Free MLO Exam Braindumps
Mortgage Loan Origination Questions 21–25 (page: 6)

Updated On: 10-Feb-2026

A second (subordinate) mortgage loan includes:

  1. government home purchase loan.
  2. conventional home purchase loan.
  3. home equity conversion mortgage.
  4. home equity lines of credit (HELOCs).

Answer(s): D


Reference:

https://www.investopedia.com/terms/s/secondmortgage.asp



Which of the following loans is subject to right of rescission?

  1. A purchase loan secured by a rental home
  2. A refinance loan secured by a vacation home
  3. A cash-out refinance loan on a primary residence
  4. A rate and term refinance loan through the same creditor

Answer(s): C


Reference:

https://www.consumerfinance.gov/rules-policy/regulations/1026/23/



Which of the following is an example of a non-fluctuating income source?

  1. Salaried W-2 position
  2. Self-employed income
  3. Commission-based W-2 income
  4. Part-time work with irregular hours

Answer(s): A


Reference:

https://www.financestrategists.com/financial-advisor/personal-finance/income-sources/



After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

  1. 15 calendar days
  2. 20 calendar days
  3. 30 calendar days
  4. 60 calendar days

Answer(s): C


Reference:

https://files.consumerfinance.gov/f/documents/cfpb_ecoa-regulation-b_faqs-covid-19.pdf



Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

  1. Credit score modeling standards
  2. Mortgage loan loss mitigation standards
  3. Nontraditional mortgage lending standards
  4. 30-year conventional mortgage lending standards

Answer(s): C


Reference:

https://www.instituteonline.com/mortgage/nmls-approved-continuing-education



Viewing page 6 of 25
Viewing questions 26 - 30 out of 120 questions


Post your Comments and Discuss NMLS MLO exam prep with other Community members:

AI Tutor AI Tutor 👋 I’m here to help!