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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A) advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
B) refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
C) refer the purchase loan to another MLO in their company to obtain a referral fee.
D) take both applications and do one loan "in house" and broker the second loan to another lender.

2. According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A) Providing a consumer with the loan policies of the lender
B) Communicating with a consumer to arrange a loan closing
C) Communicating the details of an offer for the first time over the phone
D) Providing a consumer with a Homebuyer's Toolkit

3. Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?

A) There are restrictions on prepayment penalties.
B) Creditors must verity income and assets in order to determine whether the loan applicant has the ability to repay the loan.
C) Borrowers have a five-day right of rescission.
D) Creditors must establish an escrow account for taxes and property insurance on first lien mortgage loans.

4. The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A) force-placed hazard insurance.
B) private mortgage insurance
C) optional credit life insurance.
D) government mortgage insurance.

5. 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?

A) 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
B) Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
C) Consider the application incomplete and put initial processing on hold until the additional information is received
D) Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated

Solutions: