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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following sources of funds is acceptable to utilize for down payments, closing costs or financial reserves?

A) Foreign assets located outside of the U.S. or its territories
B) Community second funds
C) Personal unsecured loans
D) Virtual currency funds

2. What is the maximum APR that will qualify as a Safe Harbor qualified mortgage?

A) An APR less than the APOR + 1.5%
B) An APR equal to or less than the average prime offer rate (APOR)
C) An APR less than the APOR + 1.0%
D) An APR less than the APOR + 2.5%

3. The loan-to-value ratio for an FHA loan is calculated by dividing the loan amount by:

A) the appraised value of the property.
B) the lesser of the purchase price or appraised value.
C) the purchase price of the property.
D) the purchase price, plus the mortgage insurance for FHA loans.

4. Which of the following advertising statements is permissible?

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

5. Which of the following scenarios is permissible according to the SAFE Act?

A) An unlicensed assistant to a mortgage loan originator (MLO) conducts MLO activities under the authority of the MLO's unique identifier and licenses.
B) An underwriter who is functioning as an independent contractor conducts administrative and clerical duties while working under the supervision of a licensed MLO.
C) An MLO who is not licensed in a subject property's state still originates the loan under the authority of the company's license in that particular state.
D) A third-party underwriter conducts administrative and clerical duties while working under the supervision of a licensed MLO with their organization.

Solutions: