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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Uniform State Content | 11% | - License maintenance and renewal - Compliance and disciplinary standards - State licensing and regulatory requirements |
| Ethics | 18% | - Fair lending and anti-discrimination - Ethical practices and professional conduct - Conflict of interest and disclosure obligations - Fraud prevention and detection |
| General Mortgage Knowledge | 20% | - Mortgage terms, concepts and calculations - Conventional, FHA, VA, USDA loan characteristics - Fixed-rate vs adjustable-rate mortgages - LTV, DTI, CLTV, PMI, points and fees |
| Federal Mortgage-Related Laws | 24% | - TILA, RESPA, ECOA, HMDA, FCRA - SAFE Act and federal regulatory framework - Fair lending and consumer protection rules - Disclosure requirements and timing |
| Mortgage Loan Origination Activities | 27% | - Loan programs and product types - Closing and post-closing procedures - Loan application process - Borrower qualification and underwriting basics |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
A veteran borrower obtains a VA loan to purchase a property for $200,000 and opts to finance the entire purchase price plus the VA funding fee of 2.15%. The initial payment for principal and interest will be calculated based on a loan amount of:
- A. $204,300 plus lender's attorney fees
- B. $204,300
- C. $200,000 plus lender's attorney fees
- D. $200,000
Correct Answer: B 🗳️
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A borrower has been approved for a new home loan and has completed all necessary paperwork. When should the borrower receive the Closing Disclosure?
- A. 4 business days prior lo consummation
- B. On the day of consummation
- C. 1 business day prior to consummation
- D. 3 business days prior to consummation
Correct Answer: D 🗳️
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A charge payable by the consumer and imposed by the creditor as an incident to or a condition of the extension of credit is the:
- A. Attorney fee
- B. Finance charge
- C. Title fee
- D. Escrow charge
Correct Answer: B 🗳️
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Which of the following is an example of a loan expense that is permitted to change without any tolerance restrictions?
- A. A lender's tax service fee that is paid by the borrower
- B. An escrow fee that is paid by the borrower and the borrower did not shop for the fee
- C. A lender's processing fee that is paid by the borrower
- D. Property taxes paid by the borrower
Correct Answer: D 🗳️
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How many days after loan consummation does a lender have to refund an excess charge subject to the 10% aggregate tolerance?
- A. 50 days
- B. 90 days
- C. 45 days
- D. 60 days
Correct Answer: D 🗳️
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