NMLS Mortgage Loan Origination (SAFE MLO) : MLO Exam

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following information must be included in advertisements?

A) Mortgage loan originator contact information
B) An NMLS unique identifier
C) Estimated loan closing time frames
D) A statement of an unrealistic interest rate

2. Which of the following responses describes the purpose of an appraisal in satisfying requirements for underwriting?

A) To ensure that the market value is appropriate for the loan amount
B) To ensure that the home is not an outlier to its comparables
C) To allow the borrower a final opportunity to negotiate terms of the loan
D) To allow the seller a final opportunity to cancel the transaction

3. A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A) Double fee method
B) Tip sharing
C) Single fee method
D) Fee splitting

4. It is acceptable for a lender to request a co-applicant in which of the following situations?

A) The borrower's future income is dependent on the co-applicant.
B) The borrower will not qualify for the loan on their own.
C) The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage
D) The co-applicant will be residing in the house with the borrower.

5. Which of the following factors is not required to be taken into account when determining a borrower's ability to repay a loan?

A) Proceeds from the sale of the property securing the loan
B) Credit history
C) Current debt obligations, alimony and child support
D) Monthly payment on simultaneous loans

Solutions: