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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| Ethics | 18% | - Ethical Practices
|
| General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
| Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Uniform State Content | 11% | - State Regulatory Content
|
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?
A) Any days except Saturdays and Sundays
B) Every day from 9 a.m. to 5 p.m.
C) Any days that employees may access the office to work
D) Every day except Sunday and legal holidays
2. Which of the following scenarios describes a form of steering?
A) A loan officer presents a consumer with loan options from multiple creditors with various fees.
B) A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
C) A loan officer presents a consumer with a loan that has the lowest total amount of fees.
D) A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.
3. 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) 60 days
B) 30 days
C) 10 days
D) 45 days
4. Which of the following fees is a finance charge?
A) Discount points
B) Pest inspection fees
C) Appraisal fees
D) Title insurance
5. Which of the following characteristics is unique to a home equity line of credit (HELOC)?
A) A borrower is permitted to sell the property without paying off the loan.
B) A borrower is permitted to receive additional advances.
C) A borrower is permitted to make interest-only payments for the term of the loan.
D) A borrower is permitted to borrow more than the property is worth.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: B |







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