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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following is not a primary function for compensation undertaken by a mortgage loan originator on an FHA loan?

A) Performing real estate brokerage activities
B) Assisting a consumer in applying for credit
C) Taking an application
D) Offering or negotiating credit terms

2. How long does Regulation Z of the Truth in Lending Act (TILA) require a mortgage company to retain the Closing Disclosure for a closed mortgage loan?

A) 2 years
B) 3 years
C) 5 years
D) 4 years

3. How often is the state licensing agency permitted to review, investigate or examine any mortgage loan originator?

A) Upon renewal only
B) Annually
C) Semiannually
D) As often as necessary

4. A mortgage loan originator paying compensation to a real estate agent for client referrals is:

A) Permissible if the compensation is limited to payment for the real estate agent's related business expenses.
B) Permissible if the compensation is limited to meals or other noncash gifts.
C) Prohibited unless the client is notified and consents to the payment.
D) Considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA).

5. Which of the following documents must be provided to the borrower when they request a change in loan product?

A) Amortization schedule
B) Loan Estimate
C) Home counseling list
D) Service provider list

Solutions: