NMLS Mortgage Loan Origination (SAFE MLO) : MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

A) An electronic paystub
B) The borrower's attestation that he expects a raise within 30 days
C) A copy of a check register
D) The income stated on the loan application

2. In a federally related mortgage loan transaction, a charge for a settlement service by a person for which no services or nominal services are performed is prohibited:

A) unless it is paid by the seller or the seller's real estate agent.
B) regardless of the sources of payment.
C) only if it is paid by the borrower's real estate agent.
D) unless it is paid by the mortgage loan originator on the borrower's behalf.

3. How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?

A) 45 days
B) 60 days
C) 90 days
D) 50 days

4. A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?

A) Take no action as the property was occupied at the time of application
B) Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
C) Notify the MLO's employer and/or the mortgage lender of the discovery
D) Allow the application to be underwritten before raising any concerns

5. Which of the following components of an ARM adjusts periodically?

A) Index and interest rate only
B) Index and margin only
C) Margin, index and interest rate
D) Margin and interest rate only

Solutions: