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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Prepaid charges include which of the following items?

A) Credit report fee
B) Conveyance tax
C) Per diem interest
D) Origination fee

2. According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?

A) "15-year and 30-year mortgages available"
B) "Payments as low as $600 for a $100,000 mortgage"
C) "Come in today for your free consultation"
D) "Only 1 point up front to get you in a home"

3. A veteran borrower obtains a VA loan to purchase a property for $200,000 and opts to finance the entire purchase price plus the VA funding fee of 2.15%. The initial payment for principal and interest will be calculated based on a loan amount of:

A) $204,300 plus lender's attorney fees
B) $200,000 plus lender's attorney fees
C) $200,000
D) $204,300

4. Which of the following situations requires further documentation when reviewing bank statements for documentation of assets for down payment and closing costs?

A) When the bank statement shows very little activity on the account
B) When the bank statement comes from an institution that does not have a local presence
C) When there is a large deposit that is not a payroll deposit
D) When there are two borrowers on a loan and only one of the borrowers' names is shown on a bank statement

5. A mortgage loan originator (MLO) closes a high-cost mortgage for a borrower. Seven months later, the borrower returns to the MLO to apply for a cash-out refinance as the borrower intends to use the cash to purchase a collector car. The MLO determines that the only loan the borrower qualifies for is a high-cost mortgage at a higher interest rate. In which of the following ways should the MLO proceed?

A) Close the loan as normal with no further action required
B) Close the loan as normal and take the vehicle as additional collateral
C) Close the loan as normal, as the borrower can refinance a high-cost mortgage after six months
D) Deny the loan, unless it is in the best interest of the borrower

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