The exam includes 100 computer-generated, multiple-choice questions that must be answered within three hours. Ten of the 100 questions are “test” questions that do not affect your grade. Of the remaining 90 questions, originators must achieve a passing score of 75 percent or better.
If you fail, you must wait 30 days after each of your first four attempts to retake the test and six months after that.
The SAFE test is conducted by Prometric testing centers.
Make sure you are prepared for your National Mortgage Licensing System (NMLS) SAFE Exam. McRee Learning Center can help.
National Mortgage Licensing System (NMLS) SAFE Exam - Sample
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Question 1 of 10
Which federal law requires that the Good Faith Estimate be provided to the borrower within three business days of the time a loan application is taken?CorrectIncorrect
Question 2 of 10
What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains?CorrectIncorrect
Question 3 of 10
After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance?CorrectIncorrect
Question 4 of 10
What is the adjustable number used to compute the interest rate on an ARM called?CorrectIncorrect
Question 5 of 10
A borrower is buying a house for $180,000. He provides a down payment of $40,000. If he pays three discount points, what is the total cost of the points?CorrectIncorrect
Question 6 of 10
Which is NOT a purpose for the Mortgage Servicing Disclosure Statement?CorrectIncorrect
Question 7 of 10
A Latina applies to a mortgage company for a home loan. She is refused based on the reputation of the neighborhood for a high number of foreclosures. This is an example of what illegal practice?CorrectIncorrect
Question 8 of 10
Which act establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection with �high cost� mortgages?CorrectIncorrect
Question 9 of 10
The type of mortgage that can provide the borrower with a monthly check instead of the borrower paying a monthly payment is known asCorrectIncorrect
Question 10 of 10
According to the Fair Credit Reporting Act, if adverse action is taken against a credit applicant because of information on a credit report, the lender who used that report is required toCorrectIncorrect