NMLS MLO : Mortgage Loan Origination (SAFE MLO) Exam

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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following scenarios is permissible according to the SAFE Act?

A) An unlicensed assistant to a mortgage loan originator (MLO) conducts MLO activities under the authority of the MLO's unique identifier and licenses.
B) A third-party underwriter conducts administrative and clerical duties while working under the supervision of a licensed MLO with their organization.
C) An underwriter who is functioning as an independent contractor conducts administrative and clerical duties while working under the supervision of a licensed MLO.
D) An MLO who is not licensed in a subject property's state still originates the loan under the authority of the company's license in that particular state.

2. Which of the following real estate methods allows investors to estimate the value of a property by taking the rent collected and dividing it by the capitalization rate?

A) Residual method approach
B) Income approach
C) Cost approach
D) Sales comparison approach

3. Which of the following fees must remain the same unless a valid changed circumstance occurs?

A) Total per diem interest
B) Homeowner's insurance
C) Fees paid to an affiliate of the lender
D) Owner's title insurance premium

4. Which of the following settlement service charges is considered a finance charge for the purpose of calculating a loan's APR?

A) Public record recording fee
B) Transfer tax charge
C) Credit report fee
D) Origination charge

5. The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:

A) unique identifier
B) originator counseling certificate.
C) compliance plan.
D) high school diploma.

Solutions: