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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A mortgage loan originator (MLO) cannot be approved for licensure if the applicant has:

A) never been licensed or registered as an MLO in any governmental jurisdiction.
B) had an MLO license suspended in any governmental jurisdiction.
C) taken and failed the SAFE MLO National Test three times within the last year.
D) been convicted of a felony within the past seven years.

2. A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

A) Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
B) [Consider the issue to be a private family matter and proceed with the next steps in the application process
C) Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
D) Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction

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

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

4. Which of the following responses describes servicing transfers?

A) The transfer of a HUD case number from one lender to another
B) The transfer of an appraisal from one lender to another
C) The transfer of the responsibility to collect payments on the loan from one lender to another
D) The transfer of the processing of a loan to an independent service provider such as a contract processing provider

5. Which of the following factors is not required to be taken into account when determining a borrower's ability to repay a loan?

A) Credit history
B) Current debt obligations, alimony and child support
C) Proceeds from the sale of the property securing the loan
D) Monthly payment on simultaneous loans

Solutions: