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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

A) The MLO must inquire about the ability to repay in the event of a borrower's death.
B) The MLO must complete the application and proceed as normal.
C) The MLO must present them with a reverse mortqaqe.
D) The MLO must present them with a home equity line of credit (HELOC).

2. If a borrower is provided a written estimate of the terms or costs specific to them before they receive the Loan Estimate, the written estimate must clearly and conspicuously provide which of the following statements at the top front of the first page?

A) "By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form."
B) "Your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan."
C) "By signing, you confirm that you have received this form. You do not have to accept this loan because you have received this form."
D) "Your actual rate, payment and costs will be higher."

3. The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

A) 70 years of age or older.
B) 65 years of age or older.
C) 62 years of age or older.
D) 60 years of age or older.

4. Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

A) Whether the applicant has a phone number listing in their name
B) Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made
C) Whether the applicant's age makes them ineligible for credit-related insurance
D) Whether the applicant seems likely to have children

5. Which of the following events will cause a mortgage loan originator's (MLO's) temporary authority to cease in a given state?

A) The MLO was terminated by his previous employer.
B) A week has elapsed between when the MLO's federal registration expired and sponsorship by a new employer.
C) Another state denies the MLO's license application.
D) The state does not grant temporary authority to transitioning MLOs.

Solutions: