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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Mortgage Loan Origination Activities | 27% | - Loan application process - Closing and post-closing procedures - Loan programs and product types - Borrower qualification and underwriting basics |
| Topic 2: General Mortgage Knowledge | 20% | - Fixed-rate vs adjustable-rate mortgages - Mortgage terms, concepts and calculations - Conventional, FHA, VA, USDA loan characteristics - LTV, DTI, CLTV, PMI, points and fees |
| Topic 3: Uniform State Content | 11% | - State licensing and regulatory requirements - Compliance and disciplinary standards - License maintenance and renewal |
| Topic 4: Ethics | 18% | - Conflict of interest and disclosure obligations - Ethical practices and professional conduct - Fraud prevention and detection - Fair lending and anti-discrimination |
| Topic 5: Federal Mortgage-Related Laws | 24% | - TILA, RESPA, ECOA, HMDA, FCRA - Disclosure requirements and timing - SAFE Act and federal regulatory framework - Fair lending and consumer protection rules |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
Private mortgage insurance (PMI) is required to be automatically removed by a lender/servicer when which of the following events occur?
- A. When the borrower has been current for at least five years and has a loan to value of 80% or less
- B. When the borrower provides a cancellation request
- C. When the principal balance of the loan reaches 78% of the original value when scheduled
- D. If the borrower produces an appraisal that shows that the borrower currently has more than 20% equity
Correct Answer: C 🗳️
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Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?
- A. The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
- B. The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.
- C. The individual has been subject to a court order for payment of child support.
- D. The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
Correct Answer: B 🗳️
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Which of the following is an example of a non-fluctuating income source?
- A. Salaried W-2 position
- B. Commission-based W-2 income
- C. Self-employed income
- D. Part-time work with irregular hours
Correct Answer: A 🗳️
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Which of the following responses describes the primary reason to conduct a title search?
- A. To identify any preexisting liens against the collateral property
- B. To determine the amount of homeowner's insurance required
- C. To determine whether a buyer can purchase the collateral property
- D. To confirm the identity of the applicant
Correct Answer: A 🗳️
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According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?
- A. Document preparation fees for items such as mortgages and deeds
- B. Seller's points offered to reduce the borrower's closing costs
- C. A standard credit application fee charged to all loan applicants
- D. Daily or per diem interest paid by borrower
Correct Answer: D 🗳️
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