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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

A) A standard credit application fee charged to all loan applicants
B) Document preparation fees for items such as mortgages and deeds
C) Daily or per diem interest paid by borrower
D) Seller's points offered to reduce the borrower's closing costs

2. A mortgage loan originator paying compensation to a real estate agent for client referrals is:

A) Permissible if the compensation is limited to payment for the real estate agent's related business expenses.
B) Permissible if the compensation is limited to meals or other noncash gifts.
C) Prohibited unless the client is notified and consents to the payment.
D) Considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA).

3. Which of the following acts or practices violates appraisal independence?

A) The mortgage loan originator (MLO) asks the appraiser to correct errors on the appraisal.
B) The MLO asks the appraiser to consider additional comparable properties to make or support an appraisal.
C) The MLO asks the appraiser for a minimum valuation of the property so that the loan-to-value meets lending requirements.
D) The MLO asks the appraiser to provide further detail or explanation for the appraiser's value conclusion.

4. A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A) Consider the application incomplete and put initial processing on hold until the additional information is received
B) Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
C) Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
D) Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures

5. A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A) take both applications and do one loan "in house" and broker the second loan to another lender.
B) refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
C) refer the purchase loan to another MLO in their company to obtain a referral fee.
D) advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.

Solutions: