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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

A) The Real Estate Settlement Procedures Act
B) The National Bank Act
C) The National Currency Act
D) The Bank Secrecy Act

2. When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?

A) The addition of an escrow account
B) If a revision is needed to the consumer's contact Information
C) If the APR changes within the acceptable tolerance
D) The addition of a prepayment penalty

3. Interest-only mortgages are considered high risk compared to traditional mortgage products because:

A) the borrower's ability to repay is not considered when making the credit decision.
B) the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
C) scheduled payments do not reduce the loan's principal balance.
D) the interest rate exceeds the APOR by 6.5 percentage points.

4. According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

A) An individual condominium unit
B) A six-unit apartment complex
C) An unimproved lot
D) A timeshare

5. Which of the following actions should a mortgage loan originator (MLO) take if a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the real estate broker's client?

A) Decline the money
B) Receive the $500 fee and include it on the Closinq Disclosure
C) Apply the $500 towards the downpayment
D) Accept the money after obtaining the requested loan for the client

Solutions: