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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. According to the Equal Credit Opportunity Act (ECOA), which of the following terms is defined as a refusal to grant credit based on the requested loan terms, an unfavorable change in loan terms, or a termination of an account/application?

A) Credit closure
B) Adverse action
C) Account closure
D) Denial of credit

2. Within how many days must a creditor notify an applicant of action taken on a completed mortgage loan application?

A) 30 days
B) 60 days
C) 15 days
D) 45 days

3. A qualified mortgage:

A) Provides for regular periodic payments that are substantially equal.
B) Results in an increase of the principal balance.
C) Allows the consumer to defer repayment of principal.
D) Results in a balloon payment.

4. Which of the following documents is required to be issued to a customer when a mortgage loan originator is also a real estate broker on the same transaction?

A) Special information booklet
B) Loan application
C) Affiliated business arrangement disclosure
D) Appraisal disclosure

5. Which of the following information requests from a mortgage loan originator is permissible under Regulation B of the Equal Credit Opportunity Act (ECOA)?

A) Information on the permanent residency or immigration status of an applicant
B) Inquiries about an applicant's intentions concerning the bearing and rearing of children
C) Inquiries about an applicant's child support income without informing an applicant of the non- disclosure option
D) Information on an applicant's former spouse who pays no alimony or child support to the applicant

Solutions: