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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A) The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
B) The individual has been subject to a court order for payment of child support.
C) The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
D) The individual has been a witness in a trial at which the defendant was convicted of felony fraud.

2. Which of the following responses describes servicing transfers?

A) The transfer of an appraisal from one lender to another
B) The transfer of the responsibility to collect payments on the loan from one lender to another
C) The transfer of a HUD case number from one lender to another
D) The transfer of the processing of a loan to an independent service provider such as a contract processing provider

3. A borrower's monthly debt-to-income ratio is calculated by taking the:

A) borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
B) eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
C) eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income

4. A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A) The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
B) The fee is permitted as the MLO performed origination services for the borrower.
C) The fee is permitted if the fee is disclosed on the final settlement statement.
D) The fee is not permitted as the MLO did not perform any actual origination services for the borrower.

5. A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A) taken and failed the SAFE MLO National Test three times within the last year.
B) had an MLO license suspended in any governmental jurisdiction.
C) been convicted of a felony within the past seven years.
D) never been licensed or registered as an MLO in any governmental jurisdiction.

Solutions: