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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Uniform State Content | 11% | - State licensing and regulatory requirements - License maintenance and renewal - Compliance and disciplinary standards |
| General Mortgage Knowledge | 20% | - Fixed-rate vs adjustable-rate mortgages - LTV, DTI, CLTV, PMI, points and fees - Mortgage terms, concepts and calculations - Conventional, FHA, VA, USDA loan characteristics |
| Mortgage Loan Origination Activities | 27% | - Loan programs and product types - Borrower qualification and underwriting basics - Loan application process - Closing and post-closing procedures |
| Ethics | 18% | - Ethical practices and professional conduct - Fair lending and anti-discrimination - Fraud prevention and detection - Conflict of interest and disclosure obligations |
| Federal Mortgage-Related Laws | 24% | - Fair lending and consumer protection rules - Disclosure requirements and timing - SAFE Act and federal regulatory framework - TILA, RESPA, ECOA, HMDA, FCRA |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?
- A. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
- B. Allow the application to be underwritten before raising any concerns
- C. Take no action as the property was occupied at the time of application
- D. Notify the MLO's employer and/or the mortgage lender of the discovery
Correct Answer: D 🗳️
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A lender is permitted to accept the employment information provided by the borrower on the initial loan application without asking for a letter of explanation in which of the following circumstances?
- A. The borrower lacks a history in an industry that requires specific skills.
- B. The borrower has been employed by the same company for three years.
- C. A recent college graduate holds a high-level position in the organization.
- D. The residence is more than 120 miles from the work location on a refinance.
Correct Answer: B 🗳️
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Loan applications must include all of the following information with respect to mortgage loan originators (MLOs) except the:
- A. MLO's name.
- B. MLO's NMLS unique identifier.
- C. Employer's NMLS unique identifier.
- D. Return fax number.
Correct Answer: D 🗳️
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The SAFE Act requires a mortgage loan originator (MLO) to:
- A. Retake the SAFE MLO National Test after failing to maintain a valid license for a period of four years.
- B. Maintain a valid unique identifier issued by the AARMR.
- C. Obtain and annually maintain a license.
- D. Register with the Conference of State Bank Supervisors (CSBS).
Correct Answer: C 🗳️
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If a borrower is using commission income for 25% or more of their total income, the FHA lender will:
- A. Request two years of signed tax returns proving receipt of the income.
- B. Only accept one-half of the claimed commission income.
- C. Only accept the commission income if it has been steady for three years.
- D. Disregard the commission income completely.
Correct Answer: A 🗳️
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