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Pass Guaranteed 2025 NMLS Professional Complete MLO Exam Dumps

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q130-Q135):

NEW QUESTION # 130
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A. Seller's points offered to reduce the borrower's closing costs
B. A standard credit application fee charged to all loan applicants
C. Document preparation fees for items such as mortgages and deeds
D. Daily or per diem interest paid by borrower

Answer: D

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition

NEW QUESTION # 131
Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?

A. Regulating the federal funds rate at which money is lent to banks
B. Deciding what quantity of mortgage-backed securities are purchased by the government
C. Regulating mortgage lenders on their mortgage origination practices and procedures
D. Regulating the number of mortgage loan originators in the mortgage industry

Answer: C

Explanation:
The Consumer Financial Protection Bureau (CFPB) is responsible for regulating mortgage lenders and overseeing their origination practices and procedures. The CFPB was created under the Dodd-Frank Act to protect consumers from unfair, deceptive, or abusive practices in financial services, including mortgages. Its functions include:
* Enforcing rules related to mortgage origination, such as TILA, RESPA, and ECOA.
* Ensuring that lenders provide clear disclosures and follow fair lending practices.
Other functions:
* Regulating the federal funds rate (A) is the role of the Federal Reserve.
* Deciding the quantity of mortgage-backed securities purchased by the government (D) is related to Federal Reserve monetary policy, not the CFPB.
References:
Dodd-Frank Wall Street Reform and Consumer Protection Act
CFPB's Role in Mortgage Origination

NEW QUESTION # 132
The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

A. gross monthly income.
B. net monthly income
C. loan amount.
D. taxable income.

Answer: A

Explanation:
In a debt-to-income (DTI) analysis, the borrower's total monthly housing-related payments (including principal, interest, taxes, insurance, and any homeowner association fees) are assessed as a percentage of their gross monthly income. Lenders use the gross income, which is the borrower's income before taxes and deductions, to determine affordability and creditworthiness.
* Net monthly income (A) and taxable income (C) are not used in standard DTI calculations.
* The loan amount (D) is unrelated to the DTI calculation.
References:
* Fannie Mae and Freddie Mac Guidelines on DTI ratios
* CFPB Guidelines on Ability-to-Repay and DTI

NEW QUESTION # 133
A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

A. The borrower has been employed by the same company for three years.
B. The borrower lacks a history in an industry that requires specific skills.
C. A recent college graduate holds a high-level position in the organization.
D. The residence is more than 120 miles from the work location on a refinance.

Answer: A

Explanation:
Lenders are permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation when the borrower has a stable employment history, such as being employed by the same company for three years or more. This provides sufficient documentation of employment stability, reducing the need for further explanation.
* Other options (A, B, C) involve situations where the employment status or job stability may raise concerns, thus requiring additional documentation or explanation.
References:
* Fannie Mae Selling Guide on employment verification
* Freddie Mac Employment History Guidelines

NEW QUESTION # 134
The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

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

Answer: D

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 # 135
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