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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Uniform State Content | 11% | - Compliance and disciplinary standards - State licensing and regulatory requirements - License maintenance and renewal |
| Topic 2: Federal Mortgage-Related Laws | 24% | - SAFE Act and federal regulatory framework - TILA, RESPA, ECOA, HMDA, FCRA - Fair lending and consumer protection rules - Disclosure requirements and timing |
| Topic 3: Mortgage Loan Origination Activities | 27% | - Loan programs and product types - Loan application process - Closing and post-closing procedures - Borrower qualification and underwriting basics |
| Topic 4: General Mortgage Knowledge | 20% | - Conventional, FHA, VA, USDA loan characteristics - Mortgage terms, concepts and calculations - LTV, DTI, CLTV, PMI, points and fees - Fixed-rate vs adjustable-rate mortgages |
| Topic 5: Ethics | 18% | - Conflict of interest and disclosure obligations - Ethical practices and professional conduct - Fraud prevention and detection - Fair lending and anti-discrimination |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. The characteristics of a fixed-rate mortgage include a:
A) fixed margin.
B) minimum balloon payment.
C) mandatory 30-year term.
D) fixed interest rate.
2. Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?
A) Immigration status
B) Country of birth
C) Marital status
D) Receipt of child support
3. A loan that is meant to be offered to prospective borrowers with poor credit history is generally referred to by which of the following terms?
A) Balloon
B) Fixed-rate
C) Subprime
D) Interest-only
4. An interest-only mortgage is a mortgage with scheduled payments that require the consumer to have:
A) Adjustable payments every month based on an adjustable interest rate.
B) Payments of interest for a specified amount of time.
C) Fixed payments every month, but the interest rate adjusts monthly.
D) Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.
5. Which of the following loans is subject to the Real Estate Settlement Procedures Act (RESPA)?
A) State registration related mortgage loan
B) Unified commerce related mortgage loan
C) Standard county related mortgage loan
D) Federally related mortgage loan
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: D |
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