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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q132-Q137):

NEW QUESTION # 132
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer with a loan that has the lowest total amount of fees.
B. A loan officer presents a consumer with loan options from multiple creditors with various fees.
C. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
D. A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.

Answer: C

Explanation:
Steering occurs when a loan officer influences or directs a borrower towards a specific loan product or lender based on the compensation the loan officer will receive, rather than the borrower's best interests. In Option C, the loan officer is steering the borrower to a loan from a particular lender to earn higher compensation, which is prohibited under the Dodd-Frank Act and TILA's Loan Originator Compensation Rule.
Other options:
* Option A describes offering a loan with higher fees, but it does not indicate that compensation is the motive, so it is not a clear example of steering.
* Option B and Option D describe fair loan presentation practices.
References:
Dodd-Frank Act, Loan Originator Compensation Rule
Truth in Lending Act (TILA), 12 CFR Part 1026

NEW QUESTION # 133
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 # 134
The total monthly payment for a loan secured by a 30-year fixed-rate mortgage with an escrow account could increase for which of the following reasons?

A. The mortgage servicer is collecting the payment for a new auto loan with the mortgage.
B. The monthly utility bills have increased.
C. The interest rate for the fixed-rate mortgage has increased.
D. The annual property taxes and/or homeowners insurance premiums have increased.

Answer: D

Explanation:
For a 30-year fixed-rate mortgage with an escrow account, the monthly mortgage payment consists of principal, interest, taxes, and insurance (often referred to as PITI). The principal and interest portions remain constant with a fixed-rate mortgage, but the escrow account is used by the lender to collect and pay property taxes and homeowners insurance premiums on the borrower's behalf.
Escrow accounts are required by many lenders to ensure that taxes and insurance are paid on time. If the annual property taxes and/or homeowners insurance premiums increase, the lender will adjust the amount collected for escrow each month, which will increase the total monthly payment (even though the principal and interest portion stays the same).
"While your principal and interest payment remains the same on a fixed-rate mortgage, your total monthly payment can increase if your property taxes or homeowners insurance premiums increase, since these are typically included in your monthly escrow payment."
- Consumer Financial Protection Bureau (CFPB): What is an escrow account?
Other options are incorrect:
* A. Utility bills are not part of the mortgage payment or escrow.
* B. The interest rate does not increase with a fixed-rate mortgage; it remains constant.
* D. Servicers do not collect payments for unrelated auto loans with the mortgage.
References:
Consumer Financial Protection Bureau (CFPB), "What is an escrow account?" SAFE MLO National Test Study Guide HUD Mortgage Servicing Handbook, Escrow Requirements Section

NEW QUESTION # 135
Which of the following property types is eligible for FHA financing?

A. Commercial real estate loan
B. Manufactured home
C. Bed and breakfast
D. Vacation home

Answer: B

Explanation:
FHA loans are available for primary residences, including manufactured homes, if they meet HUD standards.
FHA loans are not available for vacation homes, investment properties, bed and breakfasts, or commercial real estate.
"FHA will insure mortgages on manufactured homes that are principal residences and meet HUD requirements."
- HUD 4000.1 FHA Single Family Housing Policy Handbook
References:
HUD, FHA Manufactured Homes Guidelines
FHA Single Family Housing Policy Handbook (4000.1)

NEW QUESTION # 136
Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

A. Personal unsecured loans
B. Virtual currency funds
C. Community second funds
D. Foreign assets located outside of the U.S. or its territories

Answer: C

Explanation:
Community second funds are an acceptable source of funds for down payments, closing costs, or financial reserves. These are subordinate loans provided by housing finance agencies, nonprofits, or government entities to help borrowers meet the required down payment or closing costs. These funds are often offered to low-to-moderate income borrowers or first-time homebuyers as part of affordable housing programs.
* Virtual currency (A), such as Bitcoin, is not an acceptable source due to its volatility and challenges in verifying its stability.
* Personal unsecured loans (C) are generally not allowed, as they increase the borrower's debt and reduce their financial stability.
* Foreign assets outside of the U.S. (D) are not typically acceptable unless they can be easily liquidated and transferred to the U.S.
References:
* Fannie Mae Selling Guide on acceptable sources of funds
* Freddie Mac Guidelines for down payment and closing costs

NEW QUESTION # 137
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