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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following actions do mortgage companies take to prevent falsified information by a borrower or mortgage loan originator (MLO)?

A) Accept the documentation supplied by both the borrower and the MLO
B) Verify information by third parties not involved in the transaction
C) Verify the income information by a settlement service provider
D) Accept the documentation supplied by the borrower

2. In a federally related mortgage loan transaction, a charge for a settlement service by a person for which no services or nominal services are performed is prohibited:

A) only if it is paid by the borrower's real estate agent.
B) unless it is paid by the mortgage loan originator on the borrower's behalf.
C) regardless of the sources of payment.
D) unless it is paid by the seller or the seller's real estate agent.

3. An interest-only mortgage is a mortgage with scheduled payments that require the consumer to have:

A) Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.
B) Payments of interest for a specified amount of time.
C) Adjustable payments every month based on an adjustable interest rate.
D) Fixed payments every month, but the interest rate adjusts monthly.

4. A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

A) fined up to the total purchase price of their home.
B) imprisoned for 10 to 16 months
C) fined up to JB10,000 or imprisoned for 6 months.
D) fined up to $1 million and imprisoned for 30 years.

5. A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?

A) Take no action as the property was occupied at the time of application
B) Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
C) Allow the application to be underwritten before raising any concerns
D) Notify the MLO's employer and/or the mortgage lender of the discovery

Solutions: