Expert Answers to NMLS Exam MLO Questions

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SAFE MLO Mortgage Loan Origination (SAFE MLO) Exam

Mortgage Loan Origination (SAFE MLO) Exam

Last Update Oct 15, 2024
Total Questions : 120

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Questions 2

The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

Options:

net monthly income

gross monthly income.

taxable income.

loan amount.

Discussion 0

Questions 3

According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

Options:

An unimproved lot

A six-unit apartment complex

An individual condominium unit

A timeshare

Discussion 0

Questions 4

When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

Options:

if the HELOC is insured by HUD.

if the HELOC requires private mortgage insurance

if the company offering the HELOC has deposit accounts insured by the FDI

the APR and the costs of acquiring and maintaining the HELOC.

Discussion 0

Questions 5

How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?

Options:

45 days

50 days

60 days

90 days

Discussion 0

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