NMLS MLO Valid Test : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:

A) force-placed hazard insurance.
B) private mortgage insurance
C) optional credit life insurance.
D) government mortgage insurance.

2. The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:

A) reverse mortgages.B home equity lines of credit (HELOCs;
B) refinance of a condominium property.
C) loans secured by a mobile home on a leased lot.

3. A person paying or receiving a portion of a fee that has not been earned in connection with the settlement statement is which of the following practices?

A) Third-party fees
B) Splitting fees
C) Actual fees
D) Average fees

4. Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

A) An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
B) A seller providing financing to the purchaser of a dwelling owned by the seller
C) An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
D) A loan processor performing clerical duties under the direction and supervision of a licensed broker

5. What is the minimum amount of flood insurance a lender must require on a residential building located in a special flood hazard area?

A) $150,000 for residential property structures
B) $50,000 for residential property structures
C) $350,000 for residential property structures
D) $250,000 for residential property structures

Solutions: