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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

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

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

2. A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A) advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
B) refer the purchase loan to another MLO in their company to obtain a referral fee.
C) take both applications and do one loan "in house" and broker the second loan to another lender.
D) refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.

3. Which of the following is an acceptable reason for denying a forward mortgage under the Equal Credit Opportunity Act (ECOA)?

A) Receipt of child support
B) Immigration status
C) Retirement age
D) Marital status

4. In the loan application process, when must specific disclosures be provided to a borrower for an ARM?

A) At first mention of an ARM loan
B) At closing
C) Within three days of a complete application
D) When a loan is locked in

5. A charge payable by the consumer and imposed by the creditor as an incident to or a condition of the extension of credit is the:

A) Escrow charge
B) Finance charge
C) Attorney fee
D) Title fee

Solutions: