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NMLS Certification
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NMLS.MLO.v2025-09-30.q84 Dumps

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Question 66

A borrower may rescind their mortgage loan until midnight of the third:

A.Calendar day or delivery of all material disclosures, whichever occurs first.
B.Calendar day following consummation or delivery of all material disclosures, whichever occurs last.
C.Business day following consummation or delivery of all material disclosures, whichever occurs last.
D.Business day following consummation or delivery of all material disclosures, whichever occurs first.

Correct Answer: C

Under the Truth in Lending Act (TILA) Regulation Z, for a refinance or non-purchase transaction secured by the borrower's principal dwelling, the right of rescission allows the borrower to rescind the transaction until midnight of the third business day following consummation or delivery of all material disclosures, whichever occurs last.
"The consumer may rescind the transaction until midnight of the third business day following consummation, delivery of the notice of right to rescind, and delivery of all material disclosures, whichever occurs last."
- 12 CFR § 1026.23(a)(3), Regulation Z
References:
CFPB, TILA Right of Rescission
SAFE MLO National Test Study Guide

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Question 67

Which of the following conditions must be met when presenting loan product options to a consumer?

A.The presentation of loan products with prepayment penalties
B.The presentation of loan products with the highest interest rates
C.The presentation of loan products for which the consumer likely qualifies
D.The presentation of loan products from creditors with which the mortgage loan originator does not regularly do business

Correct Answer: C

Regulation Z requires mortgage loan originators to present loan options that are in the consumer's interest and for which the consumer is likely to qualify. Loan options presented must be appropriate to the consumer's financial circumstances, not just the highest rate or those with penalties.
"Loan originators must present loan options for which the consumer likely qualifies, and which are in the consumer's interest, including a loan with the lowest interest rate, lowest points and origination fees, and no risky features if such products are available."
- 12 CFR § 1026.36(e), Regulation Z
References:
CFPB, Loan Originator Compensation Requirements
SAFE MLO National Test Study Guide

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Question 68

Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

A.A payment to an attorney for services actually rendered
B.A payment to a real estate agent for loan referral activities
C.A payment to its own employees for lender referral activities
D.A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan

Correct Answer: B

Under RESPA (Real Estate Settlement Procedures Act), Section 8 prohibits any payment, kickback, or unearned fee in exchange for loan referrals. This includes payments to real estate agents or other third parties for referring business to lenders or mortgage brokers. Such payments are illegal because they could inflate the cost of settlement services and are not tied to any actual services rendered.
* Payments for actual services (A, D), such as payments to attorneys or contractors for legitimate work, are allowed under RESPA, but paying for loan referrals (B) is strictly prohibited.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB RESPA Guidance

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Question 69

The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

A.60 years of age or older.
B.62 years of age or older.
C.65 years of age or older.
D.70 years of age or older.

Correct Answer: B

Under the Equal Credit Opportunity Act (ECOA), the term "elderly" is defined as anyone who is 62 years of age or older. This designation is significant in fair lending, as the ECOA prohibits discrimination based on age in any aspect of a credit transaction, including mortgage lending.
* ECOA protects borrowers from being denied credit or offered unfavorable terms based solely on their age, and it provides additional protections to borrowers considered "elderly." References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691(a)
* CFPB Regulation B, 12 CFR Part 1002

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Question 70

Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

A.Refinance
B.Construction
C.Reverse mortgage
D.USDA Rural Development

Correct Answer: A

The Home Ownership and Equity Protection Act (HOEPA) applies to certain types of high-cost loans, particularly refinance and home equity loans, that meet specific APR and fee thresholds. HOEPA was enacted to protect consumers from predatory lending practices in loans that carry excessive fees, high interest rates, or abusive terms.
* HOEPA mainly covers:
* Refinance loans
* Home equity loans
* Closed-end home equity loans
* Certain purchase-money mortgages under specific conditions
Loans like construction loans (B), reverse mortgages (C), and USDA Rural Development loans (D) are generally excluded from HOEPA coverage.
References:
* Home Ownership and Equity Protection Act (HOEPA), 15 U.S.C. § 1639
* CFPB HOEPA Guidelines

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