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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Federal Mortgage-Related Laws | - Fair Housing Act - Real Estate Settlement Procedures Act (RESPA) - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z |
| Topic 2: General Mortgage Knowledge | - Loan Origination Process - Loan Closing Procedures - Mortgage Types and Products - Underwriting Basics |
| Topic 3: Uniform State Content | - Licensing Requirements and Compliance - State Lending Regulations Overview |
| Topic 4: Ethics and Professional Conduct | - Consumer Protection Standards - Fraud Prevention - Disclosure Requirements |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO's future business. This illegal practice is known as:
- A. blockbusting.
- B. redlining.
- C. paying it forward.
- D. fee splitting.
Correct Answer: D 🗳️
Explanation: Only visible for TorrentExam members. You can sign-up / login (it's free).
The term "primary mortgage market" refers to which of the following responses?
- A. The process by which mortgages are pooled and converted to marketable securities
- B. The medium in which mortgages are bought and sold following origination
- C. The confluence of borrowers and mortgage loan originators to negotiate loan terms and complete mortgage transactions
- D. The role of Fannie Mae, Freddie Mac and Ginnie Mae in the mortgage industry
Correct Answer: C 🗳️
Explanation: Only visible for TorrentExam members. You can sign-up / login (it's free).
When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?
- A. If a revision is needed to the consumer's contact Information
- B. If the APR changes within the acceptable tolerance
- C. The addition of an escrow account
- D. The addition of a prepayment penalty
Correct Answer: D 🗳️
Explanation: Only visible for TorrentExam members. You can sign-up / login (it's free).
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?
- A. The National Bank Act
- B. The National Currency Act
- C. The Real Estate Settlement Procedures Act
- D. The Bank Secrecy Act
Correct Answer: D 🗳️
Explanation: Only visible for TorrentExam members. You can sign-up / login (it's free).
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. An addition of a prepayment penalty
- D. A change in APR
Correct Answer: B 🗳️
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