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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q148-Q153):

NEW QUESTION # 148
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

A. The National Currency Act
B. The Real Estate Settlement Procedures Act
C. The National Bank Act
D. The Bank Secrecy Act

Answer: D

Explanation:
The Bank Secrecy Act (BSA) requires mortgage lenders and other financial institutions to adopt anti-money laundering (AML) policies to detect and prevent money laundering and other financial crimes. Under BSA, lenders must:
* Implement a written AML compliance program.
* Report suspicious activities using Suspicious Activity Reports (SARs).
* Maintain records and report large cash transactions to prevent illegal financial activities such as money laundering and fraud.
Other laws mentioned:
* The National Bank Act and National Currency Act focus on the regulation of national banks.
* The Real Estate Settlement Procedures Act (RESPA) addresses settlement and disclosure requirements but does not cover AML rules.
References:
* Bank Secrecy Act (BSA)
* Financial Crimes Enforcement Network (FinCEN) guidelines

NEW QUESTION # 149
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. Bank Secrecy Act (BSA).
B. Real Estate Settlement Procedures Act(RESPA).
C. Gramm-Leach-Bliley Act(GLBA).
D. Truth in Lending Act (TILA).

Answer: A

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 # 150
Which of the following factors is not required to be taken into account when determining a borrower's ability to repay a loan?

A. Proceeds from the sale of the property securing the loan
B. Credit history
C. Monthly payment on simultaneous loans
D. Current debt obligations, alimony and child support

Answer: A

Explanation:
Under the Ability-to-Repay (ATR) rule (TILA § 1026.43), lenders must evaluate specific factors such as income, employment, current debt, alimony, child support, credit history, monthly payment for the loan, and monthly payments on simultaneous loans. However, projected proceeds from the sale of the property securing the loan are explicitly not required (and are generally prohibited from being considered).
"The creditor must not consider the value of, or proceeds from, the sale of the property securing the loan."
- 12 CFR § 1026.43(c)(4); CFPB ATR/QM Rule
References:
CFPB, Ability-to-Repay Rule
12 CFR § 1026.43(c)

NEW QUESTION # 151
Which of the following settlement service charges is considered a finance charge for the purpose of calculating a loan's APR?

A. Origination charge
B. Transfer tax charge
C. Public record recording fee
D. Credit report fee

Answer: A

Explanation:
An origination charge is considered a finance charge under TILA/Regulation Z and must be included in the calculation of the loan's APR. Most third-party fees (such as credit report, recording, and transfer taxes) are not considered finance charges if they are bona fide and reasonable.
"Finance charges include all charges payable directly or indirectly by the consumer and imposed as a condition of or an incident to the extension of credit, including origination fees."
- 12 CFR § 1026.4(a); Regulation Z
References:
CFPB, Finance Charges
12 CFR § 1026.4(a)

NEW QUESTION # 152
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 an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.
C. perform clerical duties for a mortgage lender as a supervised employee
D. are not in communication with the consumer to obtain mortgage loan information.

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 # 153
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