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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Mortgage Loan Origination Activities | 27% | - Borrower qualification and underwriting basics - Loan application process - Loan programs and product types - Closing and post-closing procedures |
| Topic 2: Ethics | 18% | - Fraud prevention and detection - Fair lending and anti-discrimination - Ethical practices and professional conduct - Conflict of interest and disclosure obligations |
| Topic 3: Uniform State Content | 11% | - License maintenance and renewal - Compliance and disciplinary standards - State licensing and regulatory requirements |
| Topic 4: General Mortgage Knowledge | 20% | - Fixed-rate vs adjustable-rate mortgages - Mortgage terms, concepts and calculations - LTV, DTI, CLTV, PMI, points and fees - Conventional, FHA, VA, USDA loan characteristics |
| Topic 5: Federal Mortgage-Related Laws | 24% | - Disclosure requirements and timing - Fair lending and consumer protection rules - TILA, RESPA, ECOA, HMDA, FCRA - SAFE Act and federal regulatory framework |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
1. Which of the following facets of a loan could be considered predatory lending or steering?
A) Prepayment penalty
B) Cash-out
C) Fixed interest rate
D) Lowered interest rate
2. Which of the following items is a liquid asset?
A) Publicly traded stocks
B) Antique jewelry
C) An automobile owned free and clear
D) Net worth of a business
3. Which of the following loan types may be considered a qualified loan under ability-to-pay rules
A) An interest-only mortgage
B) A mortgage with an adjustable rate
C) A loan with negative amortization
D) A loan with a balloon payment
4. Which of the following conditions must be met when presenting loan product options to a consumer?
A) The presentation of loan products with the highest interest rates
B) The presentation of loan products from creditors with which the mortgage loan originator does not regularly do business
C) The presentation of loan products with prepayment penalties
D) The presentation of loan products for which the consumer likely qualifies
5. Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?
A) The SAFE Act
B) The Truth in Lending Act (TILA)
C) The Dodd-Frank Act
D) The Equal Credit Opportunity Act
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
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