Perfect service system

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Learn anytime, anywhere

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Free trial version

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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A lender will require private mortgage insurance for first lien loans with loan-to-value over what percentage?

A) 70%
B) 78%
C) 80%
D) 75%

2. According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A) Communicating the details of an offer for the first time over the phone
B) Providing a consumer with the loan policies of the lender
C) Providing a consumer with a Homebuyer's Toolkit
D) Communicating with a consumer to arrange a loan closing

3. Which of the following actions do mortgage companies take to prevent falsified information by a borrower or mortgage loan originator (MLO)?

A) Accept the documentation supplied by the borrower
B) Verify the income information by a settlement service provider
C) Accept the documentation supplied by both the borrower and the MLO
D) Verify information by third parties not involved in the transaction

4. A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?

A) 3.50% interest rate with a 1.00% discount point
B) 3.00% interest rate with a 0.50% discount point
C) 3.50% interest rate with no points
D) 3.25% interest rate with no points

5. When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

A) fair lending.
B) pricing discrepancies.
C) a forgetful borrower.
D) mortgage fraud.

Solutions: