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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Within how many days must a creditor notify an applicant of action taken on a completed mortgage loan application?

A) 15 days
B) 30 days
C) 45 days
D) 60 days

2. Which of the following statements is true regarding a fixed-rate mortgage?

A) The rate is fixed for 5 years and is followed by a step-up for 5 years.
B) The rate is fixed for 30 years with no adjustment.
C) The rate is fixed for 15 years and is followed by a single balloon payment.
D) The rate is fixed for 10 years and then adjusts every year thereafter.

3. The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A) the purchase price, plus the mortgage insurance for FHA loans.
B) the lesser of the purchase price or appraised value.
C) the purchase price of the property.
D) the appraised value of the property.

4. A loan that is meant to be offered to prospective borrowers with poor credit history is generally referred to by which of the following terms?

A) Subprime
B) Balloon
C) Interest-only
D) Fixed-rate

5. According to Regulation Z, which of the following is a prohibited act?

A) Including undocumented child support payments made by the borrower
B) Advertising rates not currently available to applicants
C) Redisclosing a Loan Estimate immediately after locking the rate
D) Issuing disclosures to applicants

Solutions: