NMLS MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A) refer the purchase loan to another MLO in their company to obtain a referral fee.
B) advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
C) refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
D) take both applications and do one loan "in house" and broker the second loan to another lender.

2. Which of the following does a higher-priced mortgage require if the seller acquired the home 90 days or fewer prior to the date of the purchase contract and the sales price exceeds the seller's acquisition price by more than
10%?

A) Two written appraisals only
B) One written appraisal only and one automated valuation model
C) Two written appraisals and one automated valuation model
D) One written appraisal and one broker price opinion

3. The purpose of the Patriot Act is to deter and punish:

A) Mortgage broker fraud
B) Appraisal fraud
C) Terrorist acts
D) Lending to foreign nationals

4. Which of the following information requests from a mortgage loan originator is permissible under Regulation B of the Equal Credit Opportunity Act (ECOA)?

A) Inquiries about an applicant's child support income without informing an applicant of the non- disclosure option
B) Information on an applicant's former spouse who pays no alimony or child support to the applicant
C) Inquiries about an applicant's intentions concerning the bearing and rearing of children
D) Information on the permanent residency or immigration status of an applicant

5. Which of the following responses describes the primary reason to conduct a title search?

A) To confirm the identity of the applicant
B) To determine whether a buyer can purchase the collateral property
C) To identify any preexisting liens against the collateral property
D) To determine the amount of homeowner's insurance required

Solutions: