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The advantages surpassing others
NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: 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 |
| Topic 2: Ethics | 18% | - Fraud prevention and detection - Ethical practices and professional conduct - Conflict of interest and disclosure obligations - Fair lending and anti-discrimination |
| Topic 3: Mortgage Loan Origination Activities | 27% | - Closing and post-closing procedures - Borrower qualification and underwriting basics - Loan programs and product types - Loan application process |
| Topic 4: Federal Mortgage-Related Laws | 24% | - SAFE Act and federal regulatory framework - Fair lending and consumer protection rules - Disclosure requirements and timing - TILA, RESPA, ECOA, HMDA, FCRA |
| Topic 5: Uniform State Content | 11% | - State licensing and regulatory requirements - License maintenance and renewal - Compliance and disciplinary standards |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:
- A. implement an internal watch system to prevent the misrepresentation of occupancy status
- B. adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.
- C. adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
- D. implement a written program to detect warning signs of identity theft.
Correct Answer: D 🗳️
Explanation: Only visible for TrainingDumps members. You can sign-up / login (it's free).
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. An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
- D. A loan processor performing clerical duties under the direction and supervision of a licensed broker
Correct Answer: B 🗳️
Explanation: Only visible for TrainingDumps members. You can sign-up / login (it's free).
Loan applications must include all of the following information with respect to mortgage loan originators (MLOs) except the:
- A. MLO's NMLS unique identifier.
- B. Employer's NMLS unique identifier.
- C. MLO's name.
- D. Return fax number.
Correct Answer: D 🗳️
Explanation: Only visible for TrainingDumps members. You can sign-up / login (it's free).
After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?
- A. 20 calendar days
- B. 15 calendar days
- C. 60 calendar days
- D. 30 calendar days
Correct Answer: D 🗳️
Explanation: Only visible for TrainingDumps members. You can sign-up / login (it's free).
A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:
- A. been convicted of a felony within the past seven years.
- B. had an MLO license suspended in any governmental jurisdiction.
- C. taken and failed the SAFE MLO National Test three times within the last year.
- D. never been licensed or registered as an MLO in any governmental jurisdiction.
Correct Answer: A 🗳️
Explanation: Only visible for TrainingDumps members. You can sign-up / login (it's free).
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