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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?

A) The borrower has been employed by the same company for three years.
B) A recent college graduate holds a high-level position in the organization.
C) The borrower lacks a history in an industry that requires specific skills.
D) The residence is more than 120 miles from the work location on a refinance.

2. A couple purchasing a house does not have enough money in reserve to meet the underwriting guidelines for their loan. They are required to bring $10,000 to closing, and they will be $3,000 short unless they can find additional cash. The mortgage loan originator may assist the borrowers by taking which of the following actions?

A) Editing the underwriter's copy of the purchase and sales agreement on the property to show a $3,000 contribution from the seller
B) Asking the borrowers if they have any previously undisclosed additional cash assets that can be documented
C) Suggesting that the borrowers temporarily borrow money from a relative to deposit into their bank account until the loan closes
D) Having the real estate agent deposit $3,000 into the borrowers' bank account to generate a deposit record and then withdrawing the money immediately

3. Which of the following loan types may be considered a qualified loan under ability-to-pay rules

A) An interest-only mortgage
B) A loan with negative amortization
C) A loan with a balloon payment
D) A mortgage with an adjustable rate

4. Which of the following documents is a real estate conveyance?

A) Promissory note
B) Mortgage instrument
C) Occupancy certificate
D) Quit claim deed

5. Which of the following information must be included in advertisements?

A) Estimated loan closing time frames
B) A statement of an unrealistic interest rate
C) An NMLS unique identifier
D) Mortgage loan originator contact information

Solutions: