Latest Success Metrics For Actual MLO Exam 2025 Realistic Dumps [Q31-Q47]

Q31. A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO’s compensation prohibited?

His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.

His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.

His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.

His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.

Q32. Which of the following fees is a finance charge?

A notary fee

An origination fee

An appraisal fee

A late payment fee

Q33. A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

The MLO must present them with a reverse mortqaqe.

The MLO must present them with a home equity line of credit (HELOC).

The MLO must complete the application and proceed as normal.

The MLO must inquire about the ability to repay in the event of a borrower’s death.

Q34. According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

An unimproved lot

A six-unit apartment complex

An individual condominium unit

A timeshare

Q35. Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

NMLS

The Federal Trade Commission

A state regulator

The Conference of State Bank Supervisors

Q36. According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

Notary

Interest

Credit report

Title Insurance

Q37. During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

tell the borrower to close the loan.

close the loan, then re-disclose after the loan funds.

postpone the closing, re-disclose and wait three days.

postpone the closing, re-disclose and wait three business days.

Q38. A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

The borrower lacks a history in an industry that requires specific skills.

A recent college graduate holds a high-level position in the organization.

The residence is more than 120 miles from the work location on a refinance.

The borrower has been employed by the same company for three years.

Q39. How many days must a borrower’s mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?

30 days

60 days

90 days

120 days

Q40. According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?

“Payments as low as $600 for a $100,000 mortgage”

“Only 1 point up front to get you in a home”

“15-year and 30-year mortgages available”

“Come in today for your free consultation”

Q41. Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

Credit score modeling standards

Mortgage loan loss mitigation standards

Nontraditional mortgage lending standards

30-year conventional mortgage lending standards

Q42. According to Regulation Z, which of the following is a prohibited act?

Including undocumented child support payments made by the borrower

Issuing disclosures to applicants

Redisclosing a Loan Estimate immediately after locking the rate

Advertising rates not currently available to applicants

Q43. Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

The SAFE Act

The Dodd-Frank Act

The Truth in Lending Act (TILA)

The Equal Credit Opportunity Act

Q44. A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower’s qualifications for a loan. Which of the following actions is most compliant with industry regulations?

Consider the application incomplete and put initial processing on hold until the additional information is received

Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made

Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated

Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures

Q45. According to the Truth in Lending Act (TILA), the term “finance charge” includes which of the following charges?

A standard credit application fee charged to all loan applicants

Seller’s points offered to reduce the borrower’s closing costs

Document preparation fees for items such as mortgages and deeds

Daily or per diem interest paid by borrower

Q46. The Equal Credit Opportunity Act (ECOA) defines the term “elderly” as anyone:

60 years of age or older.

62 years of age or older.

65 years of age or older.

70 years of age or older.

Q47. The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

Encouraging a target value

Withholding payment from an appraiser

Asking the appraiser to substantiate a value

Communication directly between the loan officer and the appraiser