PASS GUARANTEED 2025 NMLS TRUSTABLE MLO: TESTING MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM CENTER

Pass Guaranteed 2025 NMLS Trustable MLO: Testing Mortgage Loan Origination (SAFE MLO) Exam Center

Pass Guaranteed 2025 NMLS Trustable MLO: Testing Mortgage Loan Origination (SAFE MLO) Exam Center

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q115-Q120):

NEW QUESTION # 115
Which of the following components of an ARM adjusts periodically?

  • A. Index and margin only
  • B. Index and interest rate only
  • C. Margin and interest rate only
  • D. Margin, Index and interest rate

Answer: B

Explanation:
In an Adjustable-Rate Mortgage (ARM), the components that adjust periodically are the index and the interest rate. Here's how it works:
* The index is the benchmark interest rate that fluctuates with market conditions (e.g., LIBOR, SOFR).
* The interest rate adjusts based on changes in the index, but the margin (the fixed percentage added to the index) remains constant throughout the life of the loan.
Thus, the index and interest rate are the variables that change periodically, while the margin remains fixed.
References:
* Fannie Mae Selling Guide for ARMs
* Freddie Mac ARM Guidelines


NEW QUESTION # 116
Which of the following items is a liquid asset?

  • A. Net worth of a business
  • B. An automobile owned free and clear
  • C. Publicly traded stocks
  • D. Antique jewelry

Answer: C

Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards


NEW QUESTION # 117
What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?

  • A. $150,000 for residential property structures
  • B. $250,000 for residential property structures
  • C. $50,000 for residential property structures
  • D. $350,000 for residential property structures

Answer: B

Explanation:
The minimum amount of flood insurance required by lenders for a residential building located in a Special Flood Hazard Area (SFHA) is the lesser of:
* 100% of the replacement cost of the structure, or
* The maximum available under the National Flood Insurance Program (NFIP), which is $250,000 for residential property structures.
This requirement ensures that the property is adequately covered in case of flood damage.
References:
* National Flood Insurance Program (NFIP) Guidelines
* Flood Disaster Protection Act (FDPA)


NEW QUESTION # 118
According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

  • A. The borrower receiving a salary increase
  • B. Changes that the MLO should have known at the time the Loan Estimate was provided
  • C. A natural disaster in the area where the loan will close
  • D. Market fluctuations on a locked loan

Answer: C

Explanation:
Under TRID, a revised Loan Estimate (LE) can be issued if there is a changed circumstance that affects the loan terms or costs. This can include situations such as a natural disaster in the area where the loan will close, which may impact the value of the property or loan costs. Such changes are considered beyond the control of the parties involved and justify a revised estimate.
* Market fluctuations (A) on a locked loan and borrower salary increases (B) are not valid reasons for issuing a revised LE.
* Changes that the MLO should have known at the time of the original LE (D) do not qualify as a valid changed circumstance.
References:
* TRID Rule, 12 CFR §1026.19(e)
* CFPB Guidelines on changed circumstances for Loan Estimates


NEW QUESTION # 119
Offering or negotiating the terms of a loan includes which of the following actions?

  • A. Making an underwriting decision about whether an applicant qualifies for a loan
  • B. Arranging the loan closing or other aspects of the loan process
  • C. Providing general explanations or descriptions in response to a consumer's inquiry
  • D. Presenting particular loan terms to an applicant verbally, in writing, or otherwise

Answer: D

Explanation:
Under the SAFE Act, offering or negotiating the terms of a loan includes presenting specific loan terms to an applicant, whether verbally, in writing, or through any other communication method. This activity directly involves discussing or negotiating loan details like interest rates, loan amounts, and repayment terms, which requires licensure as a mortgage loan originator (MLO).
* Providing general explanations (A) and arranging loan closings (D) do not require an MLO license because they do not involve negotiating or offering specific loan terms.
* Making underwriting decisions (B) is also a separate activity not considered "offering or negotiating" loan terms.
References:
* SAFE Act, 12 USC §5101
* NMLS Guidelines on MLO licensure requirements


NEW QUESTION # 120
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