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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. According to Fannie Mae, a loan with a purchase transaction loan amount of $160,000, sales price of
$180,000, and an appraised value of $200,000 has a loan-to-value ratio of what percentage?

A) 80%
B) 89%
C) 90%
D) 88%

2. Which of the following scenarios describes an assumable loan?

A) A borrower has an option to choose a loan servicer.
B) A loan holder can sell the loan.
C) A borrower has an option to take out a second mortgage
D) A purchaser of a property may be able to take over the existing loan payments.

3. When two borrowers are refinancing a mortgage loan, the notice of the right to rescind:

A) is permitted to be given to either of the borrowers, but both borrowers need to sign the notice to rescind the loan.
B) must be given to both borrowers, but either borrower is permitted to rescind the loan.
C) must be given to both borrowers, and both borrowers must agree to rescind the loan.
D) is permitted to be given to either of the borrowers, and only one borrower is needed to rescind the loan.

4. The SAFE Act mandates that state regulatory authorities must have legal mechanisms to impose civil money penalties for which of the following activities?

A) Paying or receiving referral fees
B) Discriminating against applicants based on their race
C) Charging fees in excess of allowable tolerances
D) Acting as a mortgage loan originator without a valid license or registration

5. Which of the following responses describes the loan-to-value ratio when buying a home?

A) The loan amount divided by the lesser of the appraised value or the sales price
B) The total loan amount, plus mortgage insurance, divided by the appraised value
C) The total loan amount, plus closing costs, divided by the appraised value
D) The loan amount divided by the appraised value

Solutions: