NMLS MLO : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

A) The Conference of State Bank Supervisors
B) A state regulator
C) The Federal Trade Commission
D) NMLS

2. The SAFE Act defines a nontraditional mortgage as all of the following except:

A) An interest-only mortgage.
B) A 30-year fixed rate mortgage with a 25% down payment.
C) 15-year mortgage with an interest rate of 10%.
D) A payment option ARM with a down payment of 5%.

3. A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A) The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
B) The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
C) The fee is permitted if the fee is disclosed on the final settlement statement.
D) The fee is permitted as the MLO performed origination services for the borrower.

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

5. According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

A) An unimproved lot
B) An individual condominium unit
C) A timeshare
D) A six-unit apartment complex

Solutions: