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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Ethics | 18% | - Ethical Practices
|
| Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
| Uniform State Content | 11% | - State Regulatory Content
|
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:
A) reverse mortgages.B home equity lines of credit (HELOCs;
B) loans secured by a mobile home on a leased lot.
C) refinance of a condominium property.
2. When there is no tax return history for a rental property, the Federal Housing Administration (FHA) requires gross rental income to be documented and reduced by what percentage?
A) 20%
B) 15%
C) 10%
D) 25%
3. Which of the following property types is eligible for FHA financing?
A) Vacation home
B) Commercial real estate loan
C) Manufactured home
D) Bed and breakfast
4. Which of the following federal laws requires disclosures intended to prevent lenders or mortgage loan originators (MLOs) from increasing fees during the origination process?
A) Real Estate Settlement Procedures Act (RESPA1)
B) Equal Credit Opportunity Act (ECOA)
C) Truth in Lending Act (TILA)
D) Home Mortgage Disclosure Act (HMDA)
5. Which of the following components of an ARM adjusts periodically?
A) Index and interest rate only
B) Margin and interest rate only
C) Index and margin only
D) Margin, index and interest rate
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: A |
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