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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A) government mortgage insurance.
B) force-placed hazard insurance.
C) private mortgage insurance
D) optional credit life insurance.

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

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

3. An advertisement only reads: "Looking for low rates on a new mortgage loan? I can get you a $1,100 monthly payment on a $200,000 loan." This statement is a violation of which of the following rules?

A) Truth in Lending Act (TILA)
B) Real Estate Settlement Procedures Act (RESPA)
C) Unfair Deceptive or Abusive Acts or Practices
D) Equal Credit Opportunity Act (ECOA)

4. How many continuing education hours must mortgage loan originators complete every year to renew their license?

A) 3 hours
B) 20 hours
C) 16 hours
D) 8 hours

5. Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

A) Referral fee
B) Yield-to-loan fee
C) Servicing fee
D) Origination charge

Solutions: