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NMLS MLO Exam Syllabus Topics:

NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

A) The borrower's attestation that he expects a raise within 30 days
B) An electronic paystub
C) A copy of a check register
D) The income stated on the loan application

2. It is acceptable for a lender to request a co-applicant in which of the following situations?

A) The co-applicant will be residing in the house with the borrower.
B) The borrower will not qualify for the loan on their own.
C) The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage
D) The borrower's future income is dependent on the co-applicant.

3. In which of the following scenarios is a mortgage loan originator (MLO) violating the consumer privacy provisions within the Gramm-Leach-Bliley Act?

A) The MLO discusses a consumer's credit history with a co-worker at a local cafe.
B) The MLO stores electronic information regarding the consumer on an encrypted laptop which is occasionally removed from the office.
C) The MLO receives two copies of a consumer's pay stub via fax, and the MLO destroys one of the copies in a paper shredder.
D) The MLO provides a consumer's application to a third-party processor in order to continue the loan process.

4. A consumer with HIV/AIDS is protected from lending discrimination by the:

A) Employment Non-Discrimination Act
B) Fair Housing Act
C) Equality Act
D) Dodd-Frank

5. What is the maximum civil penalty that is permitted to be imposed for each violation or failure to comply with the SAFE Act?

A) $2,500 for each act or omission; $25,000 maximum
B) $25, 000 for each act or omission: $250,000 maximum
C) $2,500 for each act or omission
D) 000 for each act or omission

Solutions: