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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

A) Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan
B) Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
C) Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
D) [Consider the issue to be a private family matter and proceed with the next steps in the application process

2. Which of the following factors is not required to be taken into account when determining a borrower's ability to repay a loan?

A) Monthly payment on simultaneous loans
B) Current debt obligations, alimony and child support
C) Proceeds from the sale of the property securing the loan
D) Credit history

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

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

4. The Truth in Lending Act (TILA) covers which of the following loans?

A) Home equity loans
B) Agricultural credit
C) Business or commercial credit
D) An extension of credit to other than a natural person

5. 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 APOR by 6.5 percentage points.
C) the interest rate exceeds the average prime offer (APOR) rate by 1.5 percentage points.
D) the borrower's ability to repay is not considered when making the credit decision.

Solutions: