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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?

A) His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.
B) His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.
C) His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.
D) His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.

2. A borrower obtains a 2-1 buydown mortgage loan with a 30-year term and a 6% note rate. The borrower's payments will be calculated based upon which of the following?

A) 5% interest in years 1 and 2 and 6% interest in years 3 through 30
B) 4% interest in years 1 and 2 and 6% interest in years 3 through 30
C) 4% interest in year 1 and 6% interest in years 2 through 30
D) 4% interest in year 1, 5% interest in year 2 and 6% interest in years 3 through 30

3. A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A) been convicted of a felony within the past seven years.
B) had an MLO license suspended in any governmental jurisdiction.
C) never been licensed or registered as an MLO in any governmental jurisdiction.
D) taken and failed the SAFE MLO National Test three times within the last year.

4. Which of the following actions by a mortgage loan originator is prohibited regarding credit secured by a dwelling?

A) Receiving compensation from both the borrower and the lender
B) Providing disclosures within three days of an application
C) Providing a copy of the credit application to the primary borrower
D) Presenting program options that best qualify and satisfy the consumer

5. When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

A) the APR and the costs of acquiring and maintaining the HELOC.
B) if the HELOC requires private mortgage insurance
C) if the HELOC is insured by HUD.
D) if the company offering the HELOC has deposit accounts insured by the FDIC.

Solutions: