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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q30-Q35):

NEW QUESTION # 30
Which of the following conditions must be met when presenting loan product options to a consumer?

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

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 # 31
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 borrower who makes the most income
B. Any person who has an ownership interest in the property
C. Only the borrower with the majority interest in the transaction
D. Only the person who will actually occupy the property

Answer: B

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 # 32
Which of the following responses describes the required amount of flood insurance coverage?

A. The property value on file with the county property valuation administrator office
B. The minimum amount of National Flood Insurance Program coverage available
C. The original appraised value of the home
D. The outstanding principal balance of the loan

Answer: D

Explanation:
Flood insurance coverage is required to cover the lesser of:
* The outstanding principal balance of the loan, or
* The maximum coverage limit available under the National Flood Insurance Program (NFIP), which is $250,000 for residential properties.
The purpose of flood insurance is to protect the lender's interest in the property, ensuring that the loan amount is covered in the event of a flood.
* The appraised value of the home (A) and the property value on file with the county (D) are irrelevant in determining flood insurance requirements.
References:
* National Flood Insurance Program (NFIP)
* FEMA Flood Insurance Guidelines

NEW QUESTION # 33
An interest-only mortgage is a mortgage with scheduled payments that require the consumer to have:

A. Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.
B. Adjustable payments every month based on an adjustable interest rate.
C. Payments of interest for a specified amount of time.
D. Fixed payments every month, but the interest rate adjusts monthly.

Answer: C

Explanation:
With an interest-only mortgage, the borrower makes payments that cover only the interest for a set period (such as 5 or 10 years). After this period, the borrower begins paying both principal and interest, which causes payments to increase.
"An interest-only mortgage is a loan with scheduled payments that for a period of time require payment of interest only, with no reduction of the principal balance."
- CFPB, Consumer Handbook on Adjustable-Rate Mortgages; SAFE MLO National Test Study Guide References:
CFPB, Interest-Only Mortgages

NEW QUESTION # 34
For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?

A. Down payment
B. Mortgage insurance premium
C. Homeowners association dues
D. Hazard insurance premium

Answer: B

Explanation:
For FHA loans, borrowers are required to pay a Mortgage Insurance Premium (MIP). This insurance protects the lender in case of default or foreclosure. FHA loans are backed by the Federal Housing Administration, and MIP is mandatory for borrowers due to the lower down payment requirements and increased risk to lenders.
* Mortgage Insurance Premium (MIP): FHA loans require an upfront MIP at closing (usually 1.75% of the loan amount) and annual MIP, which is divided into monthly installments and added to the mortgage payment.
* The MIP protects lenders by providing insurance coverage in the event the borrower defaults, reducing the lender's loss.
Other options:
* Down payment (A) is required but does not protect the lender.
* Hazard insurance premium (B) protects the property, not the lender in foreclosure.
* Homeowners association dues (D) are unrelated to lender protection.
References:
* FHA Single-Family Housing Policy Handbook
* U.S. Department of Housing and Urban Development (HUD) guidelines

NEW QUESTION # 35
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NMLS MLO Valid Test Answers & MLO Latest Braindumps Free

Cost-Effective NMLS MLO Exam [2025]

NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q30-Q35):

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