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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

A) USDA Rural Development
B) Construction
C) Reverse mortgage
D) Refinance

2. Interest-only mortgages are considered high risk compared to traditional mortgage products because:

A) the interest rate exceeds the APOR by 6.5 percentage points.
B) the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
C) scheduled payments do not reduce the loan's principal balance.
D) the borrower's ability to repay is not considered when making the credit decision.

3. Which of the following statements describes an advantage of a purchase money second mortgage?

A) The borrower avoids paying private mortgage insurance
B) The borrower pays two mortgage payments.
C) The borrower avoids paying into the escrow account.
D) The borrower's loan closes faster than a regular mortgage.

4. When a mortgage loan originator (MLO) receives information from a borrower that indicates potential employment fraud, the MLO should:

A) Report the information to another MLO for their opinion.
B) Report the information to the company's compliance officer.
C) Take no additional action unless the borrower admits that they submitted false employment information.
D) Take no additional action because it is not confirmed.

5. A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A) The fee is permitted as the MLO performed origination services for the borrower.
B) The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
C) The fee is permitted if the fee is disclosed on the final settlement statement.
D) The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.

Solutions: