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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

A) Market fluctuations on a locked loan
B) The borrower receiving a salary increase
C) Changes that the MLO should have known at the time the Loan Estimate was provided
D) A natural disaster in the area where the loan will close

2. A 7.25% interest-only loan has an initial balance of $239,500.00. The annual homeowner's insurance premium is $551.00, and the annual property taxes are $1,773.00. What is the total monthly payment, including the escrow?

A) $1,446.98
B) $1,701.29
C) $1,584.65
D) $1,640.65

3. According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A) An applicant has exercised his right under the Consumer Credit Protection Act
B) A description of an applicant's race
C) An applicant's verified income after underwriting
D) An applicant's income is derived from public assistance

4. Which of the following scenarios describes an assumable loan?

A) A borrower has an option to take out a second mortgage
B) A purchaser of a property may be able to take over the existing loan payments.
C) A loan holder can sell the loan.
D) A borrower has an option to choose a loan servicer.

5. A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?

A) Start a loan application so that the MLO can obtain the credit report and then show the application as
"withdrawn"
B) Ask the friend to provide the MLO with a written authorization to obtain his credit report
C) Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
D) Offer to obtain the credit report but only if the friend will pay for the cost of the report

Solutions: