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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Ethics and Professional Conduct | - Disclosure Requirements - Consumer Protection Standards - Fraud Prevention |
| Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
| General Mortgage Knowledge | - Loan Closing Procedures - Mortgage Types and Products - Loan Origination Process - Underwriting Basics |
| Federal Mortgage-Related Laws | - Real Estate Settlement Procedures Act (RESPA) - Fair Housing Act - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
The characteristics of a fixed-rate mortgage include a:
- A. mandatory 30-year term.
- B. fixed margin.
- C. fixed interest rate.
- D. minimum balloon payment.
Correct Answer: C 🗳️
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The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:
- A. loans secured by a mobile home on a leased lot.
- B. reverse mortgages.B home equity lines of credit (HELOCs;
- C. refinance of a condominium property.
Correct Answer: A 🗳️
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When providing documents to a state regulator regarding a consumer complaint that was submitted to the state regulator, a licensed company should:
- A. Contact the consumer to get their authorization to provide documents to the regulator.
- B. Redact any names and personal information before providing the documents for privacy reasons.
- C. Send the documents by U.S. mail rather than electronically for privacy reasons.
- D. Provide the documents along with the company's explanation of what caused the complaint.
Correct Answer: D 🗳️
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A mortgage loan originator paying compensation to a real estate agent for client referrals is:
- A. Considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA).
- B. Prohibited unless the client is notified and consents to the payment.
- C. Permissible if the compensation is limited to meals or other noncash gifts.
- D. Permissible if the compensation is limited to payment for the real estate agent's related business expenses.
Correct Answer: A 🗳️
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Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?
- A. Real Estate Settlement Procedures Act (RESPA)
- B. Truth in Lending Act (TILA)
- C. Home Ownership and Equity Protection Act (HOEPA)
- D. SAFE Act
Correct Answer: D 🗳️
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