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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A) An applicant's income is derived from public assistance
B) An applicant's verified income after underwriting
C) A description of an applicant's race
D) An applicant has exercised his right under the Consumer Credit Protection Act

2. Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

A) Construction
B) USDA Rural Development
C) Reverse mortgage
D) Refinance

3. A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

A) fined up to $1 million and imprisoned for 30 years.
B) fined up to the total purchase price of their home.
C) imprisoned for 10 to 16 months
D) fined up to JB10,000 or imprisoned for 6 months.

4. When a consumer applies for an ARM, the creditor must provide a variable-rate program disclosure:

A) After the creditor has received documents verifying information related to the consumer's application.
B) No later than three business days before loan consummation.
C) No later than seven business days before loan consummation.
D) At the time an application form is provided or before the consumer pays a nonrefundable fee, whichever is earlier.

5. Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

A) hiring procedures and training.
B) compliance management training and internal controls
C) secondary marketing practices of selling loans to investors.
D) compliance management, senior management and branch locations.

Solutions: