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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| General Mortgage Knowledge | - Underwriting Basics - Loan Origination Process - Mortgage Types and Products - Loan Closing Procedures |
| Federal Mortgage-Related Laws | - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z - Real Estate Settlement Procedures Act (RESPA) - Fair Housing Act |
| Uniform State Content | - Licensing Requirements and Compliance - State Lending Regulations Overview |
| Ethics and Professional Conduct | - Disclosure Requirements - Fraud Prevention - Consumer Protection Standards |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?
A) Affiliated business arrangement disclosure
B) Appraisal disclosure
C) Loan application
D) Special information booklet
2. Private mortgage insurance (PMI) is required to be automatically removed by a lender/servicer when which of the following events occur?
A) When the borrower provides a cancellation request
B) When the borrower has been current for at least five years and has a loan to value of 80% or less
C) If the borrower produces an appraisal that shows that the borrower currently has more than 20% equity
D) When the principal balance of the loan reaches 78% of the original value when scheduled
3. Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?
A) 7 business days
B) 45 calendar days
C) 15 business days
D) 30 business days
4. A qualified mortgage:
A) Results in a balloon payment.
B) Allows the consumer to defer repayment of principal.
C) Results in an increase of the principal balance.
D) Provides for regular periodic payments that are substantially equal.
5. On an annual basis, a licensed state mortgage loan originator must complete three hours of continuing education on federal law and regulations, two hours on nontraditional mortgage products, and two hours on:
A) Ethics
B) Government loan programs
C) How to complete the loan application
D) The operations of the secondary market
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: D | Question # 5 Answer: A |





