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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

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

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

2. The ability to originate loans under temporary authority applies to which of the following?

A) An MLO who is still waiting for their credit check to be completed
B) Previously registered mortgage loan originators (MLOs)
C) An MLO who has scheduled their test but not completed it
D) Previously licensed real estate brokers

3. A second (subordinate) mortgage loan includes:

A) conventional home purchase loan.
B) government home purchase loan.
C) home equity conversion mortgage.
D) home equity lines of credit (HELOCs;

4. Which of the following loan types is covered by the Real Estate Settlement Procedures Act (RESPA)?

A) Residential real estate loan
B) Commercial real estate loan
C) Student loan
D) Auto loan

5. A qualified mortgage:

A) Provides for regular periodic payments that are substantially equal.
B) Allows the consumer to defer repayment of principal.
C) Results in a balloon payment.
D) Results in an increase of the principal balance.

Solutions: