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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. When a mortgage loan originator (MLO) receives information from a borrower that indicates potential employment fraud, the MLO should:

A) Report the information to the company's compliance officer.
B) Report the information to another MLO for their opinion.
C) Take no additional action because it is not confirmed.
D) Take no additional action unless the borrower admits that they submitted false employment information.

2. Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

A) SAFE Act
B) Real Estate Settlement Procedures Act (RESPA)
C) Home Ownership and Equity Protection Act (HOEPA)
D) Truth in Lending Act (TILA)

3. The purpose of a Suspicious Activity Report (SAR) is to report known or suspected violations or suspicious activity observed by financial institutions subject to the:

A) Bank Secrecy Act (BSA).
B) Gramm-Leach-Bliley Act(GLBA).
C) Truth in Lending Act (TILA).
D) Real Estate Settlement Procedures Act(RESPA).

4. A mortgage loan originator (MLO) closes a high-cost mortgage for a borrower. Seven months later, the borrower returns to the MLO to apply for a cash-out refinance as the borrower intends to use the cash to purchase a collector car. The MLO determines that the only loan the borrower qualifies for is a high-cost mortgage at a higher interest rate. In which of the following ways should the MLO proceed?

A) Close the loan as normal and take the vehicle as additional collateral
B) Deny the loan, unless it is in the best interest of the borrower
C) Close the loan as normal, as the borrower can refinance a high-cost mortgage after six months
D) Close the loan as normal with no further action required

5. According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

A) Notary
B) Title Insurance
C) Interest
D) Credit report

Solutions: