NMLS MLO

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Closed-end residential mortgage loan products, which are always classified as nontraditional mortgage loans, include:

A) High-interest mortgage loans.
B) Interest-only mortgage loans.
C) 30-year, fixed-rate mortgage loans.
D) Fully amortizing mortgage loans.

2. How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?

A) 60 days
B) 45 days
C) 50 days
D) 90 days

3. A loan secured by any lien other than the first lien position is referred to as:

A) Non-conforming
B) Subordinate
C) Agency
D) Collectible

4. Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

A) Performing real estate brokerage activities
B) Offering or negotiating credit terms
C) Assisting a consumer in applying for credit
D) Taking an application

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

Solutions: