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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Ethics | 18% | - Ethical Practices
|
| Topic 2: Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Topic 3: Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| Topic 4: General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
| Topic 5: Uniform State Content | 11% | - State Regulatory Content
|
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
A mortgage loan originator is not required to provide an applicant with an initial Loan Estimate within the three business day period requirement if the applicant does which of the following?
- A. Waives the right to receive a Loan Estimate
- B. Withdraws the application within three business days
- C. Has not selected a loan program
- D. Signs a Truth in Lending statement
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A qualified mortgage:
- A. Allows the consumer to defer repayment of principal.
- B. Results in a balloon payment.
- C. Results in an increase of the principal balance.
- D. Provides for regular periodic payments that are substantially equal.
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A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?
- A. His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.
- B. His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.
- C. His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.
- D. His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.
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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. A home inspection company
- C. An appraiser
- D. A homeowners insurance provider
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Which of the following data should not be included in a borrower's personal data collected under the Home Mortgage Disclosure Act (HMDA)?
- A. Race
- B. Sex
- C. Ethnicity
- D. Religion
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