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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

Question 1

An individual who is a loan processor or underwriter must maintain a state originator license if they:

A. are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.
B. perform clerical duties for a mortgage lender as a supervised employee
C. are an independent contractor and collect, receive or distribute information in connection with making a credit decision.
D. are not in communication with the consumer to obtain mortgage loan information.

Question 2

Which of the following is an origination fee?

A. Appraisal fee
B. Prepaid Interest fee
C. Underwriting fee
D. Title insurance fee

Question 3

Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

A. It provides a three-day cooling-off period for all loans
B. It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
C. It ensures that the terms and fees that are quoted at the time of application do not change.
D. It allows borrowers five days to review the final amount needed for settlement.

Question 4

According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A. A description of an applicant's race
B. An applicant has exercised his right under the Consumer Credit Protection Act
C. An applicant's verified income after underwriting
D. An applicant's income is derived from public assistance

Question 5

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.

Solutions: