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NMLS MLO Exam Overview:
| Certification Vendor: | NMLS (Nationwide Multistate Licensing System) |
|---|---|
| Exam Name: | SAFE Mortgage Loan Originator National Exam with Uniform State Content |
| Exam Number: | SAFE-MLO |
| Certificate Validity Period: | 2 years |
| Available Languages: | English |
| Passing Score: | 75% |
| Real Exam Qty: | 120 (115 scored, 5 unscored) |
| Exam Duration: | 190 minutes |
| Exam Format: | Computer-based, Multiple choice |
| Exam Price: | $110 USD |
| Recommended Training: | NMLS Approved Education Providers |
| Exam Registration: | NMLS Testing Portal |
| Sample Questions: | NMLS MLO Sample Questions |
| Exam Way: | In-person at Prometric test centers or online proctored |
| Pre Condition: | Complete 20 hours of NMLS-approved pre-licensing education; background check and fingerprinting required |
| Official Syllabus URL: | https://mortgage.nationwidelicensingsystem.org/safe-act-testing |
NMLS MLO Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Mortgage Loan Origination Activities | 27% | - Closing and post-closing procedures - Borrower qualification and underwriting basics - Loan programs and product types - Loan application process |
| Topic 2: Federal Mortgage-Related Laws | 24% | - TILA, RESPA, ECOA, HMDA, FCRA - SAFE Act and federal regulatory framework - Disclosure requirements and timing - Fair lending and consumer protection rules |
| Topic 3: General Mortgage Knowledge | 20% | - LTV, DTI, CLTV, PMI, points and fees - Conventional, FHA, VA, USDA loan characteristics - Fixed-rate vs adjustable-rate mortgages - Mortgage terms, concepts and calculations |
| Topic 4: Uniform State Content | 11% | - License maintenance and renewal - Compliance and disciplinary standards - State licensing and regulatory requirements |
| Topic 5: Ethics | 18% | - Fair lending and anti-discrimination - Ethical practices and professional conduct - Conflict of interest and disclosure obligations - Fraud prevention and detection |
NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:
A mortgage loan originator (MLO) submits a refinance application for a primary residence. However, if the MLO later discovers that the property is no longer occupied by the borrower, which of the following actions, if any, should the MLO take?
- A. Allow the application to be underwritten before raising any concerns
- B. Notify the MLO's employer and/or the mortgage lender of the discovery
- C. Allow the mortgage loan processor and/or underwriter to discover this through their due diligence processes
- D. Take no action as the property was occupied at the time of application
Correct Answer: B 🗳️
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The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:
- A. taxable income.
- B. gross monthly income.
- C. net monthly income
- D. loan amount.
Correct Answer: B 🗳️
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The Truth in Lending Act (TILA) covers which of the following loans?
- A. Agricultural credit
- B. Business or commercial credit
- C. Home equity loans
- D. An extension of credit to other than a natural person
Correct Answer: C 🗳️
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The purpose of the Patriot Act is to deter and punish:
- A. Terrorist acts
- B. Appraisal fraud
- C. Lending to foreign nationals
- D. Mortgage broker fraud
Correct Answer: A 🗳️
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If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?
- A. 10 days
- B. 45 days
- C. 30 days
- D. 60 days
Correct Answer: C 🗳️
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By Tess
