NMLS MLO Exam Questions : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

A) postpone the closing, re-disclose and wait three business days.
B) tell the borrower to close the loan.
C) postpone the closing, re-disclose and wait three days.
D) close the loan, then re-disclose after the loan funds.

2. For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?

A) Mortgage insurance premium
B) Homeowners association dues
C) Hazard insurance premium
D) Down payment

3. Which of the following responses best defines a red flag?

A) Reasonably foreseeable risk taken by borrowers to prevent identity theft
B) A pattern, practice or specific activity that indicates the possible existence of identity theft
C) Proof that specific activity shows identity theft
D) Effective oversight by lenders to prevent borrower identity theft

4. When a mortgage loan originator (MLO) receives information from a borrower that indicates potential employment fraud, the MLO should:

A) Report the information to the company's compliance officer.
B) Take no additional action because it is not confirmed.
C) Report the information to another MLO for their opinion.
D) Take no additional action unless the borrower admits that they submitted false employment information.

5. The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A) the purchase price of the property.
B) the purchase price, plus the mortgage insurance for FHA loans.
C) the appraised value of the property.
D) the lesser of the purchase price or appraised value.

Solutions: