NMLS MLO : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

Question #1
How long does Regulation Z of the Truth in Lending Act (TILA) require a mortgage company to retain the Closing Disclosure for a closed mortgage loan?

A. 4 years
B. 2 years
C. 3 years
D. 5 years

Question #2
A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?

A. 3.50% interest rate with no points
B. 3.00% interest rate with a 0.50% discount point
C. 3.50% interest rate with a 1.00% discount point
D. 3.25% interest rate with no points

Question #3
Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?

A. State registration related mortgage loan
B. Standard county related mortgage loan
C. Federally related mortgage loan
D. Unified commerce related mortgage loan

Question #4
Which of the following activities is an example of redlining in mortgage lending?

A. The systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices
B. The act of the mortgage lender putting a "red line" under the borrower's name in a file to indicate they are a substandard applicant
C. Ensuring that all creditworthy borrowers are afforded equal treatment when applying for a mortgage loan
D. The mortgage loan originator convincing the underwriter to move their loan file to the front of the line or "redline" it

Question #5
Within how many days must a creditor notify an applicant of action taken on a completed mortgage loan application?

A. 45 days
B. 15 days
C. 60 days
D. 30 days

Solutions: