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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q118-Q123):

NEW QUESTION # 118
Illegal fee splitting occurs when:

A. wages are split by two employees.
B. two service providers split a fee.
C. three companies split a fee but one did no work.
D. fees are split between lender and broker.

Answer: C

Explanation:
Illegal fee splitting occurs when a fee is divided among multiple parties and at least one party does not perform any actual work or service to earn the fee. Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits fee splitting, kickbacks, and unearned fees in any federally related mortgage loan transaction. If three companies split a fee, but one company did no work, this would constitute an illegal fee split.
* Fee splitting (A, C) can be legal if all parties involved provide legitimate services.
References:
* RESPA Section 8 - Prohibition on fee splitting and unearned fees
* CFPB RESPA Guidelines

NEW QUESTION # 119
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

A. Every day except Sunday and legal holidays
B. Any days except Saturdays and Sundays
C. Every day from 9 a.m. to 5 p.m.
D. Any days that employees may access the office to work

Answer: A

Explanation:
Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights

NEW QUESTION # 120
Which of the following situations requires further documentation when reviewing bank statements for documentation of assets for down payment and closing costs?

A. When there are two borrowers on a loan and only one of the borrowers' names is shown on a bank statement
B. When the bank statement shows very little activity on the account
C. When the bank statement comes from an institution that does not have a local presence
D. When there is a large deposit that is not a payroll deposit

Answer: D

Explanation:
When underwriting a loan, large or unusual deposits that are not readily identifiable (such as payroll deposits) must be sourced and documented. This is to ensure the funds are not borrowed or from an unacceptable source.
"If a bank statement reveals a large deposit that is not payroll-related, the lender must document the source of funds."
- Fannie Mae Selling Guide, B3-4.2-02: Depository Accounts
References:
Fannie Mae, Verifying Assets
SAFE MLO National Test Study Guide

NEW QUESTION # 121
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
B. The fee is permitted if the fee is disclosed on the final settlement statement.
C. The fee is permitted as the MLO performed origination services for the borrower.
D. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.

Answer: D

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks

NEW QUESTION # 122
Which of the following is a requirement for a mortgage loan originator (MLO) license?

A. Completed at least 10 hours of pre-licensing education
B. Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority
C. Have not had an MLO license revoked in the last five years
D. Have never been convicted of a felony in a domestic, foreign or military court

Answer: B

Explanation:
One of the requirements for obtaining an MLO (Mortgage Loan Originator) license under the SAFE Act is that the MLO must be covered by a net worth requirement, surety bond, or must pay into a state fund. This requirement ensures that MLOs have adequate financial backing to protect consumers and the public in the event of legal or financial disputes.
* A (10 hours of pre-licensing education) is incorrect because the requirement is at least 20 hours of pre-licensing education.
* B (license revoked) and C (conviction) are not fully accurate as they do not align with the exact licensing rules under the SAFE Act.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Guidelines

NEW QUESTION # 123
......

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NMLS MLO Reliable Test Answers & Exam MLO Collection Pdf

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q118-Q123):

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