NMLS MLO Real Exam - MLO Practical Information

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q121-Q126):

NEW QUESTION # 121
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

A. Origination charge
B. Yield-to-loan fee
C. Referral fee
D. Servicing fee

Answer: A

Explanation:
An origination charge is an allowable closing cost typically found on the Closing Disclosure (CD). This fee is charged by the lender for processing the mortgage application and creating the loan. It may include administrative fees, underwriting fees, and other costs related to loan origination.
* Referral fees (B) are illegal under RESPA.
* Servicing fees (C) are not typically listed as closing costs but are part of ongoing loan maintenance.
* Yield-to-loan fees (D) are not a standard item on a Closing Disclosure.
References:
* TILA-RESPA Integrated Disclosure (TRID) Rule
* RESPA (Real Estate Settlement Procedures Act) Section 8

NEW QUESTION # 122
Illegal fee splitting occurs when:

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

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 # 123
Which of the following scenarios describes a form of steering?

A. A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
B. A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
C. A loan officer presents a consumer with a loan that has the lowest total amount of fees.
D. A loan officer presents a consumer with loan options from multiple creditors with various fees.

Answer: A

Explanation:
Steering occurs when a loan officer influences or directs a borrower towards a specific loan product or lender based on the compensation the loan officer will receive, rather than the borrower's best interests. In Option C
, the loan officer is steering the borrower to a loan from a particular lender to earn higher compensation, which is prohibited under the Dodd-Frank Act and TILA's Loan Originator Compensation Rule.
Other options:
* Option A describes offering a loan with higher fees, but it does not indicate that compensation is the motive, so it is not a clear example of steering.
* Option B and Option D describe fair loan presentation practices.
References:
* Dodd-Frank Act, Loan Originator Compensation Rule
* Truth in Lending Act (TILA), 12 CFR Part 1026

NEW QUESTION # 124
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A. Fee splitting
B. Tip sharing
C. Single fee method
D. Double fee method

Answer: A

Explanation:
When a licensed mortgage loan originator (MLO) shares their commission with another licensed MLO at the same company for actual services performed on a loan, it is referred to as fee splitting.
* Fee splitting is legal and permissible under certain conditions, such as when both MLOs are licensed and have contributed to the loan's origination, processing, or closing in a meaningful way. This is different from illegal kickbacks, which are prohibited under RESPA.
* Fee splitting must comply with all applicable state laws and company policies to ensure transparency and that all compensation is based on legitimate work performed.
References:
* Real Estate Settlement Procedures Act (RESPA) Section 8 (regulating kickbacks and fee splitting)
* National Mortgage Licensing System (NMLS) guidelines on compensation

NEW QUESTION # 125
Which of the following federal laws requires disclosures intended to prevent lenders or mortgage loan originators (MLOs) from increasing fees during the origination process?

A. Home Mortgage Disclosure Act (HMDA)
B. Equal Credit Opportunity Act (ECOA)
C. Real Estate Settlement Procedures Act (RESPA1)
D. Truth in Lending Act (TILA)

Answer: C

Explanation:
The Real Estate Settlement Procedures Act (RESPA) requires disclosures intended to prevent lenders and mortgage loan originators (MLOs) from increasing fees during the loan origination process. RESPA mandates the disclosure of estimated fees through the Loan Estimate (LE) and ensures that fees do not change substantially from the Loan Estimate to the final Closing Disclosure (CD) unless specific conditions justify the changes. This protects borrowers from "fee increases" during the settlement process.
* While TILA (A) deals with disclosure of loan terms and APR, RESPA (D) focuses specifically on fees and closing costs during origination.
References:
* RESPA (Real Estate Settlement Procedures Act), 12 USC §2601
* CFPB RESPA Guidelines on fee tolerances

NEW QUESTION # 126
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NMLS MLO Real Exam - MLO Practical Information

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q121-Q126):

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