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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
| Topic 2: Ethics | 18% | - Ethical Practices
|
| Topic 3: Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Topic 4: Uniform State Content | 11% | - State Regulatory Content
|
| Topic 5: Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. The SAFE Act requires a mortgage loan originator (MLO) to:
A) Register with the Conference of State Bank Supervisors (CSBS).
B) Maintain a valid unique identifier issued by the AARMR.
C) Obtain and annually maintain a license.
D) Retake the SAFE MLO National Test after failing to maintain a valid license for a period of four years.
2. Which of the following fees must remain the same unless a valid changed circumstance occurs?
A) Total per diem interest
B) Fees paid to an affiliate of the lender
C) Owner's title insurance premium
D) Homeowner's insurance
3. 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 not permitted as compensation only includes salary and his salary is based on loan terms.
B) His compensation is permitted as compensation only includes salary and his salary is not 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 bonuses and his salary and bonus is not based on loan terms.
4. A title insurance policy ensures that:
A) A condominium is warrantable.
B) The borrower owns the property.
C) The borrower can repay the loan.
D) The title commitment is accurate.
5. For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?
A) Homeowners association dues
B) Down payment
C) Mortgage insurance premium
D) Hazard insurance premium
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: C |
