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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: General Mortgage Knowledge | - Underwriting Basics - Mortgage Types and Products - Loan Closing Procedures - Loan Origination Process |
| Topic 2: Ethics and Professional Conduct | - Consumer Protection Standards - Fraud Prevention - Disclosure Requirements |
| Topic 3: Uniform State Content | - Licensing Requirements and Compliance - State Lending Regulations Overview |
| Topic 4: Federal Mortgage-Related Laws | - Truth in Lending Act (TILA) / Regulation Z - Equal Credit Opportunity Act (ECOA) - Real Estate Settlement Procedures Act (RESPA) - Fair Housing Act |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Question 1
How many days before consummation must a borrower receive a revised Loan Estimate?
A. 10 business days
B. 7 business days
C. 5 business days
D. 4 business days
Question 2
A mortgage loan originator (MLO) originates a 5/1 ARM where the indexed rate is likely to be higher than the introductory rate. The Truth in Lending Act (TILA) states that an MLO must calculate a borrower's monthly Payment amount based on which of the following?
A. Payment amount during the fixed introductory period
B. Fully indexed rate of the loan
C. An average of the varying payment amounts over the life of the loan
D. The total amount of the payments
Question 3
Which of the following occupancy types are listed on the Uniform Residential Loan Application?
A. Primary residence, duplex residence, business
B. Primary residence, secondary residence, investment
C. Primary residence, vacation residence, multifamily residence
D. Primary residence, multiunit residence, commercial
Question 4
According to Regulation Z, which of the following is a prohibited act?
A. Issuing disclosures to applicants
B. Redisclosing a Loan Estimate immediately after locking the rate
C. Including undocumented child support payments made by the borrower
D. Advertising rates not currently available to applicants
Question 5
A written agreement guaranteeing a specific rate is called:
A. An intent to proceed agreement
B. A preapproval letter
C. A loan application
D. A lock-in agreement
Solutions:
| Question 1 Answer: B | Question 2 Answer: B | Question 3 Answer: B | Question 4 Answer: D | Question 5 Answer: D |
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