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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?

A) Loan application
B) Special information booklet
C) Affiliated business arrangement
D) Appraisal disclosure

2. On an FHA-insured loan, the FHA insurance protects the lender in the event that:

A) There is a prior lien against the property.
B) The borrower is unable to pay the loan.
C) The property suffers damage causing the value to fall below the appraised value.
D) The lender is not able to find an investor to purchase the loan.

3. Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

A) The Dodd-Frank Act
B) The Truth in Lending Act (TILA)
C) The SAFE Act
D) The Equal Credit Opportunity Act

4. 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 permitted if the fee is disclosed on the final settlement statement.
B) 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.
C) The fee is permitted as the MLO performed origination services for the borrower.
D) The fee is not permitted as the MLO did not perform any actual origination services for the borrower.

5. How many days before consummation must a borrower receive a revised Loan Estimate?

A) 7 business days
B) 10 business days
C) 4 business days
D) 5 business days

Solutions: