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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A) Every 31 days
B) Annually
C) Every 7 days
D) Every 2 weeks

2. 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 applicant seems likely to have children
C) Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made
D) Whether the applicant's age makes them ineligible for credit-related insurance

3. Under which of the following conditions, if any, is a mortgage lender permitted to charge a fee for the preparation of a Closing Disclosure?

A) The lender has an affiliated business arrangement with the escrow agent.
B) The lender is not allowed to charge a fee for the preparation of the Closing Disclosure.
C) The borrower requests that the Closing Disclosure be prepared before the scheduled closing.
D) The borrower requests additional copies of the Closing Disclosure after the closing.

4. When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

A) mortgage fraud.
B) pricing discrepancies.
C) fair lending.
D) a forgetful borrower.

5. When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?

A) If the APR changes within the acceptable tolerance
B) The addition of a prepayment penalty
C) If a revision is needed to the consumer's contact Information
D) The addition of an escrow account

Solutions: