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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Federal Mortgage-Related Laws | 24% | - Disclosure requirements and timing - SAFE Act and federal regulatory framework - Fair lending and consumer protection rules - TILA, RESPA, ECOA, HMDA, FCRA |
| Topic 2: Mortgage Loan Origination Activities | 27% | - Borrower qualification and underwriting basics - Closing and post-closing procedures - Loan application process - Loan programs and product types |
| Topic 3: Ethics | 18% | - Ethical practices and professional conduct - Conflict of interest and disclosure obligations - Fraud prevention and detection - Fair lending and anti-discrimination |
| Topic 4: Uniform State Content | 11% | - State licensing and regulatory requirements - License maintenance and renewal - Compliance and disciplinary standards |
| Topic 5: General Mortgage Knowledge | 20% | - Conventional, FHA, VA, USDA loan characteristics - Mortgage terms, concepts and calculations - LTV, DTI, CLTV, PMI, points and fees - Fixed-rate vs adjustable-rate mortgages |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Question 1
How often is the state licensing agency permitted to review, investigate or examine any mortgage loan originator?
A. Semiannually
B. Annually
C. Upon renewal only
D. As often as necessary
Question 2
Which of the following services is included in the definition of a settlement service?
A. Sale of the mortgage loan on the secondary market
B. Homeowners association fees
C. Title company/escrow agent services
D. Flood insurance
Question 3
A borrower's monthly debt-to-income ratio is calculated by taking the:
A. eligible total monthly debt obligations, including the monthly housing expense, divided by the borrower's gross monthly income.
B. borrower's gross monthly housing expense divided by the principal, interest, and appraised value.
C. eligible total monthly debt obligations for trade lines greater than 12 months multiplied by the borrower's net monthly income.D eligible total monthly debt obligations excluding the monthly housing expense divided by the borrower's net monthly income
Question 4
How many days must a borrower's mortgage loan be delinquent before the mortgage company is permitted to submit the first notice filing in the foreclosure process?
A. 120 days
B. 90 days
C. 30 days
D. 60 days
Question 5
How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?
A. 90 days
B. 45 days
C. 60 days
D. 50 days
Solutions:
| Question 1 Answer: D | Question 2 Answer: C | Question 3 Answer: A | Question 4 Answer: A | Question 5 Answer: C |
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