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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. The ability to originate loans under temporary authority applies to which of the following?

A) Previously licensed real estate brokers
B) Previously registered mortgage loan originators (MLOs)
C) An MLO who is still waiting for their credit check to be completed
D) An MLO who has scheduled their test but not completed it

2. How long does Regulation Z of the Truth in Lending Act (TILA) require a mortgage company to retain the Closing Disclosure for a closed mortgage loan?

A) 4 years
B) 3 years
C) 5 years
D) 2 years

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

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

4. Which of the following responses describes the purpose of an appraisal in satisfying requirements for underwriting?

A) To allow the seller a final opportunity to cancel the transaction
B) To allow the borrower a final opportunity to negotiate terms of the loan
C) To ensure that the home is not an outlier to its comparables
D) To ensure that the market value is appropriate for the loan amount

5. In the loan application process, when must specific disclosures be provided to a borrower for an ARM?

A) At closing
B) At first mention of an ARM loan
C) Within three days of a complete application
D) When a loan is locked in

Solutions: