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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. Which of the following responses describes servicing transfers?
A) The transfer of a HUD case number from one lender to another
B) The transfer of the processing of a loan to an independent service provider such as a contract processing provider
C) The transfer of an appraisal from one lender to another
D) The transfer of the responsibility to collect payments on the loan from one lender to another
2. A revised Closing Disclosure is not required to be provided before a loan consummation in which of the following circumstances?
A) A change in APR
B) An addition of a prepayment penalty
C) An addition of an escrow account
D) A change in loan product
3. A title insurance policy ensures that:
A) The borrower can repay the loan.
B) The title commitment is accurate.
C) A condominium is warrantable.
D) The borrower owns the property.
4. A borrower obtains a 2-1 buydown mortgage loan with a 30-year term and a 6% note rate. The borrower's payments will be calculated based upon which of the following?
A) 4% interest in year 1, 5% interest in year 2 and 6% interest in years 3 through 30
B) 4% interest in year 1 and 6% interest in years 2 through 30
C) 4% interest in years 1 and 2 and 6% interest in years 3 through 30
D) 5% interest in years 1 and 2 and 6% interest in years 3 through 30
5. Which of the following circumstances may indicate fraud with respect to the assets a borrower will use for closing?
A) Parental loans disclosed but not yet received
B) Disclosure of gift funds
C) Bank deposits that are not supported by income or other disclosures
D) Borrower's receipt of a large bonus from an employer
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: A | Question # 5 Answer: C |
By Octavia
