NMLS MLO real exam prep : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following is a requirement for a mortgage loan originator (MLO) license?

A) Completed at least 10 hours of pre-licensing education
B) Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority
C) Have not had an MLO license revoked in the last five years
D) Have never been convicted of a felony in a domestic, foreign or military court

2. Which of the following fees must remain the same unless a valid changed circumstance occurs?

A) Homeowner's insurance
B) Fees paid to an affiliate of the lender
C) Owner's title insurance premium
D) Total per diem interest

3. Interest-only mortgages are considered high risk compared to traditional mortgage products because:

A) the interest rate exceeds the APOR by 6.5 percentage points.
B) scheduled payments do not reduce the loan's principal balance.
C) the borrower's ability to repay is not considered when making the credit decision.
D) the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.

4. Which of the following settlement service charges is considered a finance charge for the purpose of calculating a loan's APR?

A) Transfer tax charge
B) Origination charge
C) Public record recording fee
D) Credit report fee

5. What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

A) $204,966.10
B) $204,936.10
C) $204,693.10
D) $204,963.10

Solutions: