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NMLS MLO Exam Syllabus Topics:

Section	Objectives
Topic 1: Federal Mortgage-Related Laws	- Truth in Lending Act (TILA) / Regulation Z - Equal Credit Opportunity Act (ECOA) - Fair Housing Act - Real Estate Settlement Procedures Act (RESPA)
Topic 2: General Mortgage Knowledge	- Underwriting Basics - Loan Origination Process - Mortgage Types and Products - Loan Closing Procedures
Topic 3: Ethics and Professional Conduct	- Fraud Prevention - Consumer Protection Standards - Disclosure Requirements
Topic 4: Uniform State Content	- State Lending Regulations Overview - Licensing Requirements and Compliance

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

Question 1

Which of the following responses describes the main purpose of the secondary market?

A. To service second mortgage loans
B. To fund a second home loan
C. To fund second mortgage loans
D. To fund additional loans

Question 2

A revised Closing Disclosure is not required to be provided before a loan consummation in which of the following circumstances?

A. A change in loan product
B. An addition of an escrow account
C. A change in APR
D. An addition of a prepayment penalty

Question 3

The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A. the purchase price, plus the mortgage insurance for FHA loans.
B. the lesser of the purchase price or appraised value.
C. the appraised value of the property.
D. the purchase price of the property.

Question 4

Which of the following acts or practices violates appraisal independence?

A. The MLO asks the appraiser for a minimum valuation of the property so that the loan-to-value meets lending requirements.
B. The mortgage loan originator (MLO) asks the appraiser to correct errors on the appraisal.
C. The MLO asks the appraiser to consider additional comparable properties to make or support an appraisal.
D. The MLO asks the appraiser to provide further detail or explanation for the appraiser's value conclusion.

Question 5

Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

A. The Federal Trade Commission
B. A state regulator
C. The Conference of State Bank Supervisors
D. NMLS

Solutions:

Question 1
Answer: D

Question 2
Answer: B

Question 3
Answer: B

Question 4
Answer: A

Question 5
Answer: B