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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Ethics and Professional Conduct | - Consumer Protection Standards - Disclosure Requirements - Fraud Prevention |
| Topic 2: General Mortgage Knowledge | - Loan Origination Process - Underwriting Basics - Mortgage Types and Products - Loan Closing Procedures |
| Topic 3: Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
| Topic 4: Federal Mortgage-Related Laws | - Equal Credit Opportunity Act (ECOA) - Real Estate Settlement Procedures Act (RESPA) - Truth in Lending Act (TILA) / Regulation Z - Fair Housing Act |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. Which of the following is an origination fee?
A) Prepaid Interest fee
B) Underwriting fee
C) Appraisal fee
D) Title insurance fee
2. Which of the following service providers is a mortgage loan originator permitted to require a borrower to use in obtaining a mortgage?
A) A title company
B) An appraiser
C) A home inspection company
D) A homeowners insurance provider
3. Which of the following activities is a function of the Consumer Financial Protection Bureau (CFPB)?
A) Regulating mortgage lenders on their mortgage origination practices and procedures
B) Deciding what quantity of mortgage-backed securities are purchased by the government
C) Regulating the federal funds rate at which money is lent to banks
D) Regulating the number of mortgage loan originators in the mortgage industry
4. What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?
A) $204,963.10
B) $204,693.10
C) $204,966.10
D) $204,936.10
5. Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?
A) It allows borrowers five days to review the final amount needed for settlement.
B) It ensures that the terms and fees that are quoted at the time of application do not change.
C) It provides a three-day cooling-off period for all loans
D) It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: D |
