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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A couple purchasing a house does not have enough money in reserve to meet the underwriting guidelines for their loan. They are required to bring $10,000 to closing, and they will be $3,000 short unless they can find additional cash. The mortgage loan originator may assist the borrowers by taking which of the following actions?

A) Suggesting that the borrowers temporarily borrow money from a relative to deposit into their bank account until the loan closes
B) Having the real estate agent deposit $3,000 into the borrowers' bank account to generate a deposit record and then withdrawing the money immediately
C) Asking the borrowers if they have any previously undisclosed additional cash assets that can be documented
D) Editing the underwriter's copy of the purchase and sales agreement on the property to show a $3,000 contribution from the seller

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

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

3. Which of the following statements best describes the index on an ARM?

A) The Federal Reserve adjusts the discount rate index.
B) Index rates vary as the general level of interest rates change.
C) The index rate is fixed for the life of the loan.
D) Mortgage lenders control the value of the index.

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

5. Which of the following practices is a prudent and reasonable cybersecurity precaution regarding laptop computers?

A) Passwords should only be shared with a direct supervisor.
B) A laptop should be shared by no more than five people.
C) A laptop should automatically shut down and require a new login if not used for a period of time.
D) A laptop should never be taken out of the office.

Solutions: