PDF Version DemoIn recent years, many people choose to take NMLS MLO certification exam which can make you get the NMLS certificate that is the passport to get a better job and get promotions.
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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?
A) "15-year and 30-year mortgages available"
B) "Come in today for your free consultation"
C) "Only 1 point up front to get you in a home"
D) "Payments as low as $600 for a $100,000 mortgage"
2. Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?
A) Refinance
B) Construction
C) Reverse mortgage
D) USDA Rural Development
3. A written agreement guaranteeing a specific rate is called:
A) A loan application
B) An intent to proceed agreement
C) A preapproval letter
D) A lock-in agreement
4. When a consumer applies for an ARM, the creditor must provide a variable-rate program disclosure:
A) No later than seven business days before loan consummation.
B) After the creditor has received documents verifying information related to the consumer's application.
C) At the time an application form is provided or before the consumer pays a nonrefundable fee, whichever is earlier.
D) No later than three business days before loan consummation.
5. What are the maximum basis points added to the average prime offer rate (APOR) that keep a loan's APR as a qualified mortgage under the Consumer Financial Protection Bureau's (CFPB's) Safe Harbor Rule?
A) 100 basis points
B) 150 basis points
C) 300 basis points
D) 85 basis points
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: A |
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