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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q115-Q120):
NEW QUESTION # 115
After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?
Answer: D
Explanation:
Under the Equal Credit Opportunity Act (ECOA), creditors must notify applicants of the action taken (approval, counteroffer, or denial) within 30 calendar days of receiving a completed application or additional information related to a counteroffer. This timeline ensures transparency and fairness in the loan application process.
* This 30-day window applies both for original applications and responses to counteroffers, allowing the borrower sufficient time to receive and act on the decision.
References:
* Equal Credit Opportunity Act (ECOA)
* Regulation B (12 CFR §1002.9) on notification of action taken
NEW QUESTION # 116
A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?
Answer: A
Explanation:
When an MLO suspects that a borrower, such as the mother in this case, may be under duress or being coerced into a transaction, they have a duty to ensure that all parties are willingly participating. The ethical approach would be to ask to speak privately with the mother to verify her intentions and comfort level with the transaction. This ensures that the loan is compliant with consumer protection laws such as the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), which protect against unfair lending practices.
* Ignoring the situation (Option B) could lead to participation in a coerced or fraudulent transaction.
* Suggesting that the son be a co-borrower (Option C) or signing a power of attorney (Option D) are inappropriate if the mother is unwilling to proceed.
Verifying her willingness safeguards the integrity of the loan process and ensures compliance with fair lending practices.
References:
* Truth in Lending Act (TILA)
* Equal Credit Opportunity Act (ECOA)
* CFPB guidelines on elder financial abuse
NEW QUESTION # 117
The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:
Answer: D
Explanation:
A Suspicious Activity Report (SAR) is filed by financial institutions to report known or suspected violations of law or suspicious financial activities. The requirement to file SARs falls under the Bank Secrecy Act (BSA), which is designed to prevent money laundering, fraud, and other financial crimes. SARs must be filed with FinCEN (Financial Crimes Enforcement Network) whenever suspicious transactions are detected.
* TILA (B), Gramm-Leach-Bliley Act (C), and RESPA (D) do not govern the filing of SARs.
References:
* Bank Secrecy Act (BSA), 31 USC §5311
* FinCEN Guidelines on SAR filing
NEW QUESTION # 118
Which of the following is an example of a non-fluctuating income source?
Answer: A
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 # 119
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?
Answer: C
Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation
NEW QUESTION # 120
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