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NMLS MLO Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Federal Mortgage-Related Laws | - Equal Credit Opportunity Act (ECOA) - Truth in Lending Act (TILA) / Regulation Z - Fair Housing Act - Real Estate Settlement Procedures Act (RESPA) |
| Topic 2: General Mortgage Knowledge | - Loan Origination Process - Mortgage Types and Products - Underwriting Basics - Loan Closing Procedures |
| Topic 3: Ethics and Professional Conduct | - Fraud Prevention - Consumer Protection Standards - Disclosure Requirements |
| Topic 4: Uniform State Content | - State Lending Regulations Overview - Licensing Requirements and Compliance |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?
- A. It provides a three-day cooling-off period for all loans
- B. It allows borrowers five days to review the final amount needed for settlement.
- C. It ensures that the terms and fees that are quoted at the time of application do not change.
- D. It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
Correct Answer: D 🗳️
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When providing documents to a state regulator regarding a consumer complaint that was submitted to the state regulator, a licensed company should:
- A. Provide the documents along with the company's explanation of what caused the complaint.
- B. Redact any names and personal information before providing the documents for privacy reasons.
- C. Send the documents by U.S. mail rather than electronically for privacy reasons.
- D. Contact the consumer to get their authorization to provide documents to the regulator.
Correct Answer: A 🗳️
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A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?
- A. Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."
- B. Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
- C. Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided
- D. Regulation Z does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower.
Correct Answer: B 🗳️
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Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?
- A. The Conference of State Bank Supervisors
- B. NMLS
- C. The Federal Trade Commission
- D. A state regulator
Correct Answer: D 🗳️
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Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?
- A. An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender
- B. A seller providing financing to the purchaser of a dwelling owned by the seller
- C. A loan processor performing clerical duties under the direction and supervision of a licensed broker
- D. An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
Correct Answer: B 🗳️
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