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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A mortgage loan originator paying compensation to a real estate agent for client referrals is:

A) Permissible if the compensation is limited to meals or other noncash gifts.
B) Prohibited unless the client is notified and consents to the payment.
C) Considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA).
D) Permissible if the compensation is limited to payment for the real estate agent's related business expenses.

2. How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?

A) 90 days
B) 60 days
C) 50 days
D) 45 days

3. For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?

A) Hazard insurance premium
B) Mortgage insurance premium
C) Homeowners association dues
D) Down payment

4. Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?

A) Origination of an interim unsecured loan
B) Origination of a chattel-secured loan
C) Origination of a timeshare loan
D) Origination of a federally related mortgage loan

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

Solutions: