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SAFE MLO EXAM GRADED A+ with Questions and Complete Solutions
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SAFE MLO EXAM GRADED A+ withQuestions and Complete Solutions
Failing to issue a right of rescission at the closing of a rescindable loan is a violation of:
a) FCRA
b) Reg Z
c) RESPA
d) Reg B - ANSWER-b) Reg Z
How would the reissuance of a Closing Disclosure affect the loan closing?
a) The closing would not be allowed to occur until seven precise business days elapsed
post issuance
b) The closing would not be allowed to occur until three precise business days elapsed
post issuance
c) There would be no required change to the closing schedule
d) The closing would not be allowed to occur until six precise business days elapsed post
issuance - ANSWER-b) The closing would not be allowed to occur until three precise business
days elapsed post issuance
A loan originator is playing golf with a client and suggests that the client use a colleague's title
services. Although there is no affiliate relationship between the title company and the
mortgage company, two days later, the loan originator mails his client an ABAD. Which of the
following statements is true?
a) The loan originator violated RESPA for not issuing the ABAD the same day due to the face-
to-face referral
b) The loan originator complied with RESPA for issuing the ABAD within three business days
of the referral
c) The loan originator violated RESPA for socializing with his client
d) The Loan originator was not compelled to issue an ABAD at all because the company to
which he referred his client did not share any ownership interest with his own - ANSWER-d)
,The Loan originator was not compelled to issue an ABAD at all because the company to
which he referred his client did not share any ownership interest with his own
A home buyer is considering buying a home and applying for a $275,000 mortgage at a 78%
LTV. Assuming that the appraised value is identical to the purchase price, at what value did the
home appraise?
a) $352,564
b) $415,500
c) $1,250,000
d) $375,000 - ANSWER-a) $352,564
An ARM start rate that is less than three percent below FIAR is a/an:
a) Teaser rate
b) Incentive rate
c) Discount rate
d) Fully-indexed rate - ANSWER-c) Discount rate
Anthony applies for a loan that exceeds the thresholds defining it as a HOEPA loan. What must
his lender do in addition to everything else?
a) Offer Anthony a different type of loan
b) Provide Anthony with a special HOEPA-related disclosure no later than three business
days prior to closing
c) Provide Anthony with a special HOEPA-related disclosure no later than three business
days from the date of application
d) Nothing else must be done - ANSWER-b) Provide Anthony with a special HOEPA-related
disclosure no later than three business days prior to closing
Which of the following does not constitute a required standard of state licensing laws?
a) a. Loan originator licensing requirements
b) b. Requirements for supervising those who are licensed
c) c. Requirements for establishing licensing fees
, d) d. A program for enforcing the law - ANSWER-c) Requirements for establishing licensing
fees
A loan may not close for:
a) Three precise business days from the date that the Loan Estimate is issued
b) Seven general business days from the date that the Loan Estimate is issued
c) Seven precise business days from the date that the Loan Estimate is issued
d) There is no restriction on when a loan may close after the issuance of a Loan Estimate
- ANSWER-c) Seven precise business days from the date that the Loan Estimate is issued
When must a Loan Estimate be issued to an applicant in accordance with TRID?
a) Within three general business days from the day of application
b) Within three precise business days from the day of application
c) Within three precise business days of closing
d) Within three general business days of closing - ANSWER-a) Within three general
business days from the day of application
The Latin doctrine of "Respondeat Superior" refers to:
a) A mortgage professional's sole accountability for his or her actions
b) An employer being as culpable for its employee's actions as the employee
c) An employer being solely responsible for its employees' actions
d) An employer not being responsible for the actions of its employees - ANSWER-b)
An employer being as culpable for its employee's actions as the employee
Which of the following documents establishes the debt?
a) The mortgage
b) The deed
c) The promissory note
d) The closing disclosure - ANSWER-c) The promissory note
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