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2025 High Pass-Rate NMLS MLO Valid Test Practice

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The NMLS MLO exam questions of Lead2Passed mainly come in three formats: Mortgage Loan Origination (SAFE MLO) Exam (MLO) dumps PDF, Web-Based MLO Practice Exam and Desktop Mortgage Loan Origination (SAFE MLO) Exam (MLO) Practice Test Software. With thousands of satisfied customers, you can start your preparation for Mortgage Loan Origination (SAFE MLO) Exam (MLO) certification with Lead2Passed.

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q66-Q71):

NEW QUESTION # 66
Illegal fee splitting occurs when:

A. three companies split a fee but one did no work.
B. two service providers split a fee.
C. fees are split between lender and broker.
D. wages are split by two employees.

Answer: A

Explanation:
Illegal fee splitting occurs when a fee is divided among multiple parties and at least one party does not perform any actual work or service to earn the fee. Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits fee splitting, kickbacks, and unearned fees in any federally related mortgage loan transaction. If three companies split a fee, but one company did no work, this would constitute an illegal fee split.
* Fee splitting (A, C) can be legal if all parties involved provide legitimate services.
References:
* RESPA Section 8 - Prohibition on fee splitting and unearned fees
* CFPB RESPA Guidelines

NEW QUESTION # 67
It is acceptable for a lender to request a co-applicant in which of the following situations?

A. The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage
B. The borrower's future income is dependent on the co-applicant.
C. The co-applicant will be residing in the house with the borrower.
D. The borrower will not qualify for the loan on their own.

Answer: D

Explanation:
It is acceptable for a lender to request a co-applicant if the borrower will not qualify for the loan on their own based on their income, credit score, or other financial factors. A co-applicant, such as a spouse or family member, can help strengthen the application by adding additional income or improving the credit profile, which may help the borrower meet the lender's qualification requirements.
* Other situations (B, C, D) such as future income, residency, or gifting funds do not necessarily require a co-applicant and are not acceptable reasons to mandate one.
References:
* Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002
* Fannie Mae Selling Guide on co-borrowers

NEW QUESTION # 68
How many days before consummation must a borrower receive a revised Loan Estimate?

A. 7 business days
B. 10 business days
C. 4 business days
D. 5 business days

Answer: A

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, borrowers must receive the Loan Estimate (LE) at least 7 business days before consummation of the loan. This rule allows borrowers ample time to review the terms and costs of the mortgage before closing.
If a revised Loan Estimate is issued due to changes in circumstances (e.g., interest rate changes, property changes), the borrower still needs to receive it no later than 7 business days before consummation.
References:
* TRID (TILA-RESPA Integrated Disclosure Rule), 12 CFR §1026.19(f)
* CFPB Loan Estimate Requirements

NEW QUESTION # 69
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 # 70
Which of the following documents is a real estate conveyance?

A. Promissory note
B. Mortgage instrument
C. Occupancy certificate
D. Quit claim deed

Answer: D

Explanation:
A quit claim deed is a legal document used in real estate transactions to convey ownership or interest in a property from one party to another. It transfers the grantor's interest in the property without any warranties or guarantees about the property's title.
* Promissory notes (B) represent a borrower's promise to repay a loan.
* Mortgage instruments (C) create a lien on the property but do not convey ownership.
* Occupancy certificates (D) certify that a property complies with regulations for occupancy but are not involved in transferring ownership.
References:
* Real Estate Law on property conveyances
* Fannie Mae Deed and Title Transfer Guidelines

NEW QUESTION # 71
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