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NMLS MLO Exam Questions
Mortgage Loan Origination (Page 3 )

Updated On: 15-Feb-2026
Page 3 of 25
PDF with 120 Questions

What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?

  1. $204,693.10
  2. $204,936.10
  3. $204,963.10
  4. $204,966.10

Answer(s): C



For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?

  1. Down payment
  2. Hazard insurance premium
  3. Mortgage insurance premium
  4. Homeowners association dues

Answer(s): C


Reference:

https://www.nolo.com/legal-encyclopedia/is-an-fha-loan-foreclosure-different-than-other-foreclosures.html



A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

  1. Tip sharing
  2. Fee splitting
  3. Single fee method
  4. Double fee method

Answer(s): B


Reference:

https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/loan-origination-rule/



Non-qualified mortgages offer more options for borrowers who:

  1. are unemployed.
  2. are self-employed.
  3. have no down payment.
  4. are currently living with their parents.

Answer(s): B


Reference:

https://www.nerdwallet.com/article/mortgages/article-non-qm-loans



Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?

  1. ARM
  2. FHA
  3. Fixed
  4. Construction

Answer(s): A


Reference:

https://www.consumerfinance.gov/rules-policy/regulations/1026/19/






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