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NMLS MLO Questions - Quick Tips To Pass [2025]

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q48-Q53):

NEW QUESTION # 48
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. A letter from the borrower explaining that they paid it off
C. No additional information required
D. An updated statement showing a zero balance

Answer: D

Explanation:
To prove that an account listed on a credit report has been paid off, the borrower must provide an updated statement showing a zero balance. This is the most direct and verifiable method for a lender to confirm the account has been settled.
* Oral confirmation (A) or a letter from the borrower (C) are not acceptable documentation, as they lack third-party verification.
* No further documentation would be required if the credit report already reflects the zero balance, but until then, updated documentation is necessary.
References:
* Fair Credit Reporting Act (FCRA)
* Standard mortgage underwriting documentation guidelines

NEW QUESTION # 49
The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A. the purchase price, plus the mortgage insurance for FHA loans.
B. the lesser of the purchase price or appraised value.
C. the purchase price of the property.
D. the appraised value of the property.

Answer: B

Explanation:
For an FHA loan, the loan-to-value (LTV) ratio is calculated by dividing the loan amount by the lesser of the purchase price or appraised value of the property. This ensures that the loan amount is based on the lower of the two figures, protecting the lender from over-lending on a property that may not appraise at the agreed purchase price.
* This method is consistent with FHA guidelines, ensuring that the loan is adequately secured by the property's value.
References:
* FHA Single Family Housing Policy Handbook
* HUD Guidelines for FHA LTV calculations

NEW QUESTION # 50
Which of the following items is a liquid asset?

A. Net worth of a business
B. Antique jewelry
C. Publicly traded stocks
D. An automobile owned free and clear

Answer: C

Explanation:
Publicly traded stocks are considered liquid assets because they can be easily converted to cash through a sale in a public stock market. Liquid assets are those that can be quickly sold or accessed with minimal loss of value.
* Antique jewelry (A), net worth of a business (C), and an automobile (D) are not considered liquid assets because they are harder to convert into cash quickly without losing value.
References:
* Fannie Mae and Freddie Mac guidelines on liquid assets
* CFPB Mortgage Qualifying Standards

NEW QUESTION # 51
Which of the following statements is permissible in an advertisement?

A. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."
B. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
C. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."
D. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."

Answer: B

Explanation:
The statement "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!" is permissible under TILA and Regulation Z, provided it accurately reflects the current rates and corresponding Annual Percentage Rate (APR).
* Regulation Z requires that if an advertisement states an interest rate, it must also disclose the APR to ensure consumers understand the true cost of the loan, including fees and other finance charges.
* The other statements are prohibited due to potential misrepresentation:
* B (affiliation with the VA) could be misleading unless it is an actual endorsement, which is rare.
* C (no payments with a reverse mortgage) could mislead consumers about the conditions of a reverse mortgage.
* D (guaranteed refinancing) could be misleading as future refinancing depends on market conditions and the borrower's qualifications.
References:
* Truth in Lending Act (TILA)
* Regulation Z Advertising Rules

NEW QUESTION # 52
A borrower has been approved for a new home loan and has completed all necessary paperwork. When should the borrower receive the Closing Disclosure?

A. On the day of consummation
B. 1 business day prior to consummation
C. 3 business days prior to consummation
D. 4 business days prior lo consummation

Answer: C

Explanation:
According to the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Closing Disclosure (CD) at least 3 business days prior to loan consummation. This waiting period gives the borrower adequate time to review the final terms and costs associated with the mortgage loan. If there are significant changes to the terms of the loan after the CD is issued, a new 3-day waiting period may be required.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)
* CFPB Closing Disclosure Guidelines

NEW QUESTION # 53
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