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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?

A) Only the borrower with the majority interest in the transaction
B) Only the person who will actually occupy the property
C) Only the borrower who makes the most income
D) Any person who has an ownership interest in the property

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

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

3. In a loan transaction subject to the TILA-RESPA Integrated Disclosure rule (TRID), the creditor must ensure that the consumer receives a Closing Disclosure reflecting the actual terms of the transaction:

A) No later than seven business days before consummation.
B) Within three business days of the loan application date.
C) No later than one business day before consummation.
D) No later than three business days before consummation.

4. A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?

A) Payment amount during the fixed introductory period
B) The total amount of the payments
C) Fully indexed rate of the loan
D) An average of the varying payment amounts over the life of the loan

5. Which of the following characteristics is unique to a home equity line of credit (HELOC)?

A) A borrower is permitted to sell the property without paying off the loan.
B) A borrower is permitted to borrow more than the property is worth.
C) A borrower is permitted to receive additional advances.
D) A borrower is permitted to make interest-only payments for the term of the loan.

Solutions: