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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following actions should a mortgage loan originator (MLO) take if a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the real estate broker's client?

A) Apply the $500 towards the downpayment
B) Decline the money
C) Accept the money after obtaining the requested loan for the client
D) Receive the $500 fee and include it on the Closinq Disclosure

2. According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

A) Market fluctuations on a locked loan
B) The borrower receiving a salary increase
C) A natural disaster in the area where the loan will close
D) Changes that the MLO should have known at the time the Loan Estimate was provided

3. A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

A) Second
B) Second but combined with any other liens
C) First
D) First as it will be combined with the 80% loan

4. Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

A) Personal unsecured loans
B) Virtual currency funds
C) Community second funds
D) Foreign assets located outside of the U.S. or its territories

5. Which of the following duties requires licensure under the SAFE Act?

A) A licensed and registered real estate broker performing real estate brokerage activities
B) An individual who performs administrative or clerical tasks on behalf of a mortgage loan originator
C) An individual who performs processing and underwriting duties at the direction of and subject to the supervision of a licensed individual
D) An individual who offers or negotiates terms of a residential mortgage loan for compensation or gain

Solutions: