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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

A) Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
B) Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
C) [Consider the issue to be a private family matter and proceed with the next steps in the application process
D) Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan

2. 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

3. Which of the following statements describes an advantage of a purchase money second mortgage?

A) The borrower avoids paying private mortgage insurance
B) The borrower's loan closes faster than a regular mortgage.
C) The borrower pays two mortgage payments.
D) The borrower avoids paying into the escrow account.

4. Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

A) compliance management, senior management and branch locations.
B) compliance management training and internal controls
C) hiring procedures and training.
D) secondary marketing practices of selling loans to investors.

5. A loan that is meant to be offered to prospective borrowers with poor credit history is generally referred to by which of the following terms?

A) Interest-only
B) Fixed-rate
C) Balloon
D) Subprime

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