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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

A) It provides a three-day cooling-off period for all loans
B) It allows borrowers five days to review the final amount needed for settlement.
C) It ensures that the terms and fees that are quoted at the time of application do not change.
D) It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.

2. When providing documents to a state regulator regarding a consumer complaint that was submitted to the state regulator, a licensed company should:

A) Provide the documents along with the company's explanation of what caused the complaint.
B) Redact any names and personal information before providing the documents for privacy reasons.
C) Send the documents by U.S. mail rather than electronically for privacy reasons.
D) Contact the consumer to get their authorization to provide documents to the regulator.

3. 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) Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."
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) Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided
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.

4. Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

A) The Conference of State Bank Supervisors
B) NMLS
C) The Federal Trade Commission
D) A state regulator

5. Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

A) An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
B) A seller providing financing to the purchaser of a dwelling owned by the seller
C) A loan processor performing clerical duties under the direction and supervision of a licensed broker
D) An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan

Solutions: