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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q231-Q236):

NEW QUESTION # 231
Which of the following loans are covered by TILA-RESPA Integrated Disclosure (TRID)?

A. Second home loans
B. Home equity lines of credit (HELOCs)
C. Reverse mortgage loans
D. Chattel-dwelling loans

Answer: A

Explanation:
The TILA-RESPA Integrated Disclosure (TRID) rule applies to most closed-end consumer credit transactions secured by real property, including loans on primary residences, second homes, and investment properties. It does not apply to HELOCs, reverse mortgages, or chattel-dwelling loans (like mobile homes not secured by real property).
"TRID applies to most closed-end consumer credit transactions secured by real property. It does not apply to HELOCs, reverse mortgages, or chattel-dwelling loans."
- CFPB, TILA-RESPA Integrated Disclosure Rule Small Entity Compliance Guide References:
CFPB, TRID Rule Guide (see "Coverage of the TILA-RESPA rule")
SAFE MLO National Test Study Guide

NEW QUESTION # 232
Which of the following items is a liquid asset?

A. An automobile owned free and clear
B. Publicly traded stocks
C. Antique jewelry
D. Net worth of a business

Answer: B

Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards

NEW QUESTION # 233
A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A. Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
B. Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
C. Consider the application incomplete and put initial processing on hold until the additional information is received
D. Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated

Answer: D

Explanation:
In this situation, the most compliant action is to provide timely initial disclosures to the borrower within the required timeframe, even if the figures may be adjusted later when additional information is obtained. This is in accordance with TILA-RESPA Integrated Disclosure (TRID) rules, which mandate that the Loan Estimate (LE) must be provided within three business days after receiving an application, even if all details are not yet finalized.
* Holding off on processing (Option A) or waiting until additional information is obtained (Option D) is non-compliant, as this could violate the timely disclosure requirements.
* While documenting attempts to gather information (Option B) is good practice, it does not fulfill the regulatory obligation to provide disclosures promptly.
By issuing initial disclosures, even if the numbers are subject to change, the creditor remains compliant with the Consumer Financial Protection Bureau (CFPB) guidelines. Corrections can be made in subsequent disclosures.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* CFPB Regulation Z requirements for disclosures

NEW QUESTION # 234
It is acceptable for a lender to request a co-applicant in which of the following situations?

A. The borrower will not qualify for the loan on their own.
B. The borrower's future income is dependent on the co-applicant.
C. The co-applicant will be residing in the house with the borrower.
D. The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage

Answer: A

Explanation:
It is acceptable for a lender to request a co-applicant if the borrower will not qualify for the loan on their own based on their income, credit score, or other financial factors. A co-applicant, such as a spouse or family member, can help strengthen the application by adding additional income or improving the credit profile, which may help the borrower meet the lender's qualification requirements.
* Other situations (B, C, D) such as future income, residency, or gifting funds do not necessarily require a co-applicant and are not acceptable reasons to mandate one.
References:
* Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002
* Fannie Mae Selling Guide on co-borrowers

NEW QUESTION # 235
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

A. Closing Disclosure only
B. Loan Estimate only
C. Uniform Residential Loan Application
D. Both the Loan Estimate and Closing Disclosure

Answer: D

Explanation:
If a mortgage loan includes a prepayment penalty, it must be disclosed on both the Loan Estimate (LE) and the Closing Disclosure (CD). These disclosures, mandated under the TILA-RESPA Integrated Disclosure (TRID) rule, ensure that borrowers are aware of any penalties they may face for paying off the loan early. The prepayment penalty must be clearly stated to comply with TILA (Truth in Lending Act) requirements.
* The Loan Estimate provides an early overview of loan terms, and the Closing Disclosure finalizes those terms.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.38
* CFPB Guidelines on prepayment penalties

NEW QUESTION # 236
......

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