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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
| Topic 2: General Mortgage Knowledge | - Mortgage Types and Products - Underwriting Basics - Loan Closing Procedures - Loan Origination Process |
| Topic 3: Ethics and Professional Conduct | - Disclosure Requirements - Fraud Prevention - Consumer Protection Standards |
| Topic 4: Federal Mortgage-Related Laws | - Fair Housing Act - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z - Real Estate Settlement Procedures Act (RESPA) |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
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?
- A. Construction
- B. FHA
- C. Fixed
- D. ARM
Correct Answer: D 🗳️
Explanation: Only visible for Braindumps2go members. You can sign-up / login (it's free).
A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?
- A. 3.00% interest rate with a 0.50% discount point
- B. 3.25% interest rate with no points
- C. 3.50% interest rate with no points
- D. 3.50% interest rate with a 1.00% discount point
Correct Answer: D 🗳️
Explanation: Only visible for Braindumps2go members. You can sign-up / login (it's free).
Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?
- A. The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
- B. The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
- C. The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
- D. The individual has been subject to a court order for payment of child support.
Correct Answer: A 🗳️
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If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?
- A. 30 days
- B. 60 days
- C. 45 days
- D. 10 days
Correct Answer: A 🗳️
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A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:
- A. fined up to $1 million and imprisoned for 30 years.
- B. imprisoned for 10 to 16 months
- C. fined up to JB10,000 or imprisoned for 6 months.
- D. fined up to the total purchase price of their home.
Correct Answer: A 🗳️
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