SAFE MLO EXAM TEST 4 QUESTIONS AND
CORECT DETAILED ANSWERS (VERIFIED
ANSWERS) | ALREADY SCORED A+ | NEW
UPDATE 2025
How long will the issuance of a revised Loan Estimate delay the closing?
a) There is no restriction on when a loan may close once a revised Loan Estimate is
issued
b) Seven precise business days if mailed
c) Four precise business days if e-mailed
d) Three precise business days if personally handed to the applicant
Answer - ANSWER Seven precise business days if mailed
A Realtor offers a loan originator $100 for every referral that turns into a sale.
Who violated RESPA?
a) The Realtor
b) The loan originator
c) Neither the Realtor nor the loan originator
d) Both the Realtor and the loan originator - ANSWER The Realtor
Prior to closing on a HOEPA loan, the borrower must:
a) Secure homeownership counseling from a HUD-approved counseling agency
,b) Be informed about their right to receive homeownership counseling along with
a list of counseling agencies from their lender no later than three business days
prior to closing
c) Be advised of their right to seek the advice of legal counsel
d) Be offered a different loan that does not exceed HOEPA thresholds -
ANSWER a) Secure homeownership counseling from a HUD-approved
counseling agency
What verbiage must appear on the special HOEPA disclosure issued to the
customer no later than three business days prior to closing?
a) You have the right to consult with an attorney at any time prior to or at closing
b) You are not required to complete this agreement merely because you have
received these disclosures or have signed a loan application
c) Your right to rescind will be extended to three years
d) You are receiving a loan with a higher than market interest rate - ANSWER b)
You are not required to complete this agreement merely because you have
received these disclosures or have signed a loan application
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
, 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
Which of the following is not a valid reason for changing fees once a Loan
Estimate has been issued?
a) The loan originator originally miscalculated the transfer tax quoted on the Loan
Estimate
b) A valid change of circumstance occurs
c) The customer requests to increase the loan amount for which she is applying
d) The customer chooses a different property in a county where the recordation
tax is higher than that of the original property - ANSWER a) The loan originator
originally miscalculated the transfer tax quoted on the Loan Estimate
By when must a revised Loan Estimate be reissued in the presence of a valid
change of circumstance?
a) As long as it is reissued prior to closing, there is no specific timeframe
mandating when a revised Loan Estimate must be issued
b) Revised Loan Estimates are never issued because the Closing Disclosure
ultimately discloses the true costs
c) Within three general business days from the closing date
CORECT DETAILED ANSWERS (VERIFIED
ANSWERS) | ALREADY SCORED A+ | NEW
UPDATE 2025
How long will the issuance of a revised Loan Estimate delay the closing?
a) There is no restriction on when a loan may close once a revised Loan Estimate is
issued
b) Seven precise business days if mailed
c) Four precise business days if e-mailed
d) Three precise business days if personally handed to the applicant
Answer - ANSWER Seven precise business days if mailed
A Realtor offers a loan originator $100 for every referral that turns into a sale.
Who violated RESPA?
a) The Realtor
b) The loan originator
c) Neither the Realtor nor the loan originator
d) Both the Realtor and the loan originator - ANSWER The Realtor
Prior to closing on a HOEPA loan, the borrower must:
a) Secure homeownership counseling from a HUD-approved counseling agency
,b) Be informed about their right to receive homeownership counseling along with
a list of counseling agencies from their lender no later than three business days
prior to closing
c) Be advised of their right to seek the advice of legal counsel
d) Be offered a different loan that does not exceed HOEPA thresholds -
ANSWER a) Secure homeownership counseling from a HUD-approved
counseling agency
What verbiage must appear on the special HOEPA disclosure issued to the
customer no later than three business days prior to closing?
a) You have the right to consult with an attorney at any time prior to or at closing
b) You are not required to complete this agreement merely because you have
received these disclosures or have signed a loan application
c) Your right to rescind will be extended to three years
d) You are receiving a loan with a higher than market interest rate - ANSWER b)
You are not required to complete this agreement merely because you have
received these disclosures or have signed a loan application
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
, 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
Which of the following is not a valid reason for changing fees once a Loan
Estimate has been issued?
a) The loan originator originally miscalculated the transfer tax quoted on the Loan
Estimate
b) A valid change of circumstance occurs
c) The customer requests to increase the loan amount for which she is applying
d) The customer chooses a different property in a county where the recordation
tax is higher than that of the original property - ANSWER a) The loan originator
originally miscalculated the transfer tax quoted on the Loan Estimate
By when must a revised Loan Estimate be reissued in the presence of a valid
change of circumstance?
a) As long as it is reissued prior to closing, there is no specific timeframe
mandating when a revised Loan Estimate must be issued
b) Revised Loan Estimates are never issued because the Closing Disclosure
ultimately discloses the true costs
c) Within three general business days from the closing date
