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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Uniform State Content | 11% | - State Regulatory Content
|
| Topic 2: Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| Topic 3: Ethics | 18% | - Ethical Practices
|
| Topic 4: Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Topic 5: General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
An interest-only mortgage is a mortgage with scheduled payments that require the consumer to have:
- A. Payments of interest for a specified amount of time.
- B. Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.
- C. Adjustable payments every month based on an adjustable interest rate.
- D. Fixed payments every month, but the interest rate adjusts monthly.
Correct Answer: A 🗳️
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A borrower may rescind their mortgage loan until midnight of the third:
- A. Calendar day following consummation or delivery of all material disclosures, whichever occurs last.
- B. Business day following consummation or delivery of all material disclosures, whichever occurs last.
- C. Calendar day or delivery of all material disclosures, whichever occurs first.
- D. Business day following consummation or delivery of all material disclosures, whichever occurs first.
Correct Answer: B 🗳️
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The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:
- A. originator counseling certificate.
- B. compliance plan.
- C. unique identifier
- D. high school diploma.
Correct Answer: C 🗳️
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A real estate broker overhears her buyer discussing what she believes to be illegal activities while on a phone conversation. The real estate broker notifies the buyer's mortgage loan originator (MLO) that the borrower may be using illegally acquired funds as down payment for this property. The MLO decides to report some suspicious cash deposit transactions found in the borrower's bank records. Under the Patriot Act, the MLO may discuss the filing of this report with which of the following parties, if any?
- A. All parties involved in the transaction
- B. His loan processor
- C. The report Is not permitted to be discussed with any parties involved in the transaction.
- D. The buyer's agent
Correct Answer: C 🗳️
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Which of the following is an origination fee?
- A. Prepaid Interest fee
- B. Underwriting fee
- C. Appraisal fee
- D. Title insurance fee
Correct Answer: B 🗳️
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