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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q85-Q90):

NEW QUESTION # 85
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?

A. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
B. Take no action as the property was occupied at the time of application
C. Allow the application to be underwritten before raising any concerns
D. Notify the MLO's employer and/or the mortgage lender of the discovery

Answer: D

Explanation:
Mortgage loan originators are bound by ethical and legal requirements to disclose any material changes in a loan application that could affect the underwriting decision. Discovering that the property is no longer the borrower's primary residence is a significant change and may affect loan terms, program eligibility, and disclosures. According to the SAFE Act and industry best practices, the MLO must immediately report such information to their employer and/or the lender.
"A mortgage loan originator has a duty to promptly notify the lender of any material change in the application or circumstances of the borrower that could impact loan eligibility or the terms of the loan."
- SAFE MLO National Test Study Guide; NMLS UST Outline
Other options fail to fulfill the MLO's legal and ethical obligations and could be construed as misrepresentation or fraud.
References:
SAFE MLO National Test Study Guide
NMLS Uniform State Content Outline
CFPB, Mortgage Origination Rules

NEW QUESTION # 86
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A. Double fee method
B. Single fee method
C. Tip sharing
D. Fee splitting

Answer: D

Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation

NEW QUESTION # 87
A person paying or receiving a portion of a fee that has not been earned in connection with the settlement statement is which of the following practices?

A. Actual fees
B. Average fees
C. Splitting fees
D. Third-party fees

Answer: C

Explanation:
Under RESPA Section 8(b), it is illegal for any person to give or accept any portion, split, or percentage of a settlement service fee other than for services actually performed. This is known as fee splitting or unearned fee splitting.
"No person shall give and no person shall accept any portion, split, or percentage of any charge made or received for the rendering of a settlement service other than for services actually performed."
- 12 USC § 2607(b), RESPA Section 8(b)
References:
CFPB, RESPA Section 8 Prohibitions
SAFE MLO National Test Study Guide

NEW QUESTION # 88
No more than how many days before calling any consumer should a company access the National Do Not Call Registry and maintain records documenting this process?

A. 60 days
B. 14 days
C. 45 days
D. 31 days

Answer: C

Explanation:
Under the Telemarketing Sales Rule, companies are required to access the National Do Not Call Registry at least once every 31 days and must maintain records documenting this process. Solicitors may not call any number on the registry that has been there for 31 days or more.
"You must update your call list every 31 days by accessing the National Do Not Call Registry."
- FTC, National Do Not Call Registry FAQs
References:
FTC, Do Not Call: FAQs

NEW QUESTION # 89
Which of the following scenarios is permissible according to the SAFE Act?

A. A third-party underwriter conducts administrative and clerical duties while working under the supervision of a licensed MLO with their organization.
B. An unlicensed assistant to a mortgage loan originator (MLO) conducts MLO activities under the authority of the MLO's unique identifier and licenses.
C. An underwriter who is functioning as an independent contractor conducts administrative and clerical duties while working under the supervision of a licensed MLO.
D. An MLO who is not licensed in a subject property's state still originates the loan under the authority of the company's license in that particular state.

Answer: A

Explanation:
Under the SAFE Act, administrative and clerical duties may be performed by an individual (including a third- party underwriter) if performed at the direction and supervision of a licensed MLO. Origination activities must be done only by licensed MLOs, and company or MLO licensing is state-specific.
"Administrative or clerical tasks performed at the direction and subject to the supervision and instruction of a licensed mortgage loan originator do not require licensure."
- SAFE Act, 12 U.S.C. § 5102(4)(C)
References:
SAFE Act, 12 U.S.C. § 5102(4)(C)
NMLS Uniform State Test Content Outline

NEW QUESTION # 90
......

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Hot MLO Exam Sample Questions | Authoritative Online MLO Tests and Updated New Mortgage Loan Origination (SAFE MLO) Exam Test Registration

Online MLO Tests - New MLO Test Registration

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q85-Q90):

Pass-Sure MLO Exam Sample Questions – Updated Online Tests Provider for MLO: Mortgage Loan Origination (SAFE MLO) Exam

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