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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. The ability to originate loans under temporary authority applies to which of the following?

A) An MLO who is still waiting for their credit check to be completed
B) An MLO who has scheduled their test but not completed it
C) Previously registered mortgage loan originators (MLOs)
D) Previously licensed real estate brokers

2. Private mortgage insurance (PMI) is required to be automatically removed by a lender/servicer when which of the following events occur?

A) When the principal balance of the loan reaches 78% of the original value when scheduled
B) If the borrower produces an appraisal that shows that the borrower currently has more than 20% equity
C) When the borrower provides a cancellation request
D) When the borrower has been current for at least five years and has a loan to value of 80% or less

3. A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A) The fee is permitted as the MLO performed origination services for the borrower.
B) The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
C) The fee is permitted if the fee is disclosed on the final settlement statement.
D) The fee is not permitted as the MLO did not perform any actual origination services for the borrower.

4. 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) Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
B) Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
C) Consider the application incomplete and put initial processing on hold until the additional information is received
D) 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

5. When obtaining a mortgage loan, title insurance is required to protect the:

A) mortgage loan officer.
B) seller of the property.
C) lender providing the financing.
D) settlement agent.

Solutions: