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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. When a consumer applies for an ARM, the creditor must provide a variable-rate program disclosure:

A) No later than seven business days before loan consummation.
B) No later than three business days before loan consummation.
C) At the time an application form is provided or before the consumer pays a nonrefundable fee, whichever is earlier.
D) After the creditor has received documents verifying information related to the consumer's application.

2. Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?

A) FHA
B) ARM
C) Fixed
D) Construction

3. Which of the following components of an ARM adjusts periodically?

A) Margin, index and interest rate
B) Index and margin only
C) Margin and interest rate only
D) Index and interest rate only

4. Which of the following is considered a prohibition under the Real Estate Settlement Procedures Act (RESPA)?

A) Donating an item of value to a silent auction hosted by a charity
B) Renting office space at lower rates based on the whole or in the amount of business referred
C) Sponsoring a little league team where the company name is on the uniforms
D) Hosting an educational seminar at no cost to the participants

5. Offering or negotiating the terms of a loan includes which of the following actions?

A) Making an underwriting decision about whether an applicant qualifies for a loan
B) Presenting particular loan terms to an applicant verbally, in writing, or otherwise
C) Providing general explanations or descriptions in response to a consumer's inquiry
D) Arranging the loan closing or other aspects of the loan process

Solutions: