NMLS Mortgage Loan Origination (SAFE MLO) : MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. An individual who is a loan processor or underwriter must maintain a state originator license if they:

A) perform clerical duties for a mortgage lender as a supervised employee
B) are not in communication with the consumer to obtain mortgage loan information.
C) are an independent contractor and collect, receive or distribute information in connection with making a credit decision.
D) are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.

2. During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

A) postpone the closing, re-disclose and wait three business days.
B) close the loan, then re-disclose after the loan funds.
C) tell the borrower to close the loan.
D) postpone the closing, re-disclose and wait three days.

3. The SAFE Act requires a mortgage loan originator (MLO) to:

A) Maintain a valid unique identifier issued by the AARMR.
B) Obtain and annually maintain a license.
C) Retake the SAFE MLO National Test after failing to maintain a valid license for a period of four years.
D) Register with the Conference of State Bank Supervisors (CSBS).

4. Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?

A) Loan application
B) Special information booklet
C) Affiliated business arrangement
D) Appraisal disclosure

5. Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A) The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
B) The individual has been subject to a court order for payment of child support.
C) The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
D) The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.

Solutions: