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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

A) Both the Loan Estimate and Closing Disclosure
B) Loan Estimate only
C) Uniform Residential Loan Application
D) Closing Disclosure only

2. The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

A) Encouraging a target value
B) Asking the appraiser to substantiate a value
C) Withholding payment from an appraiser
D) Communication directly between the loan officer and the appraiser

3. According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?

A) "Only 1 point up front to get you in a home"
B) "Come in today for your free consultation"
C) "Payments as low as $600 for a $100,000 mortgage"
D) "15-year and 30-year mortgages available"

4. If a borrower only receives commission pay for 18 months, which of the following actions should a mortgage loan originator (MLO) take?

A) Tell the borrower to come back in 6 months when they will have 24 months of commission pay
B) Take the application but tell the borrower that they will need a cosigner
C) Tell the borrower they need a steady income and not one that fluctuates
D) Take the application because positive factors may offset the short income history

5. Which of the following types of income are considered as qualifying when applying for a mortgage loan?

A) Net rental income
B) Reimbursed expenses
C) Federal tax refund
D) Family gifts

Solutions: