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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. It is acceptable for a lender to request a co-applicant in which of the following situations?

A) The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage
B) The borrower's future income is dependent on the co-applicant.
C) The co-applicant will be residing in the house with the borrower.
D) The borrower will not qualify for the loan on their own.

2. A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

A) Nothing, as the loan has already been approved
B) Tell the borrower not to say anything at closing
C) Recommend that the borrower attend homeownership counseling
D) Notify the underwriter regarding possible change of borrower's employment status

3. Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

A) A state regulator
B) NMLS
C) The Federal Trade Commission
D) The Conference of State Bank Supervisors

4. Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

A) Credit score modeling standards
B) 30-year conventional mortgage lending standards
C) Nontraditional mortgage lending standards
D) Mortgage loan loss mitigation standards

5. Private mortgage insurance (PMI) is required to be automatically removed by a lender/servicer when which of the following events occur?

A) If the borrower produces an appraisal that shows that the borrower currently has more than 20% equity
B) When the principal balance of the loan reaches 78% of the original value when scheduled
C) When the borrower provides a cancellation request
D) When the borrower has been current for at least five years and has a loan to value of 80% or less

Solutions: