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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

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

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

2. Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?

A) Deciding what quantity of mortgage-backed securities are purchased by the government
B) Regulating the federal funds rate at which money is lent to banks
C) Regulating mortgage lenders on their mortgage origination practices and procedures
D) Regulating the number of mortgage loan originators in the mortgage industry

3. Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

A) Immigration status
B) Country of birth
C) Receipt of child support
D) Marital status

4. Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

A) An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
B) A seller providing financing to the purchaser of a dwelling owned by the seller
C) A loan processor performing clerical duties under the direction and supervision of a licensed broker
D) An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan

5. Which of the following statements is permissible in an advertisement?

A) "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."
B) "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
C) "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
D) "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."

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