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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Mortgage Loan Origination Activities | 27% | - Loan application process - Closing and post-closing procedures - Borrower qualification and underwriting basics - Loan programs and product types |
| Topic 2: Uniform State Content | 11% | - State licensing and regulatory requirements - License maintenance and renewal - Compliance and disciplinary standards |
| Topic 3: Ethics | 18% | - Fair lending and anti-discrimination - Fraud prevention and detection - Ethical practices and professional conduct - Conflict of interest and disclosure obligations |
| Topic 4: Federal Mortgage-Related Laws | 24% | - SAFE Act and federal regulatory framework - Disclosure requirements and timing - TILA, RESPA, ECOA, HMDA, FCRA - Fair lending and consumer protection rules |
| Topic 5: General Mortgage Knowledge | 20% | - Conventional, FHA, VA, USDA loan characteristics - Fixed-rate vs adjustable-rate mortgages - Mortgage terms, concepts and calculations - LTV, DTI, CLTV, PMI, points and fees |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. Non-qualified mortgages offer more options for borrowers who:
A) are currently living with their parents.
B) are unemployed.
C) have no down payment.
D) are self-employed.
2. How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?
A) 30 days
B) 120 days
C) 60 days
D) 90 days
3. The SAFE Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining a:
A) high school diploma.
B) originator counseling certificate.
C) unique identifier
D) compliance plan.
4. Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?
A) Origination of an interim unsecured loan
B) Origination of a federally related mortgage loan
C) Origination of a chattel-secured loan
D) Origination of a timeshare loan
5. If a borrower is using commission income for 25% or more of their total income, the FHA lender will:
A) Disregard the commission income completely.
B) Only accept one-half of the claimed commission income.
C) Only accept the commission income if it has been steady for three years.
D) Request two years of signed tax returns proving receipt of the income.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: D |
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