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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

Question 1

Which of the following acts or practices violates appraisal independence?

A. The mortgage loan originator (MLO) asks the appraiser to correct errors on the appraisal.
B. The MLO asks the appraiser to consider additional comparable properties to make or support an appraisal.
C. The MLO asks the appraiser to provide further detail or explanation for the appraiser's value conclusion.
D. The MLO asks the appraiser for a minimum valuation of the property so that the loan-to-value meets lending requirements.

Question 2

A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?

A. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
B. Allow the application to be underwritten before raising any concerns
C. Notify the MLO's employer and/or the mortgage lender of the discovery
D. Take no action as the property was occupied at the time of application

Question 3

Which of the following statements is permissible in an advertisement?

A. "Close a mortgage loan with us within the next 60 days and when interest rates drop, we will refinance your loan at a lower rate guaranteed."
B. "Take out a reverse mortgage loan with us, and you can stay in your home as long as you want and never make a payment."
C. "Current interest rates as low as 3.50% with an APR of 3.99%. Contact us today!"
D. "Looking for a VA loan? We are endorsed by and affiliated with the VA administration."

Question 4

When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?

A. The addition of an escrow account
B. If a revision is needed to the consumer's contact Information
C. If the APR changes within the acceptable tolerance
D. The addition of a prepayment penalty

Question 5

Which of the following fees is a finance charge?

A. Pest inspection fees
B. Discount points
C. Title insurance
D. Appraisal fees

Solutions: