NMLS Mortgage Loan Origination (SAFE MLO) : MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

Question #1

Which of the following responses describes the loan-to-value ratio when buying a home?

A. The loan amount divided by the appraised value
B. The total loan amount, plus closing costs, divided by the appraised value
C. The total loan amount, plus mortgage insurance, divided by the appraised value
D. The loan amount divided by the lesser of the appraised value or the sales price

Question #2

Which of the following loan types is covered by the Real Estate Settlement Procedures Act (RESPA)?

A. Auto loan
B. Student loan
C. Residential real estate loan
D. Commercial real estate loan

Question #3

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

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

Question #4

A mortgage loan originator (MLO) closes a high-cost mortgage for a borrower. Seven months later, the borrower returns to the MLO to apply for a cash-out refinance as the borrower intends to use the cash to purchase a collector car. The MLO determines that the only loan the borrower qualifies for is a high-cost mortgage at a higher interest rate. In which of the following ways should the MLO proceed?

A. Close the loan as normal, as the borrower can refinance a high-cost mortgage after six months
B. Deny the loan, unless it is in the best interest of the borrower
C. Close the loan as normal with no further action required
D. Close the loan as normal and take the vehicle as additional collateral

Question #5

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

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

Solutions: