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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

A) Every day from 9 a.m. to 5 p.m.
B) Any days except Saturdays and Sundays
C) Any days that employees may access the office to work
D) Every day except Sunday and legal holidays

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

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

3. No more than how many days before calling any consumer should a company access the National Do Not Call Registry and maintain records documenting this process?

A) 60 days
B) 31 days
C) 45 days
D) 14 days

4. A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A) advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
B) refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
C) refer the purchase loan to another MLO in their company to obtain a referral fee.
D) take both applications and do one loan "in house" and broker the second loan to another lender.

5. According to Fannie Mae, a loan with a purchase transaction loan amount of $160,000, sales price of
$180,000, and an appraised value of $200,000 has a loan-to-value ratio of what percentage?

A) 80%
B) 89%
C) 88%
D) 90%

Solutions: