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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. How often must a nonexempt telemarketing entity check their call list against the National Do Not Call Registry?

A) Annually
B) Every 31 days
C) Every 7 days
D) Every 2 weeks

2. Which of the following advertising statements is permissible?

A) "5% 30-year fixed with no closing costs"
B) "30-year fixed mortgage for a 5% APR with approved credit"
C) "5% for 10 years, then one balloon payment"
D) "30-year variable rate mortgages starting at ____"

3. Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

A) 45 calendar days
B) 7 business days
C) 15 business days
D) 30 business days

4. When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

A) if the HELOC requires private mortgage insurance
B) if the company offering the HELOC has deposit accounts insured by the FDIC.
C) if the HELOC is insured by HUD.
D) the APR and the costs of acquiring and maintaining the HELOC.

5. According to the Equal Credit Opportunity Act (ECOA), when evaluating a loan applicant's credit worthiness, a creditor is permitted to decline a loan based on which of the following factors?

A) An applicant's verified income after underwriting
B) An applicant's income is derived from public assistance
C) An applicant has exercised his right under the Consumer Credit Protection Act
D) A description of an applicant's race

Solutions: