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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: General Mortgage Knowledge | - Mortgage Types and Products - Loan Origination Process - Loan Closing Procedures - Underwriting Basics |
| Topic 2: Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
| Topic 3: Ethics and Professional Conduct | - Fraud Prevention - Disclosure Requirements - Consumer Protection Standards |
| Topic 4: Federal Mortgage-Related Laws | - Fair Housing Act - Equal Credit Opportunity Act (ECOA) - Real Estate Settlement Procedures Act (RESPA) - Truth in Lending Act (TILA) / Regulation Z |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Question 1
Prepaid charges include which of the following items?
A. Credit report fee
B. Per diem interest
C. Conveyance tax
D. Origination fee
Question 2
A borrower obtains a 2-1 buydown mortgage loan with a 30-year term and a 6% note rate. The borrower's payments will be calculated based upon which of the following?
A. 5% interest in years 1 and 2 and 6% interest in years 3 through 30
B. 4% interest in year 1 and 6% interest in years 2 through 30
C. 4% interest in years 1 and 2 and 6% interest in years 3 through 30
D. 4% interest in year 1, 5% interest in year 2 and 6% interest in years 3 through 30
Question 3
A borrower obtaining a VA loan is deployed at the time of loan closing. Which of the following individuals is able to sign on behalf of the borrower?
A. Someone with designated power of attorney
B. A co-borrower
C. A non-purchasing spouse
D. A purchasing spouse
Question 4
When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:
A. pricing discrepancies.
B. fair lending.
C. mortgage fraud.
D. a forgetful borrower.
Question 5
Which of the following documents is a real estate conveyance?
A. Quit claim deed
B. Promissory note
C. Mortgage instrument
D. Occupancy certificate
Solutions:
| Question 1 Answer: B | Question 2 Answer: D | Question 3 Answer: A | Question 4 Answer: C | Question 5 Answer: A |
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