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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A 7.25% interest-only loan has an initial balance of $239,500.00. The annual homeowner's insurance premium is $551.00, and the annual property taxes are $1,773.00. What is the total monthly payment, including the escrow?

A) $1,584.65
B) $1,640.65
C) $1,701.29
D) $1,446.98

2. A mortgage company is permitted to verify which of the following information?

A) Employment status
B) Childbearing intentions
C) Religion
D) Sex

3. A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?

A) Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
B) Ask the friend to provide the MLO with a written authorization to obtain his credit report
C) Start a loan application so that the MLO can obtain the credit report and then show the application as
"withdrawn"
D) Offer to obtain the credit report but only if the friend will pay for the cost of the report

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

A) had an MLO license suspended in any governmental jurisdiction.
B) been convicted of a felony within the past seven years.
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.

5. When there is no tax return history for a rental property, the Federal Housing Administration (FHA) requires gross rental income to be documented and reduced by what percentage?

A) 20%
B) 10%
C) 15%
D) 25%

Solutions: