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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Maximum available flood insurance structure coverage for a residential property from the National Flood Insurance Program is what amount?

A) $750,000
B) £250,000
C) £500,000
D) $1,000,000

2. 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) take both applications and do one loan "in house" and broker the second loan to another lender.
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 purchase loan to another MLO in their company to obtain a referral fee.
D) refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.

3. A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A) had an MLO license suspended in any governmental jurisdiction.
B) taken and failed the SAFE MLO National Test three times within the last year.
C) never been licensed or registered as an MLO in any governmental jurisdiction.
D) been convicted of a felony within the past seven years.

4. The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

A) net monthly income
B) taxable income.
C) gross monthly income.
D) loan amount.

5. Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

A) An electronic paystub
B) The borrower's attestation that he expects a raise within 30 days
C) The income stated on the loan application
D) A copy of a check register

Solutions: