MLO SAFE NMLS safe test practice questions and Answers Updated 2026

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MLO SAFE NMLS safe
test practice questions
and Answers Updated
2026
TakingBadvantageBofBill-
informedBconsumersBthroughBexcessivelyBhighBfees,BmisrepresentedBloanBterms,Bfreque
ntBrefinancingBthatBdoesBnotBbenefitBtheBborrowerBandBotherBprohibitedBactsBisBcalled
B__________________________.B-BAnswerPredatoryBLending.

RESPA-RealBEstateBSettlementBProceduresBActB-
BAnswerTheBFederalBStatuteBthatBdealsBwithBtheBsettlementBofBresidentialBmortgageBlo
ans.

RESPA'sBsectionB9BProhibitsB-
BAnswerHomeBsellersBfromBrequiringBhomeBbuyersBtoBpurchaseBtitleBinsuranceBfromBa
BparticularBcompanyBprovidingBtitleBservices.

TheBDodd-
FrankBActBmodifiesBECOABtoBrequireBaBcreditorBtoBfurnishBaBcopyBofBanBappraisalBdev
elopedBinBconnectionBwithBaBfirstBmortgage_____________________BandBabsolutelyBno
tBlaterBthanB________BbusinessBdaysBpriorBtoBclosing.B-
BAnsweruponBcompletionBandB3BbusinessBdays

,TILB(TruthBInBLendingBDisclosure)B&BGFEB(GoodBFaithBEstimate)B-
BAnswerPerBtheBDoddBFrankBAct,BaBsingleBdisclosureBformBcombinesBtheseB2Bstatemen
ts.

PerBtheBDodd-
FrankBAcvt,BtoBbeBaB"qualifiedBmortgage"BtotalBpointsBandBfeesBmayBnotBexceedB____
____%BofBtheBtotalBloanBamount.B-BAnswer3%B(threeBpercent)

PerBaBprovisionBofBtheBDodd-
FrankBActBmortgageBlendersBareBtoBdetermineBthatBaBborrowerBhasBaBreasonableBabili
tyBtoBrepayBaBloan.BDoesBthisBprovisionBapplyBtoBallBloansBorBjustBownerBoccupiedBlo
ans?B-BAnswerAllBloans,BwhetherBownerBoccupiedBorBnot.

ABloanBsubjectBtoBHOEPABallowsBprepaymentBpenaltiesBforBtheBfirstB______ByearsBofBt
heBloan.B-BAnswer2B(two)Byears

PerBtheBDodd-FrankBActBanBabusiveBactBwouldBincludeBwhichBofBtheBfollowing:

1.BOneBthatBmateriallyBinterferesBwithBtheBconsumersBabilityBtoBunderstandBtheBprodu
ctBorBservice.B

2.BOneBthatBtakeBunreasonableBadvantageBofBaBconsumers'BlackBofBunderstanding.B

3.BOneBthatBtakesBunreasonableBadvantageBofBtheBconsumer'sBreasonableBrelianceBonB
theBMLO.B-BAnswerAllBthreeBwouldBbeBconsideredBabusiveBacts.

PerBtheBDodd-
FrankBActBifBanBMLOBreceivesBcompensationBdirectlyBfromBaBconsumer,BupBtoBhowBm
uchBadditionalBcompensationBmayBbeBreceivedBfromBaBlenderBinBtheBsameBtransaction
?B-
BAnswer$0.00,BdualBcompensationBisBnotBallowed.BCompensationBmustBbeBborrowerBp
aidBorBlenderBpaid.

WhatBkindsBofBreasonsBareBnecessaryBforBaBlenderBtoBtakeBadverseBactionBwithBregard
BtoBaBborrower?B-BAnswerSpecificBreasons.

,AdverseBactionBmeansB______________________.B-
BAnswerABdenialBorBrevocationBofBcredit.BAlso,BaBchangeBinBtheBtermsBofBanBexistingB
creditBarrangementBorBaBrefusalBtoBgrantBcreditBinBsubstantiallyBtheBamountBorBterms
Brequested.

PerBRegulationBB,BLendersBshouldBretainBcertainBrecordsBforB_____________Bmonths.B-
BAnswer25BMonths

BecauseBofBtheBimpactBofBtheBDodd-
FrankBActBonBaBsecondBmortgage,BanBAPRBthatBexceedsBtheB________BbyBmoreBthanB
_____%BisBtheBtriggerBthatBdefinesBaBhighBcostBloan.B-
BAnswerAPORB(BAverageBPrimeBOfferBRate),B8.5%

RegulationBCBisBknownBasB________________________.B-
BAnswerHMDA,BTheBHomeBMortgageBDisclosureBAct.

WhatBisBtheBpurposeBofBHMDA?B-
BAnswerTheBHMDABdeterminesBwhetherBfinancialBinstitutionsBareBservingBtheBhousingB
needsBofBtheirBcommunities.BItBalsoBidentifiesBpatternsBofBdiscriminatoryBlending.

UnderBwhatBcircumstancesBcanBaBlenderBwithBanBAffiliatedBBusinessBArrangementBrequ
ireBaBborrowerBtoBuseBaBspecificBthirdBpartyBserviceBprovider?B-
BAnswerIfBthereBareBnoBkickbackBorBreferralBfeesBandBtheBserviceBproviderBisBanBattor
ney,BcreditBreportingBagencyBorBappraiserBtheBlenderBcanBrequireBthatBtheBborrowerBu
sesBtheBprovider

IfBaBtransferBofBservicingBoccurs,BtheB_______________BmustBprovideBaBservicingBtrans
ferBstatementBnotBlessBthanB________BdaysBbeforeBtheBtransferBoccurs.B-
BAnswerServicer,B15B(fifteen)Bdays.

AnBindividualBwhoBfailsBtheBMLOBwrittenBexamB3BtimesBmustBwaitB_________Bmonths
BtoBretakeBtheBexam.B-BAnswer6B(Six)BMonths

, PerBRESPA,BanBannualBescrowBstatementBisBrequiredBtoB______________.B-
BAnswerdetermineBshortagesBandBsurplusesBinBtheBescrowBaccount.

WhenBmustBtheBServicingBDisclosureBStatementBbeBprovidedBtoBtheBborrower?B-
BAnswerWithinB3B(three)BBusinessBDaysBofBtheBApplication.

AnyBpartyBinvolvedBinBaBfederallyBcoveredBloanBthatBsubmitsBfraudulentBinformationBis
BsubjectBtoBaBfineBofBupBtoB$___________BandBupBtoB__________yearsBinBprison.B-
BAnswer$1,000,000B(oneBmillionBdollars),B30ByearsBinBprison

PerBRESPA,BanBescrowBcushionBisBlimitedBtoBaBmaximumBofB_________BofBtheBannual
BpaymentsBandBsurplusesBoverB$_____mustBbeBrefundedBwithinB________Bdays.B-
BAnswer1/6thB(2Bmonths),B$50B(fiftyBdollars),B30B(thirty)Bdays.

ABsellerBtakesBbackBaB$100,000BPMMB@B5.5%Binterest.BThisBstraightBnoteBwillBballoon
BafterB10ByearsBofBpayments.BHowBmuchBisBtheBballoonBpayment?B-
BAnswer$100,000B+BinterestBforBtheBlastBmonth.BABstraightBnoteB(termBmortgage)BisBa
Bnon-
amortizingBinterestBonlyBmortgage.BTheBballoonBwouldBincludeBtheBentireBprincipalBplu
sBtheBlastBmonth'sBinterest,BasBinterestBisBpaidBinBarrears.

FNMABconformingBdebtBratiosBequalB______/________.B-
BAnswer28%,BmaximumBhousingBexpense/36%BmaximumBtotalBobligations

HOEPABstandsBforB___________________________.B-
BAnswerHomeBOwnershipBandBEquityBProtectionBAct.

RESPABappliesBtoBwhatBtypeBofBproperties?B-BAnswer1-4BUnitBResidentialBProperties

OnBaBconventionalBmortgageBloan,BwhoBmakesBtheBfinalBdecisionBregardingBapproval,B
denialBorBcounterBoffer?B-BAnswerTheBUnderwriter

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Contains: Questions & answers

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