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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?

A) Origination of a federally related mortgage loan
B) Origination of an interim unsecured loan
C) Origination of a timeshare loan
D) Origination of a chattel-secured loan

2. A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A) Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
B) Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
C) Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
D) Consider the application incomplete and put initial processing on hold until the additional information is received

3. Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

A) Whether the applicant seems likely to have children
B) Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made
C) Whether the applicant has a phone number listing in their name
D) Whether the applicant's age makes them ineligible for credit-related insurance

4. 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) Appraisal disclosure
C) Special information booklet
D) Affiliated business arrangement

5. Which of the following is an acceptable reason for denying a forward mortgage under the Equal Credit Opportunity Act (ECOA)?

A) Receipt of child support
B) Retirement age
C) Immigration status
D) Marital status

Solutions: