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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Ethics | 18% | - Fraud prevention and detection - Conflict of interest and disclosure obligations - Ethical practices and professional conduct - Fair lending and anti-discrimination |
| Federal Mortgage-Related Laws | 24% | - TILA, RESPA, ECOA, HMDA, FCRA - Disclosure requirements and timing - SAFE Act and federal regulatory framework - Fair lending and consumer protection rules |
| General Mortgage Knowledge | 20% | - Fixed-rate vs adjustable-rate mortgages - Conventional, FHA, VA, USDA loan characteristics - LTV, DTI, CLTV, PMI, points and fees - Mortgage terms, concepts and calculations |
| Mortgage Loan Origination Activities | 27% | - Closing and post-closing procedures - Borrower qualification and underwriting basics - Loan programs and product types - Loan application process |
| Uniform State Content | 11% | - License maintenance and renewal - State licensing and regulatory requirements - Compliance and disciplinary standards |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
The characteristics of a fixed-rate mortgage include a:
- A. fixed margin.
- B. minimum balloon payment.
- C. fixed interest rate.
- D. mandatory 30-year term.
Correct Answer: C 🗳️
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A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?
- A. Second
- B. First as it will be combined with the 80% loan
- C. First
- D. Second but combined with any other liens
Correct Answer: A 🗳️
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A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?
- A. The MLO must present them with a home equity line of credit (HELOC).
- B. The MLO must inquire about the ability to repay in the event of a borrower's death.
- C. The MLO must complete the application and proceed as normal.
- D. The MLO must present them with a reverse mortqaqe.
Correct Answer: C 🗳️
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Which of the following responses best describes redlining?
- A. The identification of locations in which the lender will not lend
- B. The identification of low and moderate income census tracts
- C. The identification of minority census tracts
- D. The analysis of the points and fees charged on loan transactions
Correct Answer: A 🗳️
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According to the Truth in Lending Act (TILA), a dwelling includes which of the following?
- A. A six-unit apartment complex
- B. An individual condominium unit
- C. A timeshare
- D. An unimproved lot
Correct Answer: B 🗳️
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