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NMLS MLO Actual Questions

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Question 8

Which of the following scenarios describes a form of steering?

Options:

A.

A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.

B.

A loan officer presents a consumer with a loan that has the lowest total amount of fees.

C.

A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.

D.

A loan officer presents a consumer with loan options from multiple creditors with various fees.

Question 9

Which of the following is a requirement for a mortgage loan originator (MLO) license?

Options:

A.

Completed at least 10 hours of pre-licensing education

B.

Have not had an MLO license revoked in the last five years

C.

Have never been convicted of a felony in a domestic, foreign or military court

D.

Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority

Question 10

Which of the following responses describes the required amount of flood insurance coverage?

Options:

A.

The original appraised value of the home

B.

The outstanding principal balance of the loan

C.

The minimum amount of National Flood Insurance Program coverage available

D.

The property value on file with the county property valuation administrator office

Question 11

What is the maximum APR that will qualify as a Safe Harbor qualified mortgage?

Options:

A.

An APR equal to or less than the average prime offer rate (APOR)

B.

An APR less than the APOR + 1.0%

C.

An APR less than the APOR + 1.5%

D.

An APR less than the APOR + 2.5%

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Exam Code: MLO
Exam Name: Mortgage Loan Origination (SAFE MLO) Exam
Last Update: Nov 21, 2024
Questions: 120
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