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

NEW QUESTION # 81
In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?

A. Only the person who will actually occupy the property
B. Only the borrower who makes the most income
C. Only the borrower with the majority interest in the transaction
D. Any person who has an ownership interest in the property

Answer: D

Explanation:
Under TILA's Right of Rescission, in a federally related mortgage loan (such as a refinance) secured by a primary residence, any person who has an ownership interest in the property has the right to rescind the transaction within three business days after the closing, delivery of the notice of right to rescind, or delivery of all material disclosures, whichever occurs last.
This right applies to all individuals with a legal interest in the property, not just the primary borrower or the person who will occupy the property. This ensures that all owners can consent to the mortgage terms.
References:
* Truth in Lending Act (TILA), Section 125
* Regulation Z, 12 CFR §1026.23

NEW QUESTION # 82
A loan secured by any lien other than the first lien position is referred to as:

A. Subordinate
B. Non-conforming
C. Collectible
D. Agency

Answer: A

Explanation:
A subordinate lien (or junior lien) refers to any loan or claim against a property that is secondary to the first lien (the primary mortgage). Examples include second mortgages, home equity loans, or lines of credit.
"A subordinate lien is a mortgage or other lien that has a lower priority than a previous mortgage or lien."
- SAFE MLO National Test Study Guide
References:
SAFE MLO National Test Study Guide
CFPB, Glossary

NEW QUESTION # 83
The purpose of the Patriot Act is to deter and punish:

A. Mortgage broker fraud
B. Terrorist acts
C. Lending to foreign nationals
D. Appraisal fraud

Answer: B

Explanation:
The USA PATRIOT Act was enacted in 2001 to help deter and punish terrorist acts in the United States and around the world, and to enhance law enforcement investigatory tools. It requires financial institutions to establish anti-money laundering programs and procedures to help prevent terrorist financing.
"The purpose of the USA PATRIOT Act is to deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and to address money laundering and terrorist financing."
- USA PATRIOT Act, Public Law 107-56
References:
USA PATRIOT Act, Overview
SAFE MLO National Test Study Guide

NEW QUESTION # 84
The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

A. high school diploma.
B. unique identifier
C. originator counseling certificate.
D. compliance plan.

Answer: B

Explanation:
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires all mortgage loan originators (MLOs) to obtain a unique identifier through the Nationwide Multistate Licensing System (NMLS) before engaging in the business of residential mortgage loan origination. This identifier is used to track MLOs across state lines and ensure accountability and transparency in the mortgage industry.
* A compliance plan (B) or other qualifications like a high school diploma (C) or counseling certificate (D) are not specific SAFE Act requirements for engaging in mortgage origination.
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Requirements

NEW QUESTION # 85
Which of the following conditions must be met when presenting loan product options to a consumer?

A. The presentation of loan products from creditors with which the mortgage loan originator does not regularly do business
B. The presentation of loan products with the highest interest rates
C. The presentation of loan products for which the consumer likely qualifies
D. The presentation of loan products with prepayment penalties

Answer: C

Explanation:
Regulation Z requires mortgage loan originators to present loan options that are in the consumer's interest and for which the consumer is likely to qualify. Loan options presented must be appropriate to the consumer's financial circumstances, not just the highest rate or those with penalties.
"Loan originators must present loan options for which the consumer likely qualifies, and which are in the consumer's interest, including a loan with the lowest interest rate, lowest points and origination fees, and no risky features if such products are available."
- 12 CFR § 1026.36(e), Regulation Z
References:
CFPB, Loan Originator Compensation Requirements
SAFE MLO National Test Study Guide

NEW QUESTION # 86
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