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NMLS MLO Exam Sample Questions

Question # 1

When obtaining a mortgage loan, title insurance is required to protect the:

A. settlement agent.

B. seller of the property.

C. mortgage loan officer.

D. lender providing the financing.

Answer

D. lender providing the financing.

Explanation:

When obtaining a mortgage loan, title insurance is typically required to protect the lender. The lender’s title insurance policy ensures that the lender has a valid lien on the property and protects against potential claims on the title, such as unpaid property taxes, liens, or ownership disputes.

While owner's title insurance protects the buyer, the lender’s title insurance is required to protect the financial interest of the lender.

References:

TILA-RESPA Integrated Disclosure (TRID) Rule

ALTA Title Insurance Guidelines

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Question # 2

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. An updated statement showing a zero balance

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

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Question # 3

The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

A. steering.

B. redlining.

C. appraising.

D. low balling.

Answer

B. redlining.

Explanation:

Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.

Steering (A) involves directing borrowers toward certain loan products for the lender’s benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.

References:

Fair Housing Act

Equal Credit Opportunity Act (ECOA)

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Question # 4

During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

A. tell the borrower to close the loan.

B. close the loan, then re-disclose after the loan funds.

C. postpone the closing, re-disclose and wait three days.

D. postpone the closing, re-disclose and wait three business days.

Answer

D. postpone the closing, re-disclose and wait three business days.

Explanation:

Under the TILA-RESPA Integrated Disclosure (TRID) rules, any significant change to the Annual Percentage Rate (APR) beyond the allowed tolerance before closing requires the lender to provide a revised Closing Disclosure (CD). If the APR increases by more than 0.125% for fixed-rate loans, the lender must re-disclose the CD and provide the borrower with at least three business days to review the updated terms before consummation (closing).

In this case, the interest rate increase from 3.250% to 3.875% is a significant change that impacts the APR, triggering the need for re-disclosure and the mandatory three-business-day waiting period.

The lender must postpone the closing until the new three-day waiting period passes to ensure compliance with TRID regulations.

References:

TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)

CFPB TRID Guidelines

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Question # 5

When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

A. Fair lending.

B. Mortgage fraud.

C. A forgetful borrower.

D. Pricing discrepancies.

Answer

B. Mortgage fraud.

Explanation:

When multiple discrepancies in a borrower’s Social Security number (SSN) are found within the same loan file, it raises concerns of mortgage fraud. The Social Security number is a critical identifier used to verify a borrower's identity, credit history, and employment. Inconsistent or altered SSNs may suggest attempts to hide the true identity of the borrower, which can be an indicator of fraudulent activity.

Mortgage fraud involves deliberate misrepresentation of information on loan applications, documents, or other parts of the mortgage process. SSN discrepancies can point to identity theft or attempts to use multiple identities to obtain a loan fraudulently.

This is a serious concern under the Fair Credit Reporting Act (FCRA) and can lead to legal action if discovered during underwriting or later in the loan process.

Mortgage loan originators (MLOs) must report such discrepancies as they may violate federal laws like RESPA and TILA and lead to further investigation.

References:

Federal Trade Commission (FTC) guidelines on identity theft

Mortgage Acts and Practices (MAP) Rule

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