NMLS MLO : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

A) The SAFE Act
B) The Dodd-Frank Act
C) The Truth in Lending Act (TILA)
D) The Equal Credit Opportunity Act

2. A second (subordinate) mortgage loan includes:

A) home equity conversion mortgage.
B) home equity lines of credit (HELOCs;
C) conventional home purchase loan.
D) government home purchase loan.

3. Which of the following situations requires further documentation when reviewing bank statements for documentation of assets for down payment and closing costs?

A) When the bank statement comes from an institution that does not have a local presence
B) When there is a large deposit that is not a payroll deposit
C) When there are two borrowers on a loan and only one of the borrowers' names is shown on a bank statement
D) When the bank statement shows very little activity on the account

4. 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 seller providing financing to the purchaser of a dwelling owned by the seller
C) A loan processor performing clerical duties under the direction and supervision of a licensed broker
D) An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender

5. Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

A) Every day except Sunday and legal holidays
B) Every day from 9 a.m. to 5 p.m.
C) Any days that employees may access the office to work
D) Any days except Saturdays and Sundays

Solutions: