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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. 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

2. A written agreement guaranteeing a specific rate is called:

A) A preapproval letter
B) A lock-in agreement
C) An intent to proceed agreement
D) A loan application

3. 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) Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided
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) Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."
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.

4. Mortgage loan originators planning to renew their licenses are required by the SAFE Act to complete which of the following education topics as part of their mandatory annual continuing education?

A) Nontraditional mortgage lending standards
B) 30-year conventional mortgage lending standards
C) Mortgage loan loss mitigation standards
D) Credit score modeling standards

5. Which of the following data should not be included in a borrower's personal data collected under the Home Mortgage Disclosure Act (HMDA)?

A) Sex
B) Ethnicity
C) Religion
D) Race

Solutions: