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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following information must be included in advertisements?

A) Estimated loan closing time frames
B) A statement of an unrealistic interest rate
C) Mortgage loan originator contact information
D) An NMLS unique identifier

2. Which of the following fees is a finance charge?

A) An appraisal fee
B) A notary fee
C) An origination fee
D) A late payment fee

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

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

4. Which of the following settlement service charges is considered a finance charge for the purpose of calculating a loan's APR?

A) Credit report fee
B) Transfer tax charge
C) Public record recording fee
D) Origination charge

5. When two borrowers are refinancing a mortgage loan, the notice of the right to rescind:

A) must be given to both borrowers, but either borrower is permitted to rescind the loan.
B) must be given to both borrowers, and both borrowers must agree to rescind the loan.
C) is permitted to be given to either of the borrowers, but both borrowers need to sign the notice to rescind the loan.
D) is permitted to be given to either of the borrowers, and only one borrower is needed to rescind the loan.

Solutions: