NMLS MLO Mortgage Loan Origination (SAFE MLO) Exam Online Training
NMLS MLO Online Training
The questions for MLO were last updated at Mar 21,2025.
- Exam Code: MLO
- Exam Name: Mortgage Loan Origination (SAFE MLO) Exam
- Certification Provider: NMLS
- Latest update: Mar 21,2025
Which of the following loan types may be considered a qualified loan under ability-to-pay rules
- A . An interest-only mortgage
- B . A loan with a balloon payment
- C . A loan with negative amortization
- D . A mortgage with an adjustable rate
How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?
- A . Every 7 days
- B . Every 2 weeks
- C . Every 31 days
- D . Annually
Which of the following services is included in the definition of a settlement service?
- A . Flood insurance
- B . Homeowners association fees
- C . Title company/escrow agent services
- D . Sale of the mortgage loan on the secondary market
If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?
- A . Loan Estimate only
- B . Closing Disclosure only
- C . Uniform Residential Loan Application
- D . Both the Loan Estimate and Closing Disclosure
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?
- A . Whether the applicant seems likely to have children
- B . Whether the applicant has a phone number listing in their name
- C . Whether the applicant’s age makes them ineligible for credit-related insurance
- D . Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made
Which of the following statements is permissible in an advertisement?
- A . "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
- B . "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
- C . "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."
- D . "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will
refinance your loan at a lower rate guaranteed."
The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:
- A . 60 years of age or older.
- B . 62 years of age or older.
- C . 65 years of age or older.
- D . 70 years of age or older.
A borrower is approved for an 80/20 loan.
Which of the following describes the lien priority for the 20% loan?
- A . First
- B . Second
- C . First as it will be combined with the 80% loan
- D . Second but combined with any other liens
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate.
The Truth in Lending Act (TILA) states that an MLO must calculate a borrower’s monthly Payment amount based on which of the following?
- A . Payment amount during the fixed introductory period
- B . An average of the varying payment amounts over the life of the loan
- C . The total amount of the payments
- D . Fully indexed rate of the loan
Prepaid charges include which of the following items?
- A . Origination fee
- B . Credit report fee
- C . Conveyance tax
- D . Per diem interest
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