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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q30-Q35):

NEW QUESTION # 30
For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?

A. Homeowners association dues
B. Mortgage insurance premium
C. Hazard insurance premium
D. Down payment

Answer: B

Explanation:
For FHA loans, borrowers are required to pay a Mortgage Insurance Premium (MIP). This insurance protects the lender in case of default or foreclosure. FHA loans are backed by the Federal Housing Administration, and MIP is mandatory for borrowers due to the lower down payment requirements and increased risk to lenders.
* Mortgage Insurance Premium (MIP): FHA loans require an upfront MIP at closing (usually 1.75% of the loan amount) and annual MIP, which is divided into monthly installments and added to the mortgage payment.
* The MIP protects lenders by providing insurance coverage in the event the borrower defaults, reducing the lender's loss.
Other options:
* Down payment (A) is required but does not protect the lender.
* Hazard insurance premium (B) protects the property, not the lender in foreclosure.
* Homeowners association dues (D) are unrelated to lender protection.
References:
* FHA Single-Family Housing Policy Handbook
* U.S. Department of Housing and Urban Development (HUD) guidelines

NEW QUESTION # 31
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A. Double fee method
B. Tip sharing
C. Single fee method
D. Fee splitting

Answer: D

Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation

NEW QUESTION # 32
Prepaid charges include which of the following items?

A. Credit report fee
B. Conveyance tax
C. Per diem interest
D. Origination fee

Answer: C

Explanation:
Prepaid charges refer to certain upfront costs paid at closing. These include:
* Per diem interest (D), which covers the interest from the closing date to the end of the month.
Other items like origination fees (A), credit report fees (B), and conveyance taxes (C) are not considered prepaid charges; they are typically categorized as closing costs or settlement fees.
References:
* Real Estate Settlement Procedures Act (RESPA)
* TILA-RESPA Integrated Disclosures (TRID)

NEW QUESTION # 33
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A. never been licensed or registered as an MLO in any governmental jurisdiction.
B. been convicted of a felony within the past seven years.
C. had an MLO license suspended in any governmental jurisdiction.
D. taken and failed the SAFE MLO National Test three times within the last year.

Answer: B

Explanation:
Under the SAFE Act, a mortgage loan originator (MLO) cannot be approved for licensure if they have been convicted of a felony within the past seven years, or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering. This provision ensures that individuals with serious criminal backgrounds are not permitted to operate as MLOs.
* Other factors, such as failing the SAFE MLO test (C) or having never been licensed (D), do not automatically disqualify an applicant from obtaining an MLO license.
References:
* SAFE Act, 12 USC §5104
* NMLS Licensing Requirements

NEW QUESTION # 34
Which of the following statements describes an advantage of a purchase money second mortgage?

A. The borrower pays two mortgage payments.
B. The borrower avoids paying private mortgage insurance
C. The borrower avoids paying into the escrow account.
D. The borrower's loan closes faster than a regular mortgage.

Answer: B

Explanation:
A purchase money second mortgage allows a borrower to avoid paying private mortgage insurance (PMI) by using a second loan to cover part of the down payment. This structure, often referred to as a "piggyback loan", is commonly used when a borrower does not have a 20% down payment but wants to avoid PMI, which is typically required for loans with less than 20% down.
* The borrower makes payments on both the primary mortgage and the second mortgage, but by keeping the loan-to-value (LTV) on the first mortgage below 80%, they can avoid PMI.
References:
* Fannie Mae Selling Guide on purchase money mortgages
* Freddie Mac Guidelines on private mortgage insurance

NEW QUESTION # 35
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New MLO Dumps Free, Pass4sure MLO Dumps Pdf

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q30-Q35):

Know How To Resolve The Anxiety NMLS MLO Exam Fever After The Preparation

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