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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

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

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

2. A sign that an appraisal report may be overvaluing a property is that the:

A) Subject property is in the same neighborhood as the comparable properties.
B) Subject property and comparable properties were built by the same construction company.
C) Comparable properties are consistent with the subject property.
D) Subject property address does not match the house number photographed by the appraiser.

3. On an FHA-insured loan, the FHA insurance protects the lender in the event that:

A) The property suffers damage causing the value to fall below the appraised value.
B) The lender is not able to find an investor to purchase the loan.
C) The borrower is unable to pay the loan.
D) There is a prior lien against the property.

4. Prepaid charges include which of the following items?

A) Credit report fee
B) Conveyance tax
C) Per diem interest
D) Origination fee

5. When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

A) if the HELOC requires private mortgage insurance
B) if the company offering the HELOC has deposit accounts insured by the FDIC.
C) if the HELOC is insured by HUD.
D) the APR and the costs of acquiring and maintaining the HELOC.

Solutions: