2025 NMLS USEFUL MLO: MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM RELIABLE EXAM CRAM

2025 NMLS Useful MLO: Mortgage Loan Origination (SAFE MLO) Exam Reliable Exam Cram

2025 NMLS Useful MLO: Mortgage Loan Origination (SAFE MLO) Exam Reliable Exam Cram

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q59-Q64):

NEW QUESTION # 59
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

  • A. Document preparation fees for items such as mortgages and deeds
  • B. A standard credit application fee charged to all loan applicants
  • C. Seller's points offered to reduce the borrower's closing costs
  • D. Daily or per diem interest paid by borrower

Answer: D

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition


NEW QUESTION # 60
A borrower's monthly debt-to-income ratio is calculated by taking the:

  • A. eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.
    D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income
  • B. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
  • C. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.

Answer: C

Explanation:
The debt-to-income (DTI) ratio is a key metric used by lenders to assess a borrower's ability to manage monthly payments and repay a mortgage. It is calculated by dividing the borrower's total monthly debt obligations, including:
* Monthly housing expenses (principal, interest, taxes, and insurance, also known as PITI).
* Any other recurring debt obligations (car loans, student loans, credit card payments, etc.).
This total is divided by the borrower's gross monthly income (before taxes and deductions). This calculation helps determine whether the borrower meets lending standards, with most lenders preferring a DTI ratio below 43% for qualified mortgages.
References:
* Fannie Mae and Freddie Mac guidelines on debt-to-income ratio
* CFPB Qualified Mortgage Rules


NEW QUESTION # 61
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

  • A. Every 2 weeks
  • B. Every 7 days
  • C. Every 31 days
  • D. Annually

Answer: C

Explanation:
According to the Telemarketing Sales Rule (TSR) and the National Do Not Call Registry requirements, nonexempt telemarketing entities must check their call lists against the National Do Not Call Registry at least every 31 days. This ensures that they do not call individuals who have opted out of receiving telemarketing calls.
* The 31-day rule helps ensure compliance and reduces the likelihood of violating the Do Not Call regulations.
References:
* Telemarketing Sales Rule (TSR), 16 CFR Part 310
* Federal Trade Commission (FTC) Guidelines


NEW QUESTION # 62
Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

  • A. 30 business days
  • B. 45 calendar days
  • C. 7 business days
  • D. 15 business days

Answer: C

Explanation:
Under the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Loan Estimate (LE) at least 7 business days before the closing (also called consummation) of the mortgage loan. This rule ensures that the borrower has sufficient time to review and understand the loan terms and costs.
The 7-day waiting period starts from the day the Loan Estimate is delivered or placed in the mail. This period allows the borrower to ask questions and possibly negotiate terms before finalizing the mortgage.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(e)
* Consumer Financial Protection Bureau (CFPB) Guidelines


NEW QUESTION # 63
Which of the following fees is a finance charge?

  • A. A notary fee
  • B. A late payment fee
  • C. An appraisal fee
  • D. An origination fee

Answer: D

Explanation:
An origination fee is considered a finance charge under TILA because it represents the cost of obtaining credit. A finance charge includes all fees that a borrower must pay as a condition of securing a loan, excluding certain exempt fees like notary or appraisal fees.
* Notary fees (A) and appraisal fees (C) are typically excluded from the finance charge calculation.
* Late payment fees (D) are not considered finance charges; they are penalties for delinquent payments.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4 (Regulation Z)
* CFPB Finance Charge Definitions


NEW QUESTION # 64
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