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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. If a borrower only receives commission pay for 18 months, which of the following actions should a mortgage loan originator (MLO) take?

A) Take the application because positive factors may offset the short income history
B) Tell the borrower they need a steady income and not one that fluctuates
C) Take the application but tell the borrower that they will need a cosigner
D) Tell the borrower to come back in 6 months when they will have 24 months of commission pay

2. A borrower may rescind their mortgage loan until midnight of the third:

A) Business day following consummation or delivery of all material disclosures, whichever occurs last.
B) Business day following consummation or delivery of all material disclosures, whichever occurs first.
C) Calendar day following consummation or delivery of all material disclosures, whichever occurs last.
D) Calendar day or delivery of all material disclosures, whichever occurs first.

3. Which of the following responses describes the purpose of an appraisal in satisfying requirements for underwriting?

A) To allow the borrower a final opportunity to negotiate terms of the loan
B) To ensure that the market value is appropriate for the loan amount
C) To allow the seller a final opportunity to cancel the transaction
D) To ensure that the home is not an outlier to its comparables

4. How many business days after issuance is an unlocked Loan Estimate considered expired?

A) 5 days
B) 3 days
C) 10 days
D) 7 days

5. A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?

A) Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
B) Notify the MLO's employer and/or the mortgage lender of the discovery
C) Take no action as the property was occupied at the time of application
D) Allow the application to be underwritten before raising any concerns

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