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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following acts provides a state licensing and regulatory agency to investigate and examine a mortgage company?

A) Home Ownership and Equity Protection Act (HOEPA)
B) SAFE Act
C) Truth in Lending Act (TILA)
D) Real Estate Settlement Procedures Act (RESPA)

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

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

3. A mortgage loan originator (MLO) is in the process of taking an application for a 30-year mortgage, and the borrowers are over 72 years old. Which of the following actions must the MLO take?

A) The MLO must inquire about the ability to repay in the event of a borrower's death.
B) The MLO must present them with a reverse mortqaqe.
C) The MLO must complete the application and proceed as normal.
D) The MLO must present them with a home equity line of credit (HELOC).

4. If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

A) Closing Disclosure only
B) Loan Estimate only
C) Both the Loan Estimate and Closing Disclosure
D) Uniform Residential Loan Application

5. A borrower works at Company XYZ and was recently approved for a cash-out refinance of her primary residence. The closing is scheduled for Friday. On Monday of closing week, the mortgage loan originator (MLO) sees on the local news that XYZ is closing and the employees have been let go. Which of the following actions, if any, should the MLO take?

A) Tell the borrower not to say anything at closing
B) Recommend that the borrower attend homeownership counseling
C) Notify the underwriter regarding possible change of borrower's employment status
D) Nothing, as the loan has already been approved

Solutions: