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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: General Mortgage Knowledge | 20% | - LTV, DTI, CLTV, PMI, points and fees - Fixed-rate vs adjustable-rate mortgages - Conventional, FHA, VA, USDA loan characteristics - Mortgage terms, concepts and calculations |
| Topic 2: Ethics | 18% | - Conflict of interest and disclosure obligations - Fraud prevention and detection - Ethical practices and professional conduct - Fair lending and anti-discrimination |
| Topic 3: Mortgage Loan Origination Activities | 27% | - Loan application process - Closing and post-closing procedures - Loan programs and product types - Borrower qualification and underwriting basics |
| Topic 4: Uniform State Content | 11% | - License maintenance and renewal - State licensing and regulatory requirements - Compliance and disciplinary standards |
| Topic 5: 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 |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?
- A. An electronic paystub
- B. The borrower's attestation that he expects a raise within 30 days
- C. The income stated on the loan application
- D. A copy of a check register
Correct Answer: A 🗳️
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A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 3.5% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 3.75% with no points. To get the applicant a 3.5% interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant?
- A. 3.25% interest rate with no points
- B. 3.50% interest rate with a 1.00% discount point
- C. 3.00% interest rate with a 0.50% discount point
- D. 3.50% interest rate with no points
Correct Answer: B 🗳️
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A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:
- A. refer the purchase loan to another MLO in their company to obtain a referral fee.
- B. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
- C. advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
- D. take both applications and do one loan "in house" and broker the second loan to another lender.
Correct Answer: C 🗳️
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Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?
- A. The APR
- B. The MLO's business address
- C. The number of days that the rate is available
- D. The MLO's personal website
Correct Answer: A 🗳️
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In a federally related mortgage loan on a principal dwelling, which of the following parties has the right to rescind the transaction?
- A. Only the borrower who makes the most income
- B. Any person who has an ownership interest in the property
- C. Only the borrower with the majority interest in the transaction
- D. Only the person who will actually occupy the property
Correct Answer: B 🗳️
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