NMLS MLO Exam Real Questions

Prepare and pass your Mortgage Loan Origination (SAFE MLO) Exam with free MLO exam questions.

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Total 122 Questions | Updated On: Oct 15, 2024

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Question 1

An easement:

A : is a mortgage modification.

B : is a right to cross or otherwise use someone else's land for a specified purpose.

C : allows a loan applicant to close on a loan even if all the stipulations have not been met.

D : allows a borrower to make less than the required payments without going through a full mortgage modification.

Answer: B

Question 2

Which of the following items is a liquid asset?

A : Antique jewelry

B : Publicly traded stocks

C : Net worth of a business

D : An automobile owned free and clear

Answer: B

Question 3

A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

A : Tip sharing

B : Fee splitting

C : Single fee method

D : Double fee method

Answer: B

Question 4

A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

A : Oral confirmation from the borrower

B : An updated statement showing a zero balance

C : A letter from the borrower explaining that they paid it off

D : No additional information required

Answer: B

Question 5

Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

A : 7 business days

B : 15 business days

C : 30 business days

D : 45 calendar days

Answer: A

Page: 1 / 25

Total 122 Questions | Updated On: Oct 15, 2024

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