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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: Ethics and Professional Conduct | - Consumer Protection Standards - Fraud Prevention - Disclosure Requirements |
| Topic 3: General Mortgage Knowledge | - Mortgage Types and Products - Loan Origination Process - Underwriting Basics - Loan Closing Procedures |
| Topic 4: Federal Mortgage-Related Laws | - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z - Real Estate Settlement Procedures Act (RESPA) - Fair Housing Act |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. 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?
A) 30 calendar days
B) 15 calendar days
C) 20 calendar days
D) 60 calendar days
2. A mortgage loan originator who informs a prospective borrower that a certain loan interest rate can only be guaranteed if an application is submitted within the next 30 minutes is committing:
A) Discrimination
B) Redlining
C) Coercion
D) Exaggeration
3. A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?
A) The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
B) The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
C) The fee is permitted as the MLO performed origination services for the borrower.
D) The fee is permitted if the fee is disclosed on the final settlement statement.
4. Which of the following real estate methods allows investors to estimate the value of a property by taking the rent collected and dividing it by the capitalization rate?
A) Residual method approach
B) Income approach
C) Sales comparison approach
D) Cost approach
5. An easement:
A) allows a borrower to make less than the required payments without going through a full mortgage modification.
B) is a mortgage modification.
C) is a right to cross or otherwise use someone else's land for a specified purpose.
D) allows a loan applicant to close on a loan even if all the stipulations have not been met.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |




