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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following statements best describes the index on an ARM?

A) Mortgage lenders control the value of the index.
B) Index rates vary as the general level of interest rates change.
C) The Federal Reserve adjusts the discount rate index.
D) The index rate is fixed for the life of the loan.

2. Which of the following responses describes servicing transfers?

A) The transfer of the processing of a loan to an independent service provider such as a contract processing provider
B) The transfer of the responsibility to collect payments on the loan from one lender to another
C) The transfer of a HUD case number from one lender to another
D) The transfer of an appraisal from one lender to another

3. Which of the following loans is subject to right of rescission?

A) A refinance loan secured by a vacation home
B) A purchase loan secured by a rental home
C) A cash-out refinance loan on a primary residence
D) A rate and term refinance loan through the same creditor

4. A borrower may rescind their mortgage loan until midnight of the third:

A) Business day following consummation or delivery of all material disclosures, whichever occurs last.
B) Calendar day following consummation or delivery of all material disclosures, whichever occurs last.
C) Business day following consummation or delivery of all material disclosures, whichever occurs first.
D) Calendar day or delivery of all material disclosures, whichever occurs first.

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: