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NMLS MLO Online Access

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Total 230 questions

Mortgage Loan Origination (SAFE MLO) Exam Questions and Answers

Question 13

When there is no tax return history for a rental property, the Federal Housing Administration (FHA) requires gross rental income to be documented and reduced by what percentage?

Options:

A.

10%

B.

15%

C.

20%

D.

25%

Question 14

Within how many days must a creditor notify an applicant of action taken on a completed mortgage loan application?

Options:

A.

15 days

B.

30 days

C.

45 days

D.

60 days

Question 15

Which of the following characteristics is unique to a home equity line of credit (HELOC)?

Options:

A.

A borrower is permitted to receive additional advances.

B.

A borrower is permitted to make interest-only payments for the term of the loan.

C.

A borrower is permitted to borrow more than the property is worth.

D.

A borrower is permitted to sell the property without paying off the loan.

Question 16

Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

Options:

A.

The SAFE Act

B.

The Dodd-Frank Act

C.

The Truth in Lending Act (TILA)

D.

The Equal Credit Opportunity Act

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Total 230 questions