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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A borrower's monthly debt-to-income ratio is calculated by taking the:

A) eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.
D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income
B) eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
C) borrower's gross monthly housing expense divided by the principal, interest, and appraised value.

2. A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?

A) His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.
B) His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.
C) His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.
D) His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.

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

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

4. A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

A) The residence is more than 120 miles from the work location on a refinance.
B) The borrower has been employed by the same company for three years.
C) A recent college graduate holds a high-level position in the organization.
D) The borrower lacks a history in an industry that requires specific skills.

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

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

Solutions:

Question # 1 Answer: B

Question # 2 Answer: B

Question # 3 Answer: D

Question # 4 Answer: B

Question # 5 Answer: D