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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following statements is true regarding a fixed-rate mortgage?

A) The rate is fixed for 30 years with no adjustment.
B) The rate is fixed for 5 years and is followed by a step-up for 5 years.
C) The rate is fixed for 10 years and then adjusts every year thereafter.
D) The rate is fixed for 15 years and is followed by a single balloon payment.

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) Arranging the loan closing or other aspects of the loan process
C) Making an underwriting decision about whether an applicant qualifies for a loan
D) Presenting particular loan terms to an applicant verbally, in writing, or otherwise

3. If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

A) 10 days
B) 30 days
C) 60 days
D) 45 days

4. 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) Take no action as the property was occupied at the time of application
B) Allow the application to be underwritten before raising any concerns
C) Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
D) Notify the MLO's employer and/or the mortgage lender of the discovery

5. Prepaid charges include which of the following items?

A) Per diem interest
B) Origination fee
C) Conveyance tax
D) Credit report fee

Solutions: