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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q62-Q67):

NEW QUESTION # 62
A real estate broker overhears her buyer discussing what she believes to be illegal activities while on a phone conversation. The real estate broker notifies the buyer's mortgage loan originator (MLO) that the borrower may be using illegally acquired funds as down payment for this property. The MLO decides to report some suspicious cash deposit transactions found in the borrower's bank records. Under the Patriot Act, the MLO may discuss the filing of this report with which of the following parties, if any?

A. His loan processor
B. All parties involved in the transaction
C. The buyer's agent
D. The report Is not permitted to be discussed with any parties involved in the transaction.

Answer: D

Explanation:
Under the USA Patriot Act, if a Suspicious Activity Report (SAR) is filed due to potential illegal activities, the MLO (Mortgage Loan Originator) is prohibited from discussing the filing of the SAR with any parties involved in the transaction, including the buyer's agent, loan processor, or any other party. This prohibition ensures that the investigation is not compromised and that the confidentiality of the report is maintained.
* Discussing the SAR with any party is considered a violation of anti-money laundering (AML) rules.
References:
* USA Patriot Act, Anti-Money Laundering Provisions
* FinCEN Guidelines on SAR Confidentiality

NEW QUESTION # 63
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:

A. Real Estate Settlement Procedures Act(RESPA).
B. Truth in Lending Act (TILA).
C. Gramm-Leach-Bliley Act(GLBA).
D. Bank Secrecy Act (BSA).

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 # 64
A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A. The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
B. The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
C. The fee is permitted if the fee is disclosed on the final settlement statement.
D. The fee is permitted as the MLO performed origination services for the borrower.

Answer: A

Explanation:
The Real Estate Settlement Procedures Act (RESPA) prohibits payment of fees or kickbacks to any party unless that party performs actual, legitimate services related to the origination or processing of a loan. In this case, the MLO did not perform any actual origination services for the borrower, so the fee paid by Bank XYZ to the MLO is not permitted.
* RESPA Section 8 prohibits referral fees or any unearned fees. The MLO did not originate the loan or perform any substantive services related to the HELOC, which makes the payment illegal.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidelines on fee splitting and kickbacks

NEW QUESTION # 65
Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

A. Nontraditional mortgage lending standards
B. Mortgage loan loss mitigation standards
C. 30-year conventional mortgage lending standards
D. Credit score modeling standards

Answer: A

Explanation:
Under the SAFE Act, mortgage loan originators (MLOs) must complete 8 hours of continuing education (CE) each year to maintain their licenses. The required CE topics include:
* 3 hours of federal law and regulations.
* 2 hours of ethics, which must include instruction on fraud, consumer protection, and fair lending.
* 2 hours on nontraditional mortgage lending standards, which refers to loan products that do not have fixed interest rates, such as adjustable-rate mortgages (ARMs) and other alternative loan types.
* 1 elective hour, which can vary based on state or company preferences.
The focus on nontraditional mortgage lending helps ensure MLOs understand the complexities and risks of nonstandard loan products.
References:
* SAFE Act Continuing Education Requirements
* NMLS Annual Renewal Guidelines

NEW QUESTION # 66
A second (subordinate) mortgage loan includes:

A. home equity conversion mortgage.
B. government home purchase loan.
C. conventional home purchase loan.
D. home equity lines of credit (HELOCs;

Answer: D

Explanation:
A second (subordinate) mortgage loan refers to a mortgage taken out after the primary mortgage and is subordinate to the first in priority of claims on the property in case of default or foreclosure. One of the most common types of subordinate mortgages is a home equity line of credit (HELOC).
* HELOC allows homeowners to borrow against the equity in their home, typically after the first mortgage, making it a subordinate loan.
Other options:
* Government home purchase loans (A) and conventional home purchase loans (B) are typically first mortgages.
* A home equity conversion mortgage (C) is a type of reverse mortgage, which is also typically a primary loan, not a subordinate one.
References:
* Fannie Mae Selling Guide on subordinate financing
* HELOC regulations under Regulation Z

NEW QUESTION # 67
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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q62-Q67):

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