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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

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

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

2. Illegal fee splitting occurs when:

A) fees are split between lender and broker.
B) two service providers split a fee.
C) three companies split a fee but one did no work.
D) wages are split by two employees.

3. Which of the following does a higher-priced mortgage require if the seller acquired the home 90 days or fewer prior to the date of the purchase contract and the sales price exceeds the seller's acquisition price by more than
10%?

A) One written appraisal only and one automated valuation model
B) Two written appraisals only
C) Two written appraisals and one automated valuation model
D) One written appraisal and one broker price opinion

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 allow the seller a final opportunity to cancel the transaction
D) To ensure that the home is not an outlier to its comparables

5. A revised Closing Disclosure is not required to be provided before a loan consummation in which of the following circumstances?

A) An addition of an escrow account
B) A change in loan product
C) A change in APR
D) An addition of a prepayment penalty

Solutions: