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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following loan types is regulated by the Home Ownership and Equity Protection Act (HOEPA)?

A) Reverse mortgage
B) Refinance
C) USDA Rural Development
D) Construction

2. A qualified mortgage:

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

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

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

4. Which of the following documents must be provided to the borrower when they request a change in loan product?

A) Amortization schedule
B) Loan Estimate
C) Home counseling list
D) Service provider list

5. If a mortgage loan includes a prepayment penalty, it must be included on which of the following disclosures?

A) Closing Disclosure only
B) Uniform Residential Loan Application
C) Loan Estimate only
D) Both the Loan Estimate and Closing Disclosure

Solutions: