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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. If a borrower only receives commission pay for 18 months, which of the following actions should a mortgage loan originator (MLO) take?

A) Take the application but tell the borrower that they will need a cosigner
B) Tell the borrower they need a steady income and not one that fluctuates
C) Take the application because positive factors may offset the short income history
D) Tell the borrower to come back in 6 months when they will have 24 months of commission pay

2. Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A) The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
B) The individual has been subject to a court order for payment of child support.
C) The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
D) The individual has been a witness in a trial at which the defendant was convicted of felony fraud.

3. A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

A) The MLO must inquire about the ability to repay in the event of a borrower's death.
B) The MLO must present them with a reverse mortqaqe.
C) The MLO must complete the application and proceed as normal.
D) The MLO must present them with a home equity line of credit (HELOC).

4. In a federally related mortgage loan transaction, a charge for a settlement service by a person for which no services or nominal services are performed is prohibited:

A) unless it is paid by the mortgage loan originator on the borrower's behalf.
B) only if it is paid by the borrower's real estate agent.
C) regardless of the sources of payment.
D) unless it is paid by the seller or the seller's real estate agent.

5. Which of the following fees is a finance charge?

A) Appraisal fees
B) Title insurance
C) Discount points
D) Pest inspection fees

Solutions: