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Simulate the real exam
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Only need to practice for 20 to 30 hours
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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?
A) Market fluctuations on a locked loan
B) Changes that the MLO should have known at the time the Loan Estimate was provided
C) A natural disaster in the area where the loan will close
D) The borrower receiving a salary increase
2. A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?
A) The total amount of the payments
B) Fully indexed rate of the loan
C) An average of the varying payment amounts over the life of the loan
D) Payment amount during the fixed introductory period
3. Non-qualified mortgages offer more options for borrowers who:
A) have no down payment.
B) are unemployed.
C) are currently living with their parents.
D) are self-employed.
4. Which of the following scenarios describes an assumable loan?
A) A loan holder can sell the loan.
B) A purchaser of a property may be able to take over the existing loan payments.
C) A borrower has an option to choose a loan servicer.
D) A borrower has an option to take out a second mortgage
5. Which of the following responses describes the main purpose of the secondary market?
A) To fund a second home loan
B) To fund additional loans
C) To service second mortgage loans
D) To fund second mortgage loans
Solutions:
Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: B |