NMLS MLO Test Passed : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS MLO Exam Syllabus Topics:

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 been a witness in a trial at which the defendant was convicted of felony fraud.
B) The individual has been subject to a court order for payment of child support.
C) 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.
D) The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.

2. The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

A) redlining.
B) low balling.
C) appraising.
D) steering.

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

4. Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

A) The APR
B) The number of days that the rate is available
C) The MLO's personal website
D) The MLO's business address

5. A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

A) Recommend that the borrower attend homeownership counseling
B) Nothing, as the loan has already been approved
C) Notify the underwriter regarding possible change of borrower's employment status
D) Tell the borrower not to say anything at closing

Solutions: