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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

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

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

2. Which of the following scenarios describes a form of steering?

A) A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
B) A loan officer presents a consumer with loan options from multiple creditors with various fees.
C) A loan officer presents a consumer with a loan that has the lowest total amount of fees.
D) A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.

3. On an FHA-insured loan, the FHA insurance protects the lender in the event that:

A) The borrower is unable to pay the loan.
B) The lender is not able to find an investor to purchase the loan.
C) The property suffers damage causing the value to fall below the appraised value.
D) There is a prior lien against the property.

4. According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

A) Market fluctuations on a locked loan
B) The borrower receiving a salary increase
C) A natural disaster in the area where the loan will close
D) Changes that the MLO should have known at the time the Loan Estimate was provided

5. Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

A) 45 calendar days
B) 7 business days
C) 15 business days
D) 30 business days

Solutions: