NMLS MLO Actual Tests : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

A) mortgage fraud.
B) a forgetful borrower.
C) pricing discrepancies.
D) fair lending.

2. Which of the following responses describes the main purpose of the secondary market?

A) To fund second mortgage loans
B) To service second mortgage loans
C) To fund a second home loan
D) To fund additional loans

3. 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) $1,446.98
B) $1,640.65
C) $1,584.65
D) $1,701.29

4. The ability to originate loans under temporary authority applies to which of the following?

A) An MLO who has scheduled their test but not completed it
B) Previously licensed real estate brokers
C) Previously registered mortgage loan originators (MLOs)
D) An MLO who is still waiting for their credit check to be completed

5. On an FHA-insured loan, the FHA insurance protects the lender in the event that:

A) The lender is not able to find an investor to purchase the loan.
B) The borrower is unable to pay the loan.
C) The property suffers damage causing the value to fall below the appraised value.
D) There is a prior lien against the property.

Solutions: