Mortgage Loan Origination (SAFE MLO) Exam: MLO Exam
"Mortgage Loan Origination (SAFE MLO) Exam", also known as MLO exam, is a NMLS Certification. With the complete collection of questions and answers, ExamcollectionPass has assembled to take you through 232 Q&As to your MLO Exam preparation. In the MLO exam resources, you will cover every field and category in SAFE MLO Certification helping to ready you for your successful NMLS Certification.
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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: General Mortgage Knowledge | - Mortgage Types and Products - Loan Closing Procedures - Underwriting Basics - Loan Origination Process |
| Topic 2: Federal Mortgage-Related Laws | - Real Estate Settlement Procedures Act (RESPA) - Fair Housing Act - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z |
| Topic 3: Ethics and Professional Conduct | - Fraud Prevention - Disclosure Requirements - Consumer Protection Standards |
| Topic 4: Uniform State Content | - Licensing Requirements and Compliance - State Lending Regulations Overview |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Which of the following loan types is covered by the Real Estate Settlement Procedures Act (RESPA)?
- A. Commercial real estate loan
- B. Auto loan
- C. Residential real estate loan
- D. Student loan
Correct Answer: C 🗳️
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Which of the following service providers is a mortgage loan originator permitted to require a borrower to use in obtaining a mortgage?
- A. A homeowners insurance provider
- B. A home inspection company
- C. An appraiser
- D. A title company
Correct Answer: C 🗳️
Explanation: Only visible for ExamcollectionPass members. You can sign-up / login (it's free).
A mortgage loan originator who informs a prospective borrower that a certain loan interest rate can only be guaranteed if an application is submitted within the next 30 minutes is committing:
- A. Exaggeration
- B. Discrimination
- C. Coercion
- D. Redlining
Correct Answer: C 🗳️
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During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:
- A. postpone the closing, re-disclose and wait three days.
- B. postpone the closing, re-disclose and wait three business days.
- C. tell the borrower to close the loan.
- D. close the loan, then re-disclose after the loan funds.
Correct Answer: B 🗳️
Explanation: Only visible for ExamcollectionPass members. You can sign-up / login (it's free).
A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?
- A. Ask the friend to provide the MLO with a written authorization to obtain his credit report
- B. Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
- C. Start a loan application so that the MLO can obtain the credit report and then show the application as
"withdrawn" - D. Offer to obtain the credit report but only if the friend will pay for the cost of the report
Correct Answer: B 🗳️
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