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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Ethics | 18% | - Fraud prevention and detection - Conflict of interest and disclosure obligations - Fair lending and anti-discrimination - Ethical practices and professional conduct |
| Topic 2: Federal Mortgage-Related Laws | 24% | - Disclosure requirements and timing - TILA, RESPA, ECOA, HMDA, FCRA - Fair lending and consumer protection rules - SAFE Act and federal regulatory framework |
| Topic 3: Mortgage Loan Origination Activities | 27% | - Borrower qualification and underwriting basics - Loan programs and product types - Loan application process - Closing and post-closing procedures |
| Topic 4: General Mortgage Knowledge | 20% | - LTV, DTI, CLTV, PMI, points and fees - Mortgage terms, concepts and calculations - Conventional, FHA, VA, USDA loan characteristics - Fixed-rate vs adjustable-rate mortgages |
| Topic 5: Uniform State Content | 11% | - State licensing and regulatory requirements - License maintenance and renewal - Compliance and disciplinary standards |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
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. 10 days
- B. 60 days
- C. 45 days
- D. 30 days
Correct Answer: D 🗳️
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How long does Regulation Z of the Truth in Lending Act (TILA) require a mortgage company to retain the Closing Disclosure for a closed mortgage loan?
- A. 3 years
- B. 5 years
- C. 2 years
- D. 4 years
Correct Answer: B 🗳️
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Interest-only mortgages are considered high risk compared to traditional mortgage products because:
- A. the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
- B. scheduled payments do not reduce the loan's principal balance.
- C. the interest rate exceeds the APOR by 6.5 percentage points.
- D. the borrower's ability to repay is not considered when making the credit decision.
Correct Answer: B 🗳️
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A loan secured by any lien other than the first lien position is referred to as:
- A. Non-conforming
- B. Collectible
- C. Subordinate
- D. Agency
Correct Answer: C 🗳️
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Which of the following responses describes servicing transfers?
- A. The transfer of a HUD case number from one lender to another
- B. The transfer of an appraisal from one lender to another
- C. The transfer of the processing of a loan to an independent service provider such as a contract processing provider
- D. The transfer of the responsibility to collect payments on the loan from one lender to another
Correct Answer: D 🗳️
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Zora -
MLO exam practice Q&As were really amazing.