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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. An interest-only mortgage is a mortgage with scheduled payments that require the consumer to have:

A) Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.
B) Payments of interest for a specified amount of time.
C) Adjustable payments every month based on an adjustable interest rate.
D) Fixed payments every month, but the interest rate adjusts monthly.

2. The SAFE Act defines a nontraditional mortgage as all of the following except:

A) A 30-year fixed rate mortgage with a 25% down payment.
B) 15-year mortgage with an interest rate of 10%.
C) A payment option ARM with a down payment of 5%.
D) An interest-only mortgage.

3. Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

A) Nontraditional mortgage lending standards
B) 30-year conventional mortgage lending standards
C) Credit score modeling standards
D) Mortgage loan loss mitigation standards

4. According to Regulation Z, which of the following is a prohibited act?

A) Redisclosing a Loan Estimate immediately after locking the rate
B) Issuing disclosures to applicants
C) Including undocumented child support payments made by the borrower
D) Advertising rates not currently available to applicants

5. Which of the following actions should a mortgage loan originator (MLO) take if a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the real estate broker's client?

A) Apply the $500 towards the downpayment
B) Decline the money
C) Receive the $500 fee and include it on the Closinq Disclosure
D) Accept the money after obtaining the requested loan for the client

Solutions: