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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

A) A letter from the borrower explaining that they paid it off
B) No additional information required
C) An updated statement showing a zero balance
D) Oral confirmation from the borrower

2. Which of the following does a higher-priced mortgage require if the seller acquired the home 90 days or fewer prior to the date of the purchase contract and the sales price exceeds the seller's acquisition price by more than
10%?

A) Two written appraisals only
B) One written appraisal and one broker price opinion
C) Two written appraisals and one automated valuation model
D) One written appraisal only and one automated valuation model

3. A mortgage loan originator is not required to provide an applicant with an initial Loan Estimate within the three business day period requirement if the applicant does which of the following?

A) Has not selected a loan program
B) Waives the right to receive a Loan Estimate
C) Withdraws the application within three business days
D) Signs a Truth in Lending statement

4. Which of the following situations requires further documentation when reviewing bank statements for documentation of assets for down payment and closing costs?

A) When there are two borrowers on a loan and only one of the borrowers' names is shown on a bank statement
B) When the bank statement shows very little activity on the account
C) When there is a large deposit that is not a payroll deposit
D) When the bank statement comes from an institution that does not have a local presence

5. A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?

A) His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.
B) His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.
C) His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.
D) His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.

Solutions: