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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

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

2. How many continuing education hours must mortgage loan originators complete every year to renew their license?

A) 20 hours
B) 3 hours
C) 8 hours
D) 16 hours

3. Which of the following duties requires licensure under the SAFE Act?

A) A licensed and registered real estate broker performing real estate brokerage activities
B) An individual who offers or negotiates terms of a residential mortgage loan for compensation or gain
C) An individual who performs processing and underwriting duties at the direction of and subject to the supervision of a licensed individual
D) An individual who performs administrative or clerical tasks on behalf of a mortgage loan originator

4. A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A) Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
B) Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
C) Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
D) Consider the application incomplete and put initial processing on hold until the additional information is received

5. A 7.25% interest-only loan has an initial balance of $239,500.00. The annual homeowner's insurance premium is $551.00, and the annual property taxes are $1,773.00. What is the total monthly payment, including the escrow?

A) $1,701.29
B) $1,446.98
C) $1,640.65
D) $1,584.65

Solutions: