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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A consumer with HIV/AIDS is protected from lending discrimination by the:

A) Employment Non-Discrimination Act
B) Equality Act
C) Dodd-Frank
D) Fair Housing Act

2. A charge payable by the consumer and imposed by the creditor as an incident to or a condition of the extension of credit is the:

A) Escrow charge
B) Title fee
C) Attorney fee
D) Finance charge

3. Which of the following responses describes the purpose of an appraisal in satisfying requirements for underwriting?

A) To ensure that the market value is appropriate for the loan amount
B) To allow the borrower a final opportunity to negotiate terms of the loan
C) To ensure that the home is not an outlier to its comparables
D) To allow the seller a final opportunity to cancel the transaction

4. A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

A) Nothing, as the loan has already been approved
B) Tell the borrower not to say anything at closing
C) Recommend that the borrower attend homeownership counseling
D) Notify the underwriter regarding possible change of borrower's employment status

5. The SAFE Act mandates that state regulatory authorities must have legal mechanisms to impose civil money penalties for which of the following activities?

A) Discriminating against applicants based on their race
B) Charging fees in excess of allowable tolerances
C) Paying or receiving referral fees
D) Acting as a mortgage loan originator without a valid license or registration

Solutions: