NMLS MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following scenarios is permissible according to the SAFE Act?

A) An MLO who is not licensed in a subject property's state still originates the loan under the authority of the company's license in that particular state.
B) An underwriter who is functioning as an independent contractor conducts administrative and clerical duties while working under the supervision of a licensed MLO.
C) A third-party underwriter conducts administrative and clerical duties while working under the supervision of a licensed MLO with their organization.
D) An unlicensed assistant to a mortgage loan originator (MLO) conducts MLO activities under the authority of the MLO's unique identifier and licenses.

2. 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) Take no action as the property was occupied at the time of application
C) Allow the application to be underwritten before raising any concerns
D) Notify the MLO's employer and/or the mortgage lender of the discovery

3. Which of the following factors is considered when determining the interest rate for a subprime mortgage?

A) The property location
B) The sales price of the property
C) The term of the loan
D) The credit score of the applicants]

4. When there is no tax return history for a rental property, the Federal Housing Administration (FHA) requires gross rental income to be documented and reduced by what percentage?

A) 10%
B) 25%
C) 20%
D) 15%

5. A couple purchasing a house does not have enough money in reserve to meet the underwriting guidelines for their loan. They are required to bring $10,000 to closing, and they will be $3,000 short unless they can find additional cash. The mortgage loan originator may assist the borrowers by taking which of the following actions?

A) Having the real estate agent deposit $3,000 into the borrowers' bank account to generate a deposit record and then withdrawing the money immediately
B) Editing the underwriter's copy of the purchase and sales agreement on the property to show a $3,000 contribution from the seller
C) Suggesting that the borrowers temporarily borrow money from a relative to deposit into their bank account until the loan closes
D) Asking the borrowers if they have any previously undisclosed additional cash assets that can be documented

Solutions: