✓ TradeExamPro

TradeExamPro › Real Estate & Property

Mortgage loan originator (SAFE MLO) practice test

206 free practice questions for this exam, each with the reason for the answer and where to look it up.

Mortgage loan originator (SAFE): practice test

10 questions, graded as you go, with the reason for every answer. No sign-up.

Practice tests that prepare you for this exam

Mortgage loan originator (SAFE)

Federal mortgage laws, general mortgage knowledge, loan origination activities, ethics and uniform state content for the NMLS SAFE exam.

206 questions for this exam

About the exam

ExamMortgage loan originator (SAFE MLO)
Who runs itNMLS
WhereUnited States

Question count, time limit and pass mark differ by where you take it. Check the official candidate bulletin from the organisation that runs your exam.

Sample questions

Under the TRID rule, a creditor has received an "application" once it has six pieces of information. Which item is NOT one of the six?

  1. The consumer's employment history
  2. The address of the property
  3. The loan amount being sought
  4. An estimate of the property's value
Show the answer

A. The consumer's employment history

The six items are the consumer's name, income, Social Security number, the property address, an estimate of the property value and the loan amount sought. Employment history is collected on the full loan application but is not needed to trigger the Loan Estimate.

Reference: Regulation Z (12 CFR Part 1026), 1026.2(a)(3)(ii)

A borrower overstates his income on the application so he can qualify to buy a house he intends to live in and pay for. How is this type of fraud classified?

  1. Fraud for profit
  2. Fraud for housing
  3. Equity skimming
  4. An air loan
Show the answer

B. Fraud for housing

Fraud for housing is committed by a borrower who wants the home and misstates facts to get the loan. Fraud for profit usually involves industry insiders taking cash out of transactions. Both are crimes; the label describes the motive.

Reference: Ethics: mortgage fraud categories

Which of the following is a prohibited basis for a credit decision under ECOA?

  1. The applicant receives public assistance income
  2. The applicant has a short credit history
  3. The applicant has changed jobs recently
  4. The applicant has a high level of debt
Show the answer

A. The applicant receives public assistance income

ECOA bars discrimination based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance and the exercise of consumer credit rights. Credit history, job stability and debt load are legitimate underwriting factors.

Reference: Regulation B (12 CFR Part 1002), 1002.2(z) and 1002.4

Taking this exam?

Tell us where and when you are taking it, and what you want more of. It decides what we write next.

Other real estate & property exams with practice tests

Real estate salesperson (national and state portions) · Real estate broker · Notary public