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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q98-Q103):

NEW QUESTION # 98
Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

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

Answer: C

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 # 99
Which of the following circumstances may indicate fraud with respect to the assets a borrower will use for closing?

A. Borrower's receipt of a large bonus from an employer
B. Bank deposits that are not supported by income or other disclosures
C. Parental loans disclosed but not yet received
D. Disclosure of gift funds

Answer: B

Explanation:
In mortgage loan origination, a key focus is ensuring the borrower has the financial means to cover the costs of the mortgage, including closing costs, down payments, and reserves. Fraud may be indicated when there are discrepancies or inconsistencies in the borrower's disclosed assets and income. Here's a detailed explanation of why Option A is the correct answer:
* Bank Deposits that are not supported by income or other disclosures (Option A):
* This is a red flag for possible fraud. If large or frequent deposits are reflected in the borrower's bank accounts but cannot be linked to their income or other sources of funds disclosed in the application (e.g., salary, bonuses, or documented gifts), it raises suspicions that the borrower may be trying to misrepresent their financial position.
* The Uniform Residential Loan Application (URLA) or 1003 form requires borrowers to disclose their assets, liabilities, and income sources in detail. Mortgage underwriters will carefully review these disclosures and cross-check them with bank statements to verify the legitimacy of deposits.
* According to Fannie Mae's Selling Guide, large, unexplained deposits need to be sourced and seasoned (i.e., must be in the borrower's account for a specific period, typically two months) to ensure the funds are legitimate. Unsupported deposits that cannot be explained could indicate that the funds are coming from non-disclosed sources, such as unreported loans, which could impact the borrower's ability to repay the loan.
* Disclosure of gift funds (Option B):
* Disclosing gift funds is a legitimate and common source of funds for closing costs and down payments, especially for first-time homebuyers. As long as the gift funds are properly documented (typically via a gift letter from the donor), this would not raise concerns of fraud.
Lenders typically require that the gift funds come from a verifiable source, and a gift letter confirming that the funds are a true gift, not a loan that must be repaid, is crucial.
* Parental loans disclosed but not yet received (Option C):
* If a borrower discloses a loan from a parent but has not yet received the funds, this may raise underwriting concerns about whether the borrower truly has sufficient assets for closing.
However, this does not indicate fraud as long as the loan is disclosed. The lender would verify that the loan will be received and accounted for prior to closing. The loan could potentially affect the borrower's debt-to-income ratio (DTI) but wouldn't necessarily suggest deception.
* Borrower's receipt of a large bonus from an employer (Option D):
* Receiving a large bonus from an employer is not in itself suspicious as long as the bonus is documented and can be verified by the lender. Borrowers often use bonuses as part of their qualifying income, and these are acceptable as long as they are stable and likely to continue, as outlined in Fannie Mae or Freddie Mac guidelines. Therefore, this would not indicate fraud unless there was an attempt to misrepresent the amount or source of the bonus.
In conclusion, Option A (Bank deposits that are not supported by income or other disclosures) is the most likely indicator of potential fraud because it involves unexplained and unverified funds, which may suggest misrepresentation of the borrower's financial standing.
References:
* Fannie Mae Selling Guide: Verifying Assets
* Uniform Residential Loan Application (URLA) Guidelines
* RESPA (Real Estate Settlement Procedures Act) Compliance

NEW QUESTION # 100
Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A. The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
B. The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
C. The individual has been subject to a court order for payment of child support.
D. The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.

Answer: B

Explanation:
An individual who had their MLO license application denied, or had a license revoked or suspended in any governmental jurisdiction, is not eligible for temporary authority to act as a mortgage loan originator (MLO) under the SAFE Act. Temporary authority allows registered MLOs who move to a state-licensed mortgage company to act as MLOs while their application for a state license is being processed. However, individuals with disqualifying events, such as prior license denial or revocation, lose this privilege.
Other options:
* Court orders for child support (B) and being a witness in a trial (A) do not disqualify individuals from obtaining temporary authority.
References:
* SAFE Act, 12 USC §5101
* NMLS Temporary Authority to Operate Guidelines

NEW QUESTION # 101
Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

A. Country of birth
B. Immigration status
C. Marital status
D. Receipt of child support

Answer: B

Explanation:
Under the Equal Credit Opportunity Act (ECOA), lenders can deny a loan based on immigration status, as it directly relates to the borrower's ability to legally reside and work in the country. Lenders must ensure that the borrower has the legal capacity to enter into a binding contract and that they are authorized to work in the U.S. for the loan's duration.
* Receipt of child support (A), marital status (C), and country of birth (D) are protected characteristics under ECOA, meaning a lender cannot deny credit based on these factors.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB Regulation B

NEW QUESTION # 102
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A. Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
B. Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
C. Consider the application incomplete and put initial processing on hold until the additional information is received
D. Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated

Answer: D

Explanation:
In this situation, the most compliant action is to provide timely initial disclosures to the borrower within the required timeframe, even if the figures may be adjusted later when additional information is obtained. This is in accordance with TILA-RESPA Integrated Disclosure (TRID) rules, which mandate that the Loan Estimate (LE) must be provided within three business days after receiving an application, even if all details are not yet finalized.
* Holding off on processing (Option A) or waiting until additional information is obtained (Option D) is non-compliant, as this could violate the timely disclosure requirements.
* While documenting attempts to gather information (Option B) is good practice, it does not fulfill the regulatory obligation to provide disclosures promptly.
By issuing initial disclosures, even if the numbers are subject to change, the creditor remains compliant with the Consumer Financial Protection Bureau (CFPB) guidelines. Corrections can be made in subsequent disclosures.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Regulation Z requirements for disclosures

NEW QUESTION # 103
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