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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. In which of the following scenarios is a mortgage loan originator (MLO) violating the consumer privacy provisions within the Gramm-Leach-Bliley Act?

A) The MLO provides a consumer's application to a third-party processor in order to continue the loan process.
B) The MLO stores electronic information regarding the consumer on an encrypted laptop which is occasionally removed from the office.
C) The MLO discusses a consumer's credit history with a co-worker at a local cafe.
D) The MLO receives two copies of a consumer's pay stub via fax, and the MLO destroys one of the copies in a paper shredder.

2. A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?

A) Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided
B) Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
C) Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."
D) Regulation Z does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower.

3. A mortgage loan originator paying compensation to a real estate agent for client referrals is:

A) Prohibited unless the client is notified and consents to the payment.
B) Considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA).
C) Permissible if the compensation is limited to payment for the real estate agent's related business expenses.
D) Permissible if the compensation is limited to meals or other noncash gifts.

4. Which of the following facets of a loan could be considered predatory lending or steering?

A) Fixed interest rate
B) Lowered interest rate
C) Prepayment penalty
D) Cash-out

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

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

Solutions: