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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following is an example of a loan expense that is permitted to change without any tolerance restrictions?

A) Property taxes paid by the borrower
B) A lender's tax service fee that is paid by the borrower
C) A lender's processing fee that is paid by the borrower
D) An escrow fee that is paid by the borrower and the borrower did not shop for the fee

2. A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?

A) Regulation Z does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower.
B) Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
C) Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided
D) Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."

3. Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

A) An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
B) A loan processor performing clerical duties under the direction and supervision of a licensed broker
C) An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
D) A seller providing financing to the purchaser of a dwelling owned by the seller

4. Which of the following fees must remain the same unless a valid changed circumstance occurs?

A) Fees paid to an affiliate of the lender
B) Owner's title insurance premium
C) Homeowner's insurance
D) Total per diem interest

5. The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A) government mortgage insurance.
B) force-placed hazard insurance.
C) private mortgage insurance
D) optional credit life insurance.

Solutions: