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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Uniform State Content | 11% | - State Regulatory Content
|
| Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
| Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Ethics | 18% | - Ethical Practices
|
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Which of the following advertising statements is permissible?
- A. "5% 30-year fixed with no closing costs"
- B. "30-year fixed mortgage for a 5% APR with approved credit"
- C. "5% for 10 years, then one balloon payment"
- D. "30-year variable rate mortgages starting at ____"
Correct Answer: B 🗳️
Explanation: Only visible for PassReview members. You can sign-up / login (it's free).
Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?
- A. Community second funds
- B. Virtual currency funds
- C. Personal unsecured loans
- D. Foreign assets located outside of the U.S. or its territories
Correct Answer: A 🗳️
Explanation: Only visible for PassReview members. You can sign-up / login (it's free).
Under the SAFE Act, which of the following individuals is not a "mortgage loan originator"?
- A. An individual who handles the collection of a mortgage payment from a consumer for compensation
- B. An individual who negotiates credit terms on behalf of a consumer for compensation
- C. An individual who takes a loan application for compensation
- D. An individual who quotes interest rates to a consumer for compensation
Correct Answer: A 🗳️
Explanation: Only visible for PassReview members. You can sign-up / login (it's free).
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?
- A. Notify the MLO's employer and/or the mortgage lender of the discovery
- B. Take no action as the property was occupied at the time of application
- C. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
- D. Allow the application to be underwritten before raising any concerns
Correct Answer: A 🗳️
Explanation: Only visible for PassReview members. You can sign-up / login (it's free).
Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?
- A. The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
- B. The individual has been subject to a court order for payment of child support.
- C. The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
- D. The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
Correct Answer: C 🗳️
Explanation: Only visible for PassReview members. You can sign-up / login (it's free).
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