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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A) The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
B) The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
C) The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
D) The individual has been subject to a court order for payment of child support.

2. What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

A) $204,966.10
B) $204,693.10
C) $204,963.10
D) $204,936.10

3. What is the maximum APR that will qualify as a Safe Harbor qualified mortgage?

A) An APR less than the APOR + 2.5%
B) An APR less than the APOR + 1.5%
C) An APR less than the APOR + 1.0%
D) An APR equal to or less than the average prime offer rate (APOR)

4. Which of the following information requests from a mortgage loan originator is permissible under Regulation B of the Equal Credit Opportunity Act (ECOA)?

A) Inquiries about an applicant's child support income without informing an applicant of the non- disclosure option
B) Information on the permanent residency or immigration status of an applicant
C) Inquiries about an applicant's intentions concerning the bearing and rearing of children
D) Information on an applicant's former spouse who pays no alimony or child support to the applicant

5. The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

A) implement a written program to detect warning signs of identity theft.
B) implement an internal watch system to prevent the misrepresentation of occupancy status
C) adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
D) adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.

Solutions: