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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. The ability to originate loans under temporary authority applies to which of the following?

A) Previously registered mortgage loan originators (MLOs)
B) An MLO who has scheduled their test but not completed it
C) Previously licensed real estate brokers
D) An MLO who is still waiting for their credit check to be completed

2. The total monthly payment for a loan secured by a 30-year fixed-rate mortgage with an escrow account could increase for which of the following reasons?

A) The mortgage servicer is collecting the payment for a new auto loan with the mortgage.
B) The interest rate for the fixed-rate mortgage has increased.
C) The monthly utility bills have increased.
D) The annual property taxes and/or homeowners insurance premiums have increased.

3. The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A) private mortgage insurance
B) optional credit life insurance.
C) force-placed hazard insurance.
D) government mortgage insurance.

4. What are the maximum basis points added to the average prime offer rate (APOR) that keep a loan's APR as a qualified mortgage under the Consumer Financial Protection Bureau's (CFPB's) Safe Harbor Rule?

A) 300 basis points
B) 85 basis points
C) 100 basis points
D) 150 basis points

5. According to Fannie Mae, a loan with a purchase transaction loan amount of $160,000, sales price of
$180,000, and an appraised value of $200,000 has a loan-to-value ratio of what percentage?

A) 80%
B) 90%
C) 88%
D) 89%

Solutions: