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Free PDF NMLS - Marvelous MLO - Passing Mortgage Loan Origination (SAFE MLO) Exam Score

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q63-Q68):

NEW QUESTION # 63
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

A. 62 years of age or older.
B. 60 years of age or older.
C. 70 years of age or older.
D. 65 years of age or older.

Answer: A

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term "elderly" is defined as anyone who is 62 years of age or older. This designation is significant in fair lending, as the ECOA prohibits discrimination based on age in any aspect of a credit transaction, including mortgage lending.
* ECOA protects borrowers from being denied credit or offered unfavorable terms based solely on their age, and it provides additional protections to borrowers considered "elderly." References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691(a)
* CFPB Regulation B, 12 CFR Part 1002

NEW QUESTION # 64
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

A. net monthly income
B. taxable income.
C. gross monthly income.
D. loan amount.

Answer: C

Explanation:
In a debt-to-income (DTI) analysis, the borrower's total monthly housing-related payments (including principal, interest, taxes, insurance, and any homeowner association fees) are assessed as a percentage of their gross monthly income. Lenders use the gross income, which is the borrower's income before taxes and deductions, to determine affordability and creditworthiness.
* Net monthly income (A) and taxable income (C) are not used in standard DTI calculations.
* The loan amount (D) is unrelated to the DTI calculation.
References:
* Fannie Mae and Freddie Mac Guidelines on DTI ratios
* CFPB Guidelines on Ability-to-Repay and DTI

NEW QUESTION # 65
Which of the following services is included in the definition of a settlement service?

A. Title company/escrow agent services
B. Sale of the mortgage loan on the secondary market
C. Homeowners association fees
D. Flood insurance

Answer: A

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), settlement services include activities related to closing the mortgage loan, such as title company services and escrow agent services. These services are integral to the settlement process and ensure that the transaction is completed legally and correctly.
* Flood insurance (A) is required for properties in flood zones but is not considered a settlement service.
* Homeowners association fees (B) and the sale of the mortgage loan on the secondary market (D) are also not part of the settlement services.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2602
* CFPB RESPA Guidelines on settlement services

NEW QUESTION # 66
Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

A. A state regulator
B. The Federal Trade Commission
C. The Conference of State Bank Supervisors
D. NMLS

Answer: A

Explanation:
For state-licensed, non-depository lenders, the primary regulatory authority is the state regulator in the jurisdiction where the lender operates. Each state has its own agency or department responsible for overseeing licensing, compliance, and enforcement of mortgage laws for non-depository institutions.
* The NMLS (A) is the system used to manage licenses but is not a regulatory authority.
* The Federal Trade Commission (B) oversees federal consumer protection laws but is not the primary regulator for state-licensed lenders.
* The Conference of State Bank Supervisors (CSBS) (D) helps coordinate state regulation but does not directly regulate individual lenders.
References:
SAFE Act, 12 USC §5101
NMLS and State Regulator Guidelines

NEW QUESTION # 67
A 7.25% interest-only loan has an initial balance of $239,500.00. The annual homeowner's insurance premium is $551.00, and the annual property taxes are $1,773.00. What is the total monthly payment, including the escrow?

A. $1,446.98
B. $1,640.65
C. $1,584.65
D. $1,701.29

Answer: C

Explanation:
First, calculate the monthly interest-only payment:
Loan Amount: $239,500
Interest Rate: 7.25% annual
Monthly Interest: $239,500 × 0.0725 ÷ 12 = $1,447.29
Add escrow for taxes and insurance:
Annual Insurance: $551 ÷ 12 = $45.92
Annual Taxes: $1,773 ÷ 12 = $147.75
Total escrow per month: $45.92 + $147.75 = $193.67
Total monthly payment:
$1,447.29 (interest-only) + $193.67 (escrow) = $1,640.96
Closest answer: C. $1,640.65
The slight difference is likely due to rounding, but C is the best match.
References:
Standard mortgage calculations (see any finance calculator)
SAFE MLO National Test Study Guide

NEW QUESTION # 68
......

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