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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Redlining in mortgage lending refers to which of the following practices?

A) Highlighting areas of concern on an appraisal report
B) Denying services to residents of a certain area based on race or ethnicity
C) Denying services to residents in states that a company is not licensed in
D) Highlighting areas of concern on a mortgage application

2. Which of the following scenarios describes a form of steering?

A) A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
B) A loan officer presents a consumer with loan options from multiple creditors with various fees.
C) A loan officer presents a consumer with a loan that has the lowest total amount of fees.
D) A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.

3. When a consumer applies for an ARM, the creditor must provide a variable-rate program disclosure:

A) No later than three business days before loan consummation.
B) After the creditor has received documents verifying information related to the consumer's application.
C) At the time an application form is provided or before the consumer pays a nonrefundable fee, whichever is earlier.
D) No later than seven business days before loan consummation.

4. Which of the following fees or charges is an allowable closing cost typically found on a Closing Disclosure?

A) Servicing fee
B) Yield-to-loan fee
C) Origination charge
D) Referral fee

5. A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

A) The MLO must inquire about the ability to repay in the event of a borrower's death.
B) The MLO must present them with a reverse mortqaqe.
C) The MLO must complete the application and proceed as normal.
D) The MLO must present them with a home equity line of credit (HELOC).

Solutions: