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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. 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
2. 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
3. Which of the following components of an ARM adjusts periodically?
A) Index and margin only
B) Index and interest rate only
C) Margin and interest rate only
D) Margin, Index and interest rate
4. It is acceptable for a lender to request a co-applicant in which of the following situations?
A) The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage
B) The borrower will not qualify for the loan on their own.
C) The co-applicant will be residing in the house with the borrower.
D) The borrower's future income is dependent on the co-applicant.
5. Which of the following statements describes an advantage of a purchase money second mortgage?
A) The borrower's loan closes faster than a regular mortgage.
B) The borrower avoids paying into the escrow account.
C) The borrower avoids paying private mortgage insurance
D) The borrower pays two mortgage payments.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |
