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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q65-Q70):

NEW QUESTION # 65
The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

A. adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
B. implement an internal watch system to prevent the misrepresentation of occupancy status
C. implement a written program to detect warning signs of identity theft.
D. adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.

Answer: C

Explanation:
The Red Flags Rule, under the Fair and Accurate Credit Transactions Act (FACTA), requires lenders and other financial institutions to develop and implement a written Identity Theft Prevention Program. This program must detect, prevent, and mitigate identity theft by identifying "red flags" that signal potential fraud, such as:
* Unusual account activity
* Inconsistent or mismatched identification information
* Suspicious patterns in credit applications
Lenders are required to take steps to verify identities, monitor transactions, and respond to signs of identity theft to protect consumers and minimize fraud risk.
References:
* Fair and Accurate Credit Transactions Act (FACTA)
* Red Flags Rule under 16 CFR 681.2

NEW QUESTION # 66
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

A. 70 years of age or older.
B. 65 years of age or older.
C. 62 years of age or older.
D. 60 years of age or older.

Answer: C

Explanation:
Under the Equal Credit Opportunity Act (ECOA), the term "elderly" is defined as anyone who is 62 years of age or older. This designation is significant in fair lending, as the ECOA prohibits discrimination based on age in any aspect of a credit transaction, including mortgage lending.
* ECOA protects borrowers from being denied credit or offered unfavorable terms based solely on their age, and it provides additional protections to borrowers considered "elderly." References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691(a)
* CFPB Regulation B, 12 CFR Part 1002

NEW QUESTION # 67
A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

A. Second but combined with any other liens
B. First
C. First as it will be combined with the 80% loan
D. Second

Answer: D

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 # 68
According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A. A standard credit application fee charged to all loan applicants
B. Document preparation fees for items such as mortgages and deeds
C. Seller's points offered to reduce the borrower's closing costs
D. Daily or per diem interest paid by borrower

Answer: D

Explanation:
Under TILA, the term finance charge includes any fees related to the cost of borrowing, such as daily or per diem interest paid by the borrower. The finance charge encompasses all charges imposed by the creditor as a condition of extending credit, including interest, points, and loan origination fees.
* Seller's points (B) are not part of the finance charge because they are paid by the seller.
* Standard application fees (C) and document preparation fees (D) are typically excluded unless they are specifically tied to the cost of obtaining credit.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.4
* CFPB Finance Charge Definition

NEW QUESTION # 69
Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

A. An electronic paystub
B. The borrower's attestation that he expects a raise within 30 days
C. A copy of a check register
D. The income stated on the loan application

Answer: A

Explanation:
To verify a borrower's income for the ability-to-repay (ATR) requirements, lenders must rely on verified documentation, such as:
* Electronic paystubs
* W-2 forms
* Tax returns
An electronic paystub is acceptable as it provides detailed proof of the borrower's income, including salary, deductions, and other compensation.
* Items like a check register (B), the income stated on the loan application (C), or a borrower's attestation (D) without documentation are not considered valid forms of income verification.
References:
* Dodd-Frank Act - Ability-to-Repay Rule
* CFPB Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule

NEW QUESTION # 70
......

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Valid MLO Test Voucher & Practice MLO Test Online

2025 Perfect Valid MLO Test Voucher | Mortgage Loan Origination (SAFE MLO) Exam 100% Free Practice Test Online

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q65-Q70):

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