NMLS Mortgage Loan Origination (SAFE MLO) : MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following property types is eligible for FHA financing?

A) Commercial real estate loan
B) Vacation home
C) Bed and breakfast
D) Manufactured home

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 been a witness in a trial at which the defendant was convicted of felony fraud.
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 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.

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

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

4. A charge payable by the consumer and imposed by the creditor as an incident to or a condition of the extension of credit is the:

A) Attorney fee
B) Escrow charge
C) Finance charge
D) Title fee

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

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

Solutions: