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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

A) An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
B) A loan processor performing clerical duties under the direction and supervision of a licensed broker
C) An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
D) A seller providing financing to the purchaser of a dwelling owned by the seller

2. Non-qualified mortgages offer more options for borrowers who:

A) are currently living with their parents.
B) are self-employed.
C) are unemployed.
D) have no down payment.

3. A title insurance policy ensures that:

A) The title commitment is accurate.
B) The borrower owns the property.
C) The borrower can repay the loan.
D) A condominium is warrantable.

4. A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

A) Tell the borrower not to say anything at closing
B) Recommend that the borrower attend homeownership counseling
C) Notify the underwriter regarding possible change of borrower's employment status
D) Nothing, as the loan has already been approved

5. A mortgage loan originator is not required to provide an applicant with an initial Loan Estimate within the three business day period requirement if the applicant does which of the following?

A) Waives the right to receive a Loan Estimate
B) Signs a Truth in Lending statement
C) Has not selected a loan program
D) Withdraws the application within three business days

Solutions: