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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

Question 1

Which of the following entities is the primary regulatory authority for state-licensed, non-depository lenders?

A. The Federal Trade Commission
B. A state regulator
C. NMLS
D. The Conference of State Bank Supervisors

Question 2

Interest-only mortgages are considered high risk compared to traditional mortgage products because:

A. scheduled payments do not reduce the loan's principal balance.
B. the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
C. the borrower's ability to repay is not considered when making the credit decision.
D. the interest rate exceeds the APOR by 6.5 percentage points.

Question 3

A loan secured by any lien other than the first lien position is referred to as:

A. Collectible
B. Non-conforming
C. Agency
D. Subordinate

Question 4

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

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

Question 5

The term "primary mortgage market" refers to which of the following responses?

A. The confluence of borrowers and mortgage loan originators to negotiate loan terms and complete mortgage transactions
B. The process by which mortgages are pooled and converted to marketable securities
C. The role of Fannie Mae, Freddie Mac and Ginnie Mae in the mortgage industry
D. The medium in which mortgages are bought and sold following origination

Solutions: