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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| General Mortgage Knowledge | 20% | - Mortgage terms, concepts and calculations - Fixed-rate vs adjustable-rate mortgages - Conventional, FHA, VA, USDA loan characteristics - LTV, DTI, CLTV, PMI, points and fees |
| Mortgage Loan Origination Activities | 27% | - Borrower qualification and underwriting basics - Closing and post-closing procedures - Loan application process - Loan programs and product types |
| Federal Mortgage-Related Laws | 24% | - Fair lending and consumer protection rules - SAFE Act and federal regulatory framework - TILA, RESPA, ECOA, HMDA, FCRA - Disclosure requirements and timing |
| Ethics | 18% | - Fair lending and anti-discrimination - Conflict of interest and disclosure obligations - Ethical practices and professional conduct - Fraud prevention and detection |
| Uniform State Content | 11% | - Compliance and disciplinary standards - License maintenance and renewal - State licensing and regulatory requirements |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?
- A. The MLO must complete the application and proceed as normal.
- B. The MLO must inquire about the ability to repay in the event of a borrower's death.
- C. The MLO must present them with a home equity line of credit (HELOC).
- D. The MLO must present them with a reverse mortqaqe.
Correct Answer: A 🗳️
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Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?
- A. Construction
- B. FHA
- C. Fixed
- D. ARM
Correct Answer: D 🗳️
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A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?
- A. Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
- B. Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
- C. [Consider the issue to be a private family matter and proceed with the next steps in the application process
- D. Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
Correct Answer: A 🗳️
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Which of the following statements is true regarding a fixed-rate mortgage?
- A. The rate is fixed for 15 years and is followed by a single balloon payment.
- B. The rate is fixed for 10 years and then adjusts every year thereafter.
- C. The rate is fixed for 5 years and is followed by a step-up for 5 years.
- D. The rate is fixed for 30 years with no adjustment.
Correct Answer: D 🗳️
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When two borrowers are refinancing a mortgage loan, the notice of the right to rescind:
- A. is permitted to be given to either of the borrowers, but both borrowers need to sign the notice to rescind the loan.
- B. is permitted to be given to either of the borrowers, and only one borrower is needed to rescind the loan.
- C. must be given to both borrowers, and both borrowers must agree to rescind the loan.
- D. must be given to both borrowers, but either borrower is permitted to rescind the loan.
Correct Answer: D 🗳️
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