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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A) An applicant's verified income after underwriting
B) An applicant's income is derived from public assistance
C) A description of an applicant's race
D) An applicant has exercised his right under the Consumer Credit Protection Act

2. A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A) taken and failed the SAFE MLO National Test three times within the last year.
B) had an MLO license suspended in any governmental jurisdiction.
C) been convicted of a felony within the past seven years.
D) never been licensed or registered as an MLO in any governmental jurisdiction.

3. A qualified mortgage:

A) Provides for regular periodic payments that are substantially equal.
B) Results in a balloon payment.
C) Allows the consumer to defer repayment of principal.
D) Results in an increase of the principal balance.

4. How many business days after issuance is an unlocked Loan Estimate considered expired?

A) 10 days
B) 7 days
C) 5 days
D) 3 days

5. Private mortgage insurance (PMI) is required to be automatically removed by a lender/servicer when which of the following events occur?

A) When the borrower provides a cancellation request
B) When the principal balance of the loan reaches 78% of the original value when scheduled
C) If the borrower produces an appraisal that shows that the borrower currently has more than 20% equity
D) When the borrower has been current for at least five years and has a loan to value of 80% or less

Solutions: