NMLS MLO : 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 conditions must be met when presenting loan product options to a consumer?

A) The presentation of loan products from creditors with which the mortgage loan originator does not regularly do business
B) The presentation of loan products for which the consumer likely qualifies
C) The presentation of loan products with prepayment penalties
D) The presentation of loan products with the highest interest rates

2. A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?

A) 3.50% interest rate with no points
B) 3.50% interest rate with a 1.00% discount point
C) 3.00% interest rate with a 0.50% discount point
D) 3.25% interest rate with no points

3. The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

A) Withholding payment from an appraiser
B) Encouraging a target value
C) Communication directly between the loan officer and the appraiser
D) Asking the appraiser to substantiate a value

4. Which of the following situations requires further documentation when reviewing bank statements for documentation of assets for down payment and closing costs?

A) When the bank statement shows very little activity on the account
B) When the bank statement comes from an institution that does not have a local presence
C) When there is a large deposit that is not a payroll deposit
D) When there are two borrowers on a loan and only one of the borrowers' names is shown on a bank statement

5. A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

A) No additional information required
B) Oral confirmation from the borrower
C) A letter from the borrower explaining that they paid it off
D) An updated statement showing a zero balance

Solutions: