NMLS MLO Mortgage Loan Origination (SAFE MLO) Exam Online Training
NMLS MLO Online Training
The questions for MLO were last updated at Mar 28,2025.
- Exam Code: MLO
- Exam Name: Mortgage Loan Origination (SAFE MLO) Exam
- Certification Provider: NMLS
- Latest update: Mar 28,2025
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:
- A . been convicted of a felony within the past seven years.
- B . had an MLO license suspended in any governmental jurisdiction.
- C . taken and failed the SAFE MLO National Test three times within the last year.
- D . never been licensed or registered as an MLO in any governmental jurisdiction.
The upfront premium charged on an FHA mortgage transaction to protect a creditor in the event of borrower default is an example of:
- A . optional credit life insurance.
- B . force-placed hazard insurance.
- C . government mortgage insurance.
- D . private mortgage insurance
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?
- A . An unimproved lot
- B . A six-unit apartment complex
- C . An individual condominium unit
- D . A timeshare
How many days before consummation must a borrower receive a revised Loan Estimate?
- A . 4 business days
- B . 5 business days
- C . 7 business days
- D . 10 business days
Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?
- A . Origination charge
- B . Referral fee
- C . Servicing fee
- D . Yield-to-loan fee
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?
- A . $204,693.10
- B . $204,936.10
- C . $204,963.10
- D . $204,966.10
When does the Loan Estimate expire?
- A . After the 3rd business day
- B . After the 5th business day
- C . After the 7th business day
- D . After the 10th business day
A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:
- A . imprisoned for 10 to 16 months
- B . fined up to JB10,000 or imprisoned for 6 months.
- C . fined up to $1 million and imprisoned for 30 years.
- D . fined up to the total purchase price of their home.
In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?
- A . Only the borrower who makes the most income
- B . Only the borrower with the majority interest in the transaction
- C . Only the person who will actually occupy the property
- D . Any person who has an ownership interest in the property
Which of the following responses describes the required amount of flood insurance coverage?
- 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
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