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Get the Best Accurate Test MLO Sample Questions and Pass Exam in First Attempt

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q81-Q86):

NEW QUESTION # 81
A mortgage loan originator paying compensation to a real estate agent for client referrals is:

A. Permissible if the compensation is limited to meals or other noncash gifts.
B. Prohibited unless the client is notified and consents to the payment.
C. Permissible if the compensation is limited to payment for the real estate agent's related business expenses.
D. Considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA).

Answer: D

Explanation:
Section 8(a) of the Real Estate Settlement Procedures Act (RESPA) strictly prohibits giving or accepting any fee, kickback, or thing of value in exchange for the referral of settlement service business related to a federally related mortgage loan.
"No person shall give and no person shall accept any fee, kickback or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person."
- 12 U.S.C. § 2607(a); 12 CFR § 1024.14(b), Regulation X
This means it is illegal for a mortgage loan originator (MLO) to pay a real estate agent for referring clients, regardless of client notification, consent, or limitation to business expenses. Minor items of minimal value (e.
g., pens, promotional items) may be allowed if not given in exchange for referrals, but any compensation for referrals is a prohibited kickback.
References:
CFPB, RESPA Section 8 Kickbacks and Referral Fees
SAFE MLO National Test Study Guide

NEW QUESTION # 82
Which of the following property value approaches does an appraiser use on a rental property?

A. Cost approachB Income approach
B. Annual approach
C. Sales comparison approach

Answer: B

Explanation:
For rental properties, an appraiser will typically use the Income Approach to estimate the property's value.
This method is based on the income-generating potential of the property, which is most relevant for investment properties, including rentals.
* The Income Approach assesses the property's ability to generate future cash flow by evaluating the income that can be derived from renting it. The formula often involves determining the net operating income (NOI) and applying a capitalization rate (cap rate) to estimate value.
* This method is most appropriate for rental properties because their value is inherently tied to their profitability.
Other methods:
* Cost approach: More suited for unique properties or new construction.
* Sales comparison approach: Often used for owner-occupied properties, comparing recent sales of similar properties.
References:
Uniform Standards of Professional Appraisal Practice (USPAP)
Fannie Mae's Appraisal Guidelines for Rental Properties

NEW QUESTION # 83
Which of the following is an example of a non-fluctuating income source?

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

Answer: B

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 # 84
Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

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

Answer: C

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 # 85
Which of the following is an origination fee?

A. Underwriting fee
B. Title insurance fee
C. Appraisal fee
D. Prepaid interest fee

Answer: A

Explanation:
An origination fee is a charge by the lender for processing a new loan application, which typically includes the costs of underwriting and originating the loan. The underwriting fee is a common component of the lender's origination charges. Appraisal, title insurance, and prepaid interest are separate, non-origination costs.
"Origination charges include fees for underwriting, processing, and originating the loan."
- CFPB, Loan Estimate Explainer; TRID Rule Guide
References:
CFPB, What is a loan origination fee?
SAFE MLO National Test Study Guide

NEW QUESTION # 86
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Jack Adams Jack Adams

Biography

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