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MLO Reliable Test Question - MLO Certified Questions

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Quiz NMLS - MLO - The Best Mortgage Loan Origination (SAFE MLO) Exam Reliable Test Question

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

NEW QUESTION # 30
A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?

A. Ask the friend to provide the MLO with a written authorization to obtain his credit report
B. Offer to obtain the credit report but only if the friend will pay for the cost of the report
C. Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
D. Start a loan application so that the MLO can obtain the credit report and then show the application as
"withdrawn"

Answer: C

Explanation:
The Fair Credit Reporting Act (FCRA) restricts the permissible purposes for which a credit report can be obtained. A mortgage loan originator may only pull a credit report for a bona fide mortgage loan transaction.
Pulling a credit report for a non-mortgage transaction, even with the consumer's consent, is not a permissible purpose.
"A person may obtain a consumer report only if the report is to be used for a permissible purpose under the FCRA. Permissible purposes include credit transactions initiated by the consumer."
- 15 U.S.C. § 1681b; FCRA
References:
FTC, Using Consumer Reports: What Landlords Need to Know
SAFE MLO National Test Study Guide

NEW QUESTION # 31
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

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

Answer: A

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 # 32
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A. Every 2 weeks
B. Every 31 days
C. Every 7 days
D. Annually

Answer: B

Explanation:
According to the Telemarketing Sales Rule (TSR) and the National Do Not Call Registry requirements, nonexempt telemarketing entities must check their call lists against the National Do Not Call Registry at least every 31 days. This ensures that they do not call individuals who have opted out of receiving telemarketing calls.
* The 31-day rule helps ensure compliance and reduces the likelihood of violating the Do Not Call regulations.
References:
* Telemarketing Sales Rule (TSR), 16 CFR Part 310
* Federal Trade Commission (FTC) Guidelines

NEW QUESTION # 33
Which of the following statements is permissible in an advertisement?

A. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
B. "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."
C. "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."
D. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"

Answer: D

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 # 34
A loan that is meant to be offered to prospective borrowers with poor credit history is generally referred to by which of the following terms?

A. Fixed-rate
B. Interest-only
C. Subprime
D. Balloon

Answer: C

Explanation:
A subprime loan is a type of loan offered to borrowers with low credit scores or other risk factors. These loans typically have higher interest rates to compensate for increased risk.
"Subprime loans are made to borrowers who have poor or limited credit histories and pose a higher risk of default."
- SAFE MLO National Test Study Guide
References:
CFPB, Subprime Mortgage Definition

NEW QUESTION # 35
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