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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. In which of the following scenarios is a mortgage loan originator (MLO) violating the consumer privacy provisions within the Gramm-Leach-Bliley Act?

A) The MLO discusses a consumer's credit history with a co-worker at a local cafe.
B) The MLO receives two copies of a consumer's pay stub via fax, and the MLO destroys one of the copies in a paper shredder.
C) The MLO stores electronic information regarding the consumer on an encrypted laptop which is occasionally removed from the office.
D) The MLO provides a consumer's application to a third-party processor in order to continue the loan process.

2. Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?

A) Creditors must verity income and assets in order to determine whether the loan applicant has the ability to repay the loan.
B) Creditors must establish an escrow account for taxes and property insurance on first lien mortgage loans.
C) Borrowers have a five-day right of rescission.
D) There are restrictions on prepayment penalties.

3. A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?

A) His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.
B) His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.
C) His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.
D) His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.

4. According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A) An applicant's verified income after underwriting
B) An applicant has exercised his right under the Consumer Credit Protection Act
C) An applicant's income is derived from public assistance
D) A description of an applicant's race

5. Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A) The individual has been subject to a court order for payment of child support.
B) The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
C) The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
D) The individual has been a witness in a trial at which the defendant was convicted of felony fraud.

Solutions: