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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. 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 bonuses and his salary and bonus 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 permitted as compensation only includes salary and his salary is not based on loan terms.
D) His compensation is not permitted as compensation only includes salary and his salary is based on loan terms.

2. A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate?

A) Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided
B) Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
C) Provide an estimate with the following in 12-point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate."
D) Regulation Z does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower.

3. According to the TILA-RESPA Integrated Disclosure rule (TRID), changed circumstances that may result in a revised Loan Estimate include which of the following situations?

A) A natural disaster in the area where the loan will close
B) Market fluctuations on a locked loan
C) Changes that the MLO should have known at the time the Loan Estimate was provided
D) The borrower receiving a salary increase

4. Which of the following information must be included in advertisements?

A) Mortgage loan originator contact information
B) Estimated loan closing time frames
C) A statement of an unrealistic interest rate
D) An NMLS unique identifier

5. An interest-only mortgage is a mortgage with scheduled payments that require the consumer to have:

A) Monthly payments for a specified amount of time that then roll over to principal-only payments because the interest has already been paid.
B) Adjustable payments every month based on an adjustable interest rate.
C) Payments of interest for a specified amount of time.
D) Fixed payments every month, but the interest rate adjusts monthly.

Solutions: