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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following components of an ARM adjusts periodically?

A) Index and interest rate only
B) Margin and interest rate only
C) Margin, Index and interest rate
D) Index and margin only

2. The characteristics of a fixed-rate mortgage include a:

A) minimum balloon payment.
B) fixed interest rate.
C) mandatory 30-year term.
D) fixed margin.

3. An individual who is a loan processor or underwriter must maintain a state originator license if they:

A) perform clerical duties for a mortgage lender as a supervised employee
B) are not in communication with the consumer to obtain mortgage loan information.
C) are an independent contractor and collect, receive or distribute information in connection with making a credit decision.
D) are an employee of a loan processing or underwriting company that supports a mortgage broker/lender and only perform supervised clerical duties.

4. A borrower is approved for an 80/20 loan. Which of the following describes the lien priority for the 20% loan?

A) First
B) First as it will be combined with the 80% loan
C) Second but combined with any other liens
D) Second

5. Upon becoming employed by a state-licensed mortgage company, an individual who works for a depository institution as a mortgage loan originator (MLO) shall not be deemed to have temporary authority to act as an MLO in an application state if which of the following events has occurred?

A) The individual has submitted an application to be a state-licensed MLO in the application state and was registered in the NMLS as an MLO by the prior employer.
B) The individual has been a witness in a trial at which the defendant was convicted of felony fraud.
C) The individual has been subject to a court order for payment of child support.
D) The individual had an application for an MLO license denied or an MLO license revoked or suspended in any Governmental jurisdiction.

Solutions: