2026 Perfect MLO: Exam Mortgage Loan Origination (SAFE MLO) Exam Objectives

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q70-Q75):

NEW QUESTION # 70
A title insurance policy ensures that:

Answer: C

Explanation:
Title insurance protects against losses arising from disputes over property ownership or other defects in title.
It ensures the borrower (and lender) that the property being purchased is rightfully owned by the borrower and is free of undisclosed liens or encumbrances.
"Title insurance protects against losses if there are problems with the ownership of your property after you buy it. It guarantees that you legally own the home."
- CFPB, What is title insurance?
References:
CFPB, What is title insurance?


NEW QUESTION # 71
Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?

Answer: B

Explanation:
Under RESPA, a settlement service includes any service provided in connection with a real estate settlement, including the origination, processing, or funding of a federally related mortgage loan. A federally related mortgage loan is defined as any loan (other than temporary financing) secured by a first or subordinate lien on residential real property.
"Settlement service means any service provided in connection with a real estate settlement including but not limited to... the origination of a federally related mortgage loan."
- 12 CFR § 1024.2, Regulation X
Timeshare, chattel, and unsecured loans are not considered federally related mortgage loans under RESPA.
References:
CFPB, RESPA - Regulation X
SAFE MLO National Test Study Guide


NEW QUESTION # 72
A qualified mortgage:

Answer: A

Explanation:
A Qualified Mortgage (QM) is a category of loans that has certain, more stable features that help make it more likely that a borrower will be able to afford their loan. QMs cannot have negative amortization, interest- only payments, or balloon payments (with a few rural lender exceptions). They must provide for regular, substantially equal periodic payments of principal and interest.
"A qualified mortgage provides for regular periodic payments that are substantially equal, does not result in negative amortization, does not allow for interest-only payments, and does not generally include balloon payments."
- 12 CFR § 1026.43(e), Ability-to-Repay/Qualified Mortgage Rule; CFPB
References:
CFPB, What is a Qualified Mortgage?
SAFE MLO National Test Study Guide


NEW QUESTION # 73
A mortgage loan originator (MLO) closes a high-cost mortgage for a borrower. Seven months later, the borrower returns to the MLO to apply for a cash-out refinance as the borrower intends to use the cash to purchase a collector car. The MLO determines that the only loan the borrower qualifies for is a high-cost mortgage at a higher interest rate. In which of the following ways should the MLO proceed?

Answer: D

Explanation:
Under HOEPA (Home Ownership and Equity Protection Act) rules for high-cost mortgages, a creditor may not refinance a high-cost mortgage into another high-cost mortgage within 12 months of the previous transaction unless the new loan is in the borrower's best interest. This is to prevent loan flipping and predatory lending.
"A creditor may not refinance a high-cost mortgage into another high-cost mortgage within one year unless the new loan is in the borrower's best interest."
- 12 CFR § 1026.34(a)(3)
Since the purpose here is a cash-out for a collector car (not generally a "best interest" purpose), the MLO should deny the loan unless a strong case can be made that it is in the borrower's best interest.
References:
CFPB, High-Cost Mortgages (HOEPA)
12 CFR § 1026.34(a)(3)


NEW QUESTION # 74
Which of the following components of an ARM adjusts periodically?

Answer: B

Explanation:
In an Adjustable-Rate Mortgage (ARM), the index is a benchmark interest rate that can change periodically, and the interest rate on the loan adjusts based on changes to this index, plus a fixed margin. The margin itself remains fixed throughout the life of the loan.
"The interest rate on an ARM is composed of two parts: the index (which fluctuates) and the margin (which is fixed). The interest rate adjusts periodically based on changes in the index."
- SAFE MLO National Test Study Guide; CFPB's Consumer Handbook on ARMs
References:
CFPB, Consumer Handbook on Adjustable-Rate Mortgages
SAFE MLO National Test Study Guide


NEW QUESTION # 75
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