Bob's gross monthly income is $4000. He currently pays $1400 rent per month for a 3 bedroom house and has no other obligations except a $300 car payment. Based on this information, would Bob qualify for a $1,200 PITI FHA loan? a. Yes, Bob meets both ratios b. No, Bob only meets the front ratio c. No, Bob only meets the back ratio d. No, Bob does not meet either ratio

The SAFE Mortgage Licensing Act of 2008 requires all licensed Mortgage Loan Originators to pass a test developed by NMLS (Nationwide Mortgage Licensing System And Registry). Each Loan Originator must take and pass the SAFE MLO Test in order to satisfy the SAFE test requirements of any single state jurisdiction.

The SAFE MLO national exam is made up of 120 multiple-choice items that cover 5 content areas: federal mortgage related laws (24% of the test), uniform state content (11%), general mortgage knowledge (20%), mortgage loan origination activities (27%) and ethics (18%).