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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A couple purchasing a house does not have enough money in reserve to meet the underwriting guidelines for their loan. They are required to bring $10,000 to closing, and they will be $3,000 short unless they can find additional cash. The mortgage loan originator may assist the borrowers by taking which of the following actions?

A) Suggesting that the borrowers temporarily borrow money from a relative to deposit into their bank account until the loan closes
B) Editing the underwriter's copy of the purchase and sales agreement on the property to show a $3,000 contribution from the seller
C) Having the real estate agent deposit $3,000 into the borrowers' bank account to generate a deposit record and then withdrawing the money immediately
D) Asking the borrowers if they have any previously undisclosed additional cash assets that can be documented

2. A person paying or receiving a portion of a fee that has not been earned in connection with the settlement statement is which of the following practices?

A) Splitting fees
B) Actual fees
C) Third-party fees
D) Average fees

3. The characteristics of a fixed-rate mortgage include a:

A) fixed margin.
B) fixed interest rate.
C) mandatory 30-year term.
D) minimum balloon payment.

4. How long does Regulation Z of the Truth in Lending Act (TILA) require a mortgage company to retain the Closing Disclosure for a closed mortgage loan?

A) 5 years
B) 3 years
C) 4 years
D) 2 years

5. The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

A) 62 years of age or older.
B) 70 years of age or older.
C) 60 years of age or older.
D) 65 years of age or older.

Solutions: