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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following is an origination fee?

A) Title insurance fee
B) Prepaid interest fee
C) Appraisal fee
D) Underwriting fee

2. Offering or negotiating the terms of a loan includes which of the following actions?

A) Providing general explanations or descriptions in response to a consumer's inquiry
B) Making an underwriting decision about whether an applicant qualifies for a loan
C) Arranging the loan closing or other aspects of the loan process
D) Presenting particular loan terms to an applicant verbally, in writing, or otherwise

3. A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A) Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures
B) Consider the application incomplete and put initial processing on hold until the additional information is received
C) Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
D) Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made

4. During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

A) close the loan, then re-disclose after the loan funds.
B) postpone the closing, re-disclose and wait three business days.
C) postpone the closing, re-disclose and wait three days.
D) tell the borrower to close the loan.

5. Which of the following responses describes the main purpose of the secondary market?

A) To fund second mortgage loans
B) To service second mortgage loans
C) To fund additional loans
D) To fund a second home loan

Solutions: