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Fast Download MLO Vce Download & Leading Offer in Qualification Exams & Practical MLO Guide

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q103-Q108):

NEW QUESTION # 103
Which of the following responses describes the main purpose of the secondary market?

A. To fund a second home loan
B. To service second mortgage loans
C. To fund second mortgage loans
D. To fund additional loans

Answer: D

Explanation:
The main purpose of the secondary market is to fund additional loans by allowing lenders to sell existing mortgages to investors. This process replenishes the lender's capital, enabling them to originate more loans.
The secondary market is where mortgage-backed securities (MBS) are bought and sold, providing liquidity to the mortgage market.
* Other options such as funding second mortgages or second home loans are specific transactions that do not capture the overall purpose of the secondary market.
References:
* Fannie Mae and Freddie Mac Secondary Market Guidelines
* HUD Secondary Mortgage Market Overview

NEW QUESTION # 104
Which of the following is an example of a non-fluctuating income source?

A. Self-employed income
B. Part-time work with irregular hours
C. Commission-based W-2 income
D. Salaried W-2 position

Answer: D

Explanation:
A salaried W-2 position is an example of non-fluctuating income because the borrower receives a consistent, fixed salary each pay period. This type of income is easy to verify and predict, making it ideal for mortgage qualification.
Other types of fluctuating income:
* Self-employed income (B) and commission-based income (C) vary based on the nature of work and can fluctuate month to month.
* Part-time work with irregular hours (D) also fluctuates due to varying work hours, making it inconsistent.
References:
* Fannie Mae Selling Guide for income verification
* Freddie Mac's Loan Product Advisor for employment income documentation

NEW QUESTION # 105
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

A. A payment to a real estate agent for loan referral activities
B. A payment to an attorney for services actually rendered
C. A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan
D. A payment to its own employees for lender referral activities

Answer: A

Explanation:
Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits any payment, kickback, or unearned fee in exchange for loan referrals. This includes payments to real estate agents or other third parties for referring business to lenders or mortgage brokers. Such payments are illegal because they could inflate the cost of settlement services and are not tied to any actual services rendered.
* Payments for actual services (A, D), such as payments to attorneys or contractors for legitimate work, are allowed under RESPA, but paying for loan referrals (B) is strictly prohibited.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidance

NEW QUESTION # 106
Which of the following factors does not affect the funding fee on a VA purchase?

A. Loan-to-value ratio
B. Marital status
C. First-time user
D. Service-connected disability

Answer: B

Explanation:
The VA funding fee varies based on several factors, including whether the borrower has a service-connected disability, if the borrower is a first-time or subsequent user of VA benefits, and the loan-to-value ratio (LTV).
Marital status does NOT affect the funding fee.
"Factors that determine the VA funding fee include: type of veteran, type of loan, down payment amount (LTV), and whether the veteran has previously used entitlement. Marital status does not impact the funding fee."
- U.S. Department of Veterans Affairs, VA Funding Fee Table
References:
VA Funding Fee Table: VA.gov
SAFE MLO National Test Study Guide

NEW QUESTION # 107
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

A. Yield-to-loan fee
B. Referral fee
C. Servicing fee
D. Origination charge

Answer: D

Explanation:
An origination charge is an allowable closing cost typically found on the Closing Disclosure (CD). This fee is charged by the lender for processing the mortgage application and creating the loan. It may include administrative fees, underwriting fees, and other costs related to loan origination.
* Referral fees (B) are illegal under RESPA.
* Servicing fees (C) are not typically listed as closing costs but are part of ongoing loan maintenance.
* Yield-to-loan fees (D) are not a standard item on a Closing Disclosure.
References:
* TILA-RESPA Integrated Disclosure (TRID) Rule
* RESPA (Real Estate Settlement Procedures Act) Section 8

NEW QUESTION # 108
......

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