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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

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

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

2. When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

A) if the HELOC requires private mortgage insurance
B) if the HELOC is insured by HUD.
C) if the company offering the HELOC has deposit accounts insured by the FDIC.
D) the APR and the costs of acquiring and maintaining the HELOC.

3. A borrower visits a mortgage loan originator (MLO) for Mortgage ABC to discuss getting a home equity line of credit (HELOC) loan from Bank LMN. The MLO encourages the borrower to apply with Bank XYZ instead because ABC does not provide HELOC loans. When the borrower submits an application directly to XYZ, XYZ pays the MLO $100 from the 1% origination fee that it collected from the borrower. Is this fee permissible?

A) The fee is permitted as the MLO performed origination services for the borrower.
B) The fee is not permitted as the MLO did not perform any actual origination services for the borrower, unless the fee was paid directly by the borrower.
C) The fee is not permitted as the MLO did not perform any actual origination services for the borrower.
D) The fee is permitted if the fee is disclosed on the final settlement statement.

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

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

5. Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

A) The MLO's business address
B) The number of days that the rate is available
C) The APR
D) The MLO's personal website

Solutions: