100% PASS 2025 NMLS RELIABLE MLO: MORTGAGE LOAN ORIGINATION (SAFE MLO) EXAM LATEST EXAM TESTKING

100% Pass 2025 NMLS Reliable MLO: Mortgage Loan Origination (SAFE MLO) Exam Latest Exam Testking

100% Pass 2025 NMLS Reliable MLO: Mortgage Loan Origination (SAFE MLO) Exam Latest Exam Testking

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?

  • A. Creditors must establish an escrow account for taxes and property insurance on first lien mortgage loans.
  • B. Borrowers have a five-day right of rescission.
  • C. There are restrictions on prepayment penalties.
  • D. Creditors must verity income and assets in order to determine whether the loan applicant has the ability to repay the loan.

Answer: B

Explanation:
Under TILA (Truth in Lending Act), higher-priced mortgage loans (HPMLs) are subject to several regulations, including:
* Lenders must verify income and assets to ensure the borrower's ability to repay the loan (A).
* Creditors are required to establish escrow accounts for taxes and property insurance for first-lien mortgages (B).
* There are restrictions on prepayment penalties (C).
However, borrowers of HPMLs do not have a five-day right of rescission. The right of rescission is typically three business days and applies to refinances on primary residences, not to HPMLs.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026
* CFPB Higher-Priced Mortgage Loan Guidelines


NEW QUESTION # 21
Which of the following statements is permissible in an advertisement?

  • A. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
  • B. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."
  • C. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
  • D. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."

Answer: A

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules


NEW QUESTION # 22
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

  • A. Interest
  • B. Notary
  • C. Title Insurance
  • D. Credit report

Answer: A

Explanation:
Under Federal Reserve Regulation Z, which implements the Truth in Lending Act (TILA), interest is classified as a finance charge because it represents the cost of borrowing the funds over the life of the loan.
Finance charges include any fee that a borrower pays as a condition of obtaining the loan, such as interest, points, and certain fees.
* Notary fees (A), credit report fees (C), and title insurance (D) are not considered finance charges because they are third-party fees not directly related to the cost of borrowing.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Regulation Z Guidelines


NEW QUESTION # 23
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

  • A. 60 days
  • B. 90 days
  • C. 30 days
  • D. 120 days

Answer: D

Explanation:
Under the CFPB mortgage servicing rules, a mortgage company cannot initiate foreclosure proceedings until a borrower's loan is at least 120 days delinquent. This rule is designed to give borrowers sufficient time to explore loss mitigation options, such as loan modification, forbearance, or repayment plans, before facing foreclosure.
* The 120-day delinquency rule applies to all residential mortgage loans, providing a mandatory grace period before foreclosure filing.
This requirement is part of the Dodd-Frank Act and is enforced under Regulation X.
References:
* CFPB Mortgage Servicing Rules
* 12 CFR Part 1024 (Regulation X)


NEW QUESTION # 24
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

  • A. 60 days
  • B. 90 days
  • C. 30 days
  • D. 120 days

Answer: D


NEW QUESTION # 25
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