on the final settlement statement.

Answer: C

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks

NEW QUESTION # 15
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

A. Refinance
B. USDA Rural Development
C. Reverse mortgage
D. Construction

Answer: A

Explanation:
The Home Ownership and Equity Protection Act (HOEPA) applies to certain types of high-cost loans, particularly refinance and home equity loans, that meet specific APR and fee thresholds. HOEPA was enacted to protect consumers from predatory lending practices in loans that carry excessive fees, high interest rates, or abusive terms.
* HOEPA mainly covers:
* Refinance loans
* Home equity loans
* Closed-end home equity loans
* Certain purchase-money mortgages under specific conditions
Loans like construction loans (B), reverse mortgages (C), and USDA Rural Development loans (D) are generally excluded from HOEPA coverage.
References:
* Home Ownership and Equity Protection Act (HOEPA), 15 U.S.C. § 1639
* CFPB HOEPA Guidelines

NEW QUESTION # 16
During the loan application process, which of the following documents specifies the time period that a mortgage lender agrees to hold the mortgage interest rate at a certain percentage?

A. Preapproval letter
B. Loan application
C. Closing Disclosure
D. Rate lock agreement

Answer: D

Explanation:
A rate lock agreement is the document that specifies the time period during which a mortgage lender agrees to hold the interest rate at a certain percentage for the borrower. It guarantees that the rate will not change, even if market interest rates fluctuate, as long as the loan closes within the agreed-upon timeframe.
* The loan application (A) initiates the mortgage process, but it does not secure the interest rate.
* A preapproval letter (B) gives a preliminary loan approval but does not lock the rate.
* The Closing Disclosure (C) provides final loan terms but does not set the rate lock.
References:
* Fannie Mae and Freddie Mac rate lock policies
* CFPB Guidelines on rate lock agreements

NEW QUESTION # 17
Non-qualified mortgages offer more options for borrowers who:

A. have no down payment.
B. are unemployed.
C. are currently living with their parents.
D. are self-employed.

Answer: D

Explanation:
Non-qualified mortgages (Non-QM) are designed to help borrowers who do not meet the standard documentation or income verification requirements of traditional qualified mortgages (QM). Non-QM loans provide more flexibility in underwriting guidelines and are often used by borrowers such as:
* Self-employed individuals who may have inconsistent or difficult-to-verify income streams. These borrowers may use bank statements or asset-based verification instead of W-2 forms or tax returns to qualify for a loan.
Non-QMs cater to borrowers who have unique financial situations but still demonstrate the ability to repay.
Non-QM loans are not necessarily high-risk but offer alternatives for those who don't meet the stringent Qualified Mortgage rules.
Other options:
* Unemployed individuals (A) typically cannot qualify unless they have alternative forms of income.
* No down payment (C): Non-QM loans usually still require a down payment, though the amount may vary.
* Living with parents (D) is not a relevant factor in Non-QM lending.
References:
* Dodd-Frank Act and Ability-to-Repay (ATR) rule
* CFPB guidelines on Qualified vs. Non-Qualified Mortgages

NEW QUESTION # 18
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q13-Q18):

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