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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q36-Q41):

NEW QUESTION # 36
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

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

Answer: B

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 # 37
Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

A. It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
B. It allows borrowers five days to review the final amount needed for settlement.
C. It ensures that the terms and fees that are quoted at the time of application do not change.
D. It provides a three-day cooling-off period for all loans

Answer: A

Explanation:
The purpose of the TILA-RESPA Integrated Disclosure (TRID) rule is to aid borrowers in understanding the loan transaction process by using clear and readily understandable language in the Loan Estimate (LE) and Closing Disclosure (CD) forms. TRID simplifies and standardizes the mortgage disclosure process, making it easier for borrowers to understand the costs, terms, and potential risks of their loan.
* TRID does not provide a cooling-off period (A) or prevent loan terms from changing (C), but it requires transparency and clarity in disclosure.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19
* CFPB Guidelines on TRID compliance

NEW QUESTION # 38
Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

A. Assisting a consumer in applying for credit
B. Taking an application
C. Performing real estate brokerage activities
D. Offering or negotiating credit terms

Answer: C

Explanation:
Real estate brokerage activities are not a primary function of a mortgage loan originator (MLO). The MLO's primary role is to assist consumers in taking an application (A), offering or negotiating credit terms (B), and helping consumers apply for credit (C).
* Real estate brokerage activities, such as negotiating real estate transactions, are separate from the loan origination process and require different licensing and qualifications.
References:
* SAFE Act, 12 USC §5101
* NMLS MLO Licensing Guidelines

NEW QUESTION # 39
If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

A. 30 days
B. 10 days
C. 60 days
D. 45 days

Answer: A

Explanation:
According to ECOA (Equal Credit Opportunity Act) and Regulation B, if a borrower waives the right to receive their appraisal three business days before consummation, and the transaction does not close, the creditor must still provide a copy of the appraisal within 30 days of determining that the loan will not consummate.
* This ensures that borrowers still receive essential documentation, even if the loan fails to close.
References:
* ECOA (Equal Credit Opportunity Act), 12 CFR §1002.14(a)(1)
* CFPB Guidelines on appraisal delivery timelines

NEW QUESTION # 40
The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

A. redlining.
B. appraising.
C. steering.
D. low balling.

Answer: A

Explanation:
Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.
* Steering (A) involves directing borrowers toward certain loan products for the lender's benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.
References:
* Fair Housing Act
* Equal Credit Opportunity Act (ECOA)

NEW QUESTION # 41
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Quiz NMLS - High Hit-Rate MLO - Reliable Mortgage Loan Origination (SAFE MLO) Exam Dumps Free

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q36-Q41):

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