NMLS Mortgage Loan Origination (SAFE MLO) - MLO Free Exam Questions

A. Single fee method

B. Double fee method

C. Fee splitting

D. Tip sharing

A. Family gifts

B. Federal tax refund

C. Reimbursed expenses

D. Net rental income

A. Daily or per diem interest paid by borrower

B. Seller's points offered to reduce the borrower's closing costs

C. A standard credit application fee charged to all loan applicants

D. Document preparation fees for items such as mortgages and deeds

A. 70%

B. 80%

C. 78%

D. 75%

A. Credit score modeling standards

B. Nontraditional mortgage lending standards

C. Mortgage loan loss mitigation standards

D. 30-year conventional mortgage lending standards

A. Origination fee

B. Credit report fee

C. Per diem interest

D. Conveyance tax

A. No later than three business days before consummation.

B. Within three business days of the loan application date.

C. No later than seven business days before consummation.

D. No later than one business day before consummation.

A. An individual who quotes interest rates to a consumer for compensation

B. An individual who takes a loan application for compensation

C. An individual who negotiates credit terms on behalf of a consumer for compensation

D. An individual who handles the collection of a mortgage payment from a consumer for compensation

A. 3.00% interest rate with a 0.50% discount point

B. 3.50% interest rate with a 1.00% discount point

C. 3.50% interest rate with no points

D. 3.25% interest rate with no points

A. conventional home purchase loan.

B. home equity lines of credit (HELOCs;

C. government home purchase loan.

D. home equity conversion mortgage.

A. Lending to foreign nationals

B. Mortgage broker fraud

C. Terrorist acts

D. Appraisal fraud

A. The borrower owns the property.

B. The title commitment is accurate.

C. The borrower can repay the loan.

D. A condominium is warrantable.

A. A borrower is permitted to sell the property without paying off the loan.

B. A borrower is permitted to borrow more than the property is worth.

C. A borrower is permitted to make interest-only payments for the term of the loan.

D. A borrower is permitted to receive additional advances.

A. Credit report

B. Interest

C. Notary

D. Title Insurance

A. Performing real estate brokerage activities

B. Taking an application

C. Offering or negotiating credit terms

D. Assisting a consumer in applying for credit