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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following scenarios describes a form of steering?

A) A loan officer presents a consumer with a loan that has the lowest total amount of fees.
B) A loan officer presents a consumer with loan options from multiple creditors with various fees.
C) A loan officer presents a consumer a loan with the terms a consumer requested that has higher fees than a product the loan officer is able to offer.
D) A loan officer presents a consumer loan options from a particular lender for a higher level of compensation.

2. If a borrower only receives commission pay for 18 months, which of the following actions should a mortgage loan originator (MLO) take?

A) Tell the borrower they need a steady income and not one that fluctuates
B) Take the application because positive factors may offset the short income history
C) Take the application but tell the borrower that they will need a cosigner
D) Tell the borrower to come back in 6 months when they will have 24 months of commission pay

3. A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?

A) His compensation is permitted as compensation only includes salary and his salary is not based on loan terms.
B) His compensation is not permitted as compensation includes all financial incentives and his trip was awarded based on closing the most loans with certain loan terms.
C) His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.
D) His compensation is permitted as compensation only includes salary and bonuses and his salary and bonus is not based on loan terms.

4. Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

A) It provides a three-day cooling-off period for all loans
B) It allows borrowers five days to review the final amount needed for settlement.
C) It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
D) It ensures that the terms and fees that are quoted at the time of application do not change.

5. Which of the following factors does not affect the funding fee on a VA purchase?

A) First-time user
B) Loan-to-value ratio
C) Service-connected disability
D) Marital status

Solutions: