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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q147-Q152):
NEW QUESTION # 147
Which of the following advertising statements is permissible?
Answer: A
Explanation:
The Truth in Lending Act (TILA) Regulation Z requires that advertisements for mortgage credit products that state a rate or terms must be clear and not misleading. Phrases like "with approved credit" are permissible when a specific APR is disclosed and required terms are provided. However, "no closing costs" or "variable rate starting at ___" are considered potentially misleading if not all relevant terms are disclosed.
"If an advertisement states a rate of finance charge, it must state the rate as an annual percentage rate (APR)...
Disclosures must not be misleading. Stating 'with approved credit' in connection with an APR is permissible."
- 12 CFR § 1026.24, Regulation Z
References:
CFPB, Advertising Requirements
SAFE MLO National Test Study Guide
NEW QUESTION # 148
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?
Answer: B
Explanation:
In an 80/20 loan structure, the borrower obtains two loans: an 80% first mortgage and a 20% second mortgage, often referred to as a "piggyback loan." The 20% loan has second lien priority, meaning it is subordinate to the 80% loan. If the borrower defaults and the property is foreclosed, the lender holding the first mortgage (80%) is paid first, and the second mortgage (20%) is paid from any remaining proceeds.
* The first lien is always the larger 80% loan, and the second lien covers the smaller 20% loan.
References:
* Fannie Mae Guidelines on piggyback loans
* Freddie Mac Loan Priority Rules
NEW QUESTION # 149
The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:
Answer: C
Explanation:
Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.
* Steering (A) involves directing borrowers toward certain loan products for the lender's benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.
References:
* Fair Housing Act
* Equal Credit Opportunity Act (ECOA)
NEW QUESTION # 150
A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?
Answer: A
Explanation:
Regulation Z allows creditors to provide a written estimate of costs before a Loan Estimate is triggered, provided the estimate clearly states that the figures are not binding and are not the official Loan Estimate. The required statement is:
"Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
"If a creditor provides a written estimate of terms or costs before providing the Loan Estimate, the creditor must clearly and conspicuously state at the top of the first page, in 12-point font, 'Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.'"
- 12 CFR § 1026.19(e)(2)(ii), Regulation Z
References:
CFPB, TILA-RESPA Integrated Disclosure Rule Guide
12 CFR § 1026.19(e)(2)(ii)
NEW QUESTION # 151
How many business days after issuance is an unlocked Loan Estimate considered expired?
Answer: C
Explanation:
A Loan Estimate is considered "expired" if the consumer does not express an intent to proceed within 10 business days after the Loan Estimate is provided, unless a longer period is specified by the creditor.
"If a creditor does not receive an intent to proceed from a consumer within ten business days after the Loan Estimate is provided, the creditor is no longer bound by the Loan Estimate."
- 12 CFR § 1026.19(e)(3)(iv)(E); CFPB TILA-RESPA Guide
References:
CFPB, TILA-RESPA Integrated Disclosure Rule Guide
12 CFR § 1026.19(e)(3)(iv)(E)
NEW QUESTION # 152
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