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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following types of income are considered as qualifying when applying for a mortgage loan?

A) Net rental income
B) Reimbursed expenses
C) Federal tax refund
D) Family gifts

2. The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

A) net monthly income
B) loan amount.
C) taxable income.
D) gross monthly income.

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

A) A third-party underwriter conducts administrative and clerical duties while working under the supervision of a licensed MLO with their organization.
B) 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.
C) An unlicensed assistant to a mortgage loan originator (MLO) conducts MLO activities under the authority of the MLO's unique identifier and licenses.
D) An underwriter who is functioning as an independent contractor conducts administrative and clerical duties while working under the supervision of a licensed MLO.

4. A written agreement guaranteeing a specific rate is called:

A) A lock-in agreement
B) A preapproval letter
C) A loan application
D) An intent to proceed agreement

5. Which of the following lender payments is prohibited according to Real Estate Settlement Procedures Act (RESPA)?

A) A payment to the lender's duly appointed agent or contractor for services actually performed in the origination, processing or funding of a loan
B) A payment to its own employees for lender referral activities
C) A payment to an attorney for services actually rendered
D) A payment to a real estate agent for loan referral activities

Solutions: