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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Ethics and Professional Conduct | - Consumer Protection Standards - Disclosure Requirements - Fraud Prevention |
| Uniform State Content | - Licensing Requirements and Compliance - State Lending Regulations Overview |
| General Mortgage Knowledge | - Loan Closing Procedures - Mortgage Types and Products - Underwriting Basics - Loan Origination Process |
| Federal Mortgage-Related Laws | - Fair Housing Act - Real Estate Settlement Procedures Act (RESPA) - Truth in Lending Act (TILA) / Regulation Z - Equal Credit Opportunity Act (ECOA) |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?
- A. If a revision is needed to the consumer's contact Information
- B. The addition of an escrow account
- C. If the APR changes within the acceptable tolerance
- D. The addition of a prepayment penalty
Correct Answer: D 🗳️
Explanation: Only visible for Exam4Free members. You can sign-up / login (it's free).
Which of the following responses describes servicing transfers?
- A. The transfer of a HUD case number from one lender to another
- B. The transfer of the processing of a loan to an independent service provider such as a contract processing provider
- C. The transfer of the responsibility to collect payments on the loan from one lender to another
- D. The transfer of an appraisal from one lender to another
Correct Answer: C 🗳️
Explanation: Only visible for Exam4Free members. You can sign-up / login (it's free).
If a borrower believes that there is incorrect information on their credit report, which of the following actions should they take?
- A. Make a written notification to the credit bureau to report the error
- B. Ask the lender to fix the error
- C. Ask the company that is reporting the error to the credit bureau to fix the error
- D. Call the credit bureau to report the error
Correct Answer: A 🗳️
Explanation: Only visible for Exam4Free members. You can sign-up / login (it's free).
The TILA-RESPA Integrated Disclosure rule (TRID) applies to most closed-end consumer credit transactions secured by real property, which includes:
- A. refinance of a condominium property.
- B. loans secured by a mobile home on a leased lot.
- C. reverse mortgages.B home equity lines of credit (HELOCs;
Correct Answer: B 🗳️
Explanation: Only visible for Exam4Free members. You can sign-up / login (it's free).
Within three business days of receiving an application, which of the following information is a creditor required to provide to an applicant?
- A. Timeline of the appraisal process
- B. A copy of the appraisal report
- C. The applicant's right to select the appraiser
- D. The applicant's right to receive a copy of the appraisal report
Correct Answer: D 🗳️
Explanation: Only visible for Exam4Free members. You can sign-up / login (it's free).
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