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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. In a loan transaction subject to the TILA-RESPA Integrated Disclosure rule (TRID), the creditor must ensure that the consumer receives a Closing Disclosure reflecting the actual terms of the transaction:

A) No later than seven business days before consummation.
B) No later than one business day before consummation.
C) No later than three business days before consummation.
D) Within three business days of the loan application date.

2. The Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA) require lenders to:

A) implement a written program to detect warning signs of identity theft.
B) adopt a credit score evaluation method utilizing the middle of three repository scores and the lowest of all borrowers' scores.
C) implement an internal watch system to prevent the misrepresentation of occupancy status
D) adopt best practices for property evaluations as stipulated in the Home Valuation Code of Conduct.

3. An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO's future business. This illegal practice is known as:

A) fee splitting.
B) blockbusting.
C) redlining.
D) paying it forward.

4. Which of the following conditions must be met when presenting loan product options to a consumer?

A) The presentation of loan products for which the consumer likely qualifies
B) The presentation of loan products from creditors with which the mortgage loan originator does not regularly do business
C) The presentation of loan products with prepayment penalties
D) The presentation of loan products with the highest interest rates

5. A borrower may rescind their mortgage loan until midnight of the third:

A) Business day following consummation or delivery of all material disclosures, whichever occurs last.
B) Calendar day following consummation or delivery of all material disclosures, whichever occurs last.
C) Business day following consummation or delivery of all material disclosures, whichever occurs first.
D) Calendar day or delivery of all material disclosures, whichever occurs first.

Solutions: