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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A) An applicant has exercised his right under the Consumer Credit Protection Act
B) A description of an applicant's race
C) An applicant's verified income after underwriting
D) An applicant's income is derived from public assistance

2. Which of the following statements describes an advantage of a purchase money second mortgage?

A) The borrower pays two mortgage payments.
B) The borrower's loan closes faster than a regular mortgage.
C) The borrower avoids paying private mortgage insurance
D) The borrower avoids paying into the escrow account.

3. Which of the following actions do mortgage companies take to prevent falsified information by a borrower or mortgage loan originator (MLO)?

A) Verify information by third parties not involved in the transaction
B) Accept the documentation supplied by both the borrower and the MLO
C) Accept the documentation supplied by the borrower
D) Verify the income information by a settlement service provider

4. How many continuing education hours must mortgage loan originators complete every year to renew their license?

A) 8 hours
B) 16 hours
C) 20 hours
D) 3 hours

5. Under the SAFE Act, which of the following individuals is not a "mortgage loan originator"?

A) An individual who takes a loan application for compensation
B) An individual who negotiates credit terms on behalf of a consumer for compensation
C) An individual who quotes interest rates to a consumer for compensation
D) An individual who handles the collection of a mortgage payment from a consumer for compensation

Solutions: