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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following activities is considered a settlement service as defined by the Real Estate Settlement Procedures Act (RESPA)?

A) Origination of a timeshare loan
B) Origination of an interim unsecured loan
C) Origination of a chattel-secured loan
D) Origination of a federally related mortgage loan

2. A borrower obtaining a VA loan is deployed at the time of loan closing. Which of the following individuals is able to sign on behalf of the borrower?

A) Someone with designated power of attorney
B) A co-borrower
C) A non-purchasing spouse
D) A purchasing spouse

3. A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

A) No additional information required
B) An updated statement showing a zero balance
C) Oral confirmation from the borrower
D) A letter from the borrower explaining that they paid it off

4. Which of the following settlement service charges is considered a finance charge for the purpose of calculating a loan's APR?

A) Public record recording fee
B) Origination charge
C) Credit report fee
D) Transfer tax charge

5. Which of the following practices is a prudent and reasonable cybersecurity precaution regarding laptop computers?

A) Passwords should only be shared with a direct supervisor.
B) A laptop should automatically shut down and require a new login if not used for a period of time.
C) A laptop should be shared by no more than five people.
D) A laptop should never be taken out of the office.

Solutions: