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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. 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) "15-year and 30-year mortgages available"
C) "Payments as low as $600 for a $100,000 mortgage"
D) "Come in today for your free consultation"

2. An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO's future business. This illegal practice is known as:

A) redlining.
B) blockbusting.
C) paying it forward.
D) fee splitting.

3. The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A) the appraised value of the property.
B) the purchase price of the property.
C) the purchase price, plus the mortgage insurance for FHA loans.
D) the lesser of the purchase price or appraised value.

4. A borrower may rescind their mortgage loan until midnight of the third:

A) Calendar day or delivery of all material disclosures, whichever occurs first.
B) Business day following consummation or delivery of all material disclosures, whichever occurs last.
C) Business day following consummation or delivery of all material disclosures, whichever occurs first.
D) Calendar day following consummation or delivery of all material disclosures, whichever occurs last.

5. A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

A) The MLO must inquire about the ability to repay in the event of a borrower's death.
B) The MLO must present them with a reverse mortqaqe.
C) The MLO must complete the application and proceed as normal.
D) The MLO must present them with a home equity line of credit (HELOC).

Solutions: