NMLS Mortgage Loan Origination (SAFE MLO) : MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Within three business days of receiving an application, which of the following information is a creditor required to provide to an applicant?

A) Timeline of the appraisal process
B) The applicant's right to select the appraiser
C) A copy of the appraisal report
D) The applicant's right to receive a copy of the appraisal report

2. The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:

A) refinance of a condominium property.
B) loans secured by a mobile home on a leased lot.
C) reverse mortgages.B home equity lines of credit (HELOCs;

3. Which of the following components of an ARM adjusts periodically?

A) Index and interest rate only
B) Index and margin only
C) Margin and interest rate only
D) Margin, Index and interest rate

4. A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

A) fined up to $1 million and imprisoned for 30 years.
B) fined up to the total purchase price of their home.
C) fined up to JB10,000 or imprisoned for 6 months.
D) imprisoned for 10 to 16 months

5. Which of the following is an example of a loan expense that is permitted to change without any tolerance restrictions?

A) A lender's processing fee that is paid by the borrower
B) A lender's tax service fee that is paid by the borrower
C) Property taxes paid by the borrower
D) An escrow fee that is paid by the borrower and the borrower did not shop for the fee

Solutions: