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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following statements is not true concerning "higher-priced mortgage loans" as defined in the Truth in Lending Act (TILA)?

A) There are restrictions on prepayment penalties.
B) Creditors must establish an escrow account for taxes and property insurance on first lien mortgage loans.
C) Creditors must verity income and assets in order to determine whether the loan applicant has the ability to repay the loan.
D) Borrowers have a five-day right of rescission.

2. 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

3. The debt-to-income analysis should assess a borrower's total monthly housing related payments as a percentage of the:

A) net monthly income
B) taxable income.
C) loan amount.
D) gross monthly income.

4. According to Fannie Mae, a loan with a purchase transaction loan amount of $160,000, sales price of
$180,000, and an appraised value of $200,000 has a loan-to-value ratio of what percentage?

A) 90%
B) 80%
C) 88%
D) 89%

5. Which of the following fees must remain the same unless a valid changed circumstance occurs?

A) Fees paid to an affiliate of the lender
B) Owner's title insurance premium
C) Total per diem interest
D) Homeowner's insurance

Solutions: