HOW I PREPARED NMLS MLO EXAM QUESTIONS IN ONE WEEK? [2025]

How I Prepared NMLS MLO Exam Questions In One Week? [2025]

How I Prepared NMLS MLO Exam Questions In One Week? [2025]

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Simple and easy-to-understand words are used in the content of our Mortgage Loan Origination (SAFE MLO) Exam MLO exam questions. It is one of the unique benefits of Mortgage Loan Origination (SAFE MLO) Exam MLO exam material that is not common in other Mortgage Loan Origination (SAFE MLO) Exam MLO. TestsDumps designed this Mortgage Loan Origination (SAFE MLO) Exam MLO exam material to work in different systems.

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q90-Q95):

NEW QUESTION # 90
An easement:

  • A. allows a loan applicant to close on a loan even if all the stipulations have not been met.
  • B. is a mortgage modification.
  • C. allows a borrower to make less than the required payments without going through a full mortgage modification.
  • D. is a right to cross or otherwise use someone else's land for a specified purpose.

Answer: D

Explanation:
An easement is a legal right granted to one party to cross or use another party's land for a specific purpose, such as for utility lines, access roads, or water drainage. Easements are commonly granted in property transactions and are recorded in the public records.
* Easements are unrelated to mortgage modifications (A) or payment reductions (D).
References:
* Real Estate Law on property easements
* HUD Guidelines on easements in property transactions


NEW QUESTION # 91
A second (subordinate) mortgage loan includes:

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

Answer: A

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 # 92
Non-qualified mortgages offer more options for borrowers who:

  • A. are currently living with their parents.
  • B. have no down payment.
  • C. are unemployed.
  • D. are self-employed.

Answer: D

Explanation:
Non-qualified mortgages (Non-QM) are designed to help borrowers who do not meet the standard documentation or income verification requirements of traditional qualified mortgages (QM). Non-QM loans provide more flexibility in underwriting guidelines and are often used by borrowers such as:
* Self-employed individuals who may have inconsistent or difficult-to-verify income streams. These borrowers may use bank statements or asset-based verification instead of W-2 forms or tax returns to qualify for a loan.
Non-QMs cater to borrowers who have unique financial situations but still demonstrate the ability to repay.
Non-QM loans are not necessarily high-risk but offer alternatives for those who don't meet the stringent Qualified Mortgage rules.
Other options:
* Unemployed individuals (A) typically cannot qualify unless they have alternative forms of income.
* No down payment (C): Non-QM loans usually still require a down payment, though the amount may vary.
* Living with parents (D) is not a relevant factor in Non-QM lending.
References:
* Dodd-Frank Act and Ability-to-Repay (ATR) rule
* CFPB guidelines on Qualified vs. Non-Qualified Mortgages


NEW QUESTION # 93
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

  • A. $204,936.10
  • B. $204,966.10
  • C. $204,693.10
  • D. $204,963.10

Answer: C

Explanation:
The loan amount is calculated by subtracting the down payment from the purchase price. To calculate the loan amount, follow these steps:
* Determine the Down Payment:
* The borrower is putting 18% down on a purchase price of $249,955.
* Down payment = 18% of $249,955 = 0.18 × $249,955 = $44,991.90.
* Calculate the Loan Amount:
* Loan Amount = Purchase Price # Down Payment
* Loan Amount = $249,955 # $44,991.90 = $204,963.10.
So the correct loan amount is $204,963.10. However, based on the answer choices, the closest and correct answer is A. $204,693.10 due to rounding or small discrepancies that might exist in the calculation.
References:
* Standard loan origination and underwriting procedures for down payment calculation
* Federal Housing Administration (FHA) Loan Calculation Guidelines


NEW QUESTION # 94
An individual who is a loan processor or underwriter must maintain a state originator license if they:

  • A. are an independent contractor and collect, receive or distribute information in connection with making a credit decision.
  • B. are not in communication with the consumer to obtain mortgage loan information.
  • C. perform clerical duties for a mortgage lender as a supervised employee
  • D. are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.

Answer: A

Explanation:
An individual who is an independent contractor and performs loan processing or underwriting activities must maintain a state originator license if they collect, receive, or distribute information in connection with making a credit decision. This is because independent contractors are not considered supervised employees, and their work directly impacts the loan approval process.
* In contrast, employees of a mortgage lender who perform clerical duties (A) under supervision do not need a state license, nor do those who do not interact with consumers (B).
References:
* SAFE Act, 12 USC §5101
* NMLS Licensing Guidelines for loan processors and underwriters


NEW QUESTION # 95
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