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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Offering or negotiating the terms of a loan includes which of the following actions?

A) Arranging the loan closing or other aspects of the loan process
B) Providing general explanations or descriptions in response to a consumer's inquiry
C) Making an underwriting decision about whether an applicant qualifies for a loan
D) Presenting particular loan terms to an applicant verbally, in writing, or otherwise

2. The appraiser valuation independence obligates appraisers to perform their duties in a manner free from outside influence through which of the following actions?

A) Withholding payment from an appraiser
B) Communication directly between the loan officer and the appraiser
C) Encouraging a target value
D) Asking the appraiser to substantiate a value

3. Interest-only mortgages are considered high risk compared to traditional mortgage products because:

A) the interest rate exceeds the APOR by 6.5 percentage points.
B) the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
C) scheduled payments do not reduce the loan's principal balance.
D) the borrower's ability to repay is not considered when making the credit decision.

4. Which of the following advertising statements is permissible?

A) "5% for 10 years, then one balloon payment"
B) "30-year variable rate mortgages starting at ____"
C) "5% 30-year fixed with no closing costs"
D) "30-year fixed mortgage for a 5% APR with approved credit"

5. Which of the following is an example of a non-fluctuating income source?

A) Part-time work with irregular hours
B) Commission-based W-2 income
C) Self-employed income
D) Salaried W-2 position

Solutions: