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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?

A) Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
B) Ask the friend to provide the MLO with a written authorization to obtain his credit report
C) Start a loan application so that the MLO can obtain the credit report and then show the application as
"withdrawn"
D) Offer to obtain the credit report but only if the friend will pay for the cost of the report

2. The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

A) 70 years of age or older.
B) 60 years of age or older.
C) 65 years of age or older.
D) 62 years of age or older.

3. According to Federal Reserve Regulation Z, which of the following fees is a finance charge in a residential mortgage transaction?

A) Title Insurance
B) Notary
C) Credit report
D) Interest

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

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

5. Under which of the following conditions, if any, is a mortgage lender permitted to charge a fee for the preparation of a Closing Disclosure?

A) The lender is not allowed to charge a fee for the preparation of the Closing Disclosure.
B) The borrower requests that the Closing Disclosure be prepared before the scheduled closing.
C) The borrower requests additional copies of the Closing Disclosure after the closing.
D) The lender has an affiliated business arrangement with the escrow agent.

Solutions: