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NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Ethics | 18% | - Ethical Practices
|
| Mortgage Loan Origination Activities | 27% | - Loan Origination Process
|
| Uniform State Content | 11% | - State Regulatory Content
|
| Federal Mortgage-Related Laws | 24% | - Federal Mortgage Laws
|
| General Mortgage Knowledge | 20% | - Mortgage Fundamentals
|
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
What is the maximum APR that will qualify as a Safe Harbor qualified mortgage?
- A. An APR less than the APOR + 2.5%
- B. An APR less than the APOR + 1.0%
- C. An APR equal to or less than the average prime offer rate (APOR)
- D. An APR less than the APOR + 1.5%
Correct Answer: D 🗳️
Explanation: Only visible for ITExamDownload members. You can sign-up / login (it's free).
According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?
- A. Interest
- B. Notary
- C. Title Insurance
- D. Credit report
Correct Answer: A 🗳️
Explanation: Only visible for ITExamDownload members. You can sign-up / login (it's free).
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?
- A. Single fee method
- B. Double fee method
- C. Tip sharing
- D. Fee splitting
Correct Answer: D 🗳️
Explanation: Only visible for ITExamDownload members. You can sign-up / login (it's free).
Which of the following is a requirement for a mortgage loan originator (MLO) license?
- A. Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority
- B. Have never been convicted of a felony in a domestic, foreign or military court
- C. Have not had an MLO license revoked in the last five years
- D. Completed at least 10 hours of pre-licensing education
Correct Answer: A 🗳️
Explanation: Only visible for ITExamDownload members. You can sign-up / login (it's free).
Which of the following property value approaches does an appraiser use on a rental property?
- A. Annual approach
- B. Cost approachB Income approach
- C. Sales comparison approach
Correct Answer: A 🗳️
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