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 activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?

A) Origination of a timeshare loan
B) Origination of a federally related mortgage loan
C) Origination of a chattel-secured loan
D) Origination of an interim unsecured loan

2. Which of the following services is included in the definition of a settlement service?

A) Sale of the mortgage loan on the secondary market
B) Homeowners association fees
C) Title company/escrow agent services
D) Flood insurance

3. Which of the following characteristics is unique to a home equity line of credit (HELOC)?

A) A borrower is permitted to receive additional advances.
B) A borrower is permitted to borrow more than the property is worth.
C) A borrower is permitted to sell the property without paying off the loan.
D) A borrower is permitted to make interest-only payments for the term of the loan.

4. According to the SAFE Act, which of the following activities requires licensure as a mortgage loan originator?

A) Providing a consumer with a Homebuyer's Toolkit
B) Communicating the details of an offer for the first time over the phone
C) Providing a consumer with the loan policies of the lender
D) Communicating with a consumer to arrange a loan closing

5. Which of the following responses describes servicing transfers?

A) The transfer of an appraisal from one lender to another
B) The transfer of a HUD case number from one lender to another
C) The transfer of the responsibility to collect payments on the loan from one lender to another
D) The transfer of the processing of a loan to an independent service provider such as a contract processing provider

Solutions: