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NMLS Exam Review Questions
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The SAFE Mortgage Licensing Act of 2008 requires all licensed Mortgage Loan Originators to pass a test developed by NMLS (Nationwide Mortgage Licensing System And Registry). Each Loan Originator must take and pass the SAFE MLO Test in order to satisfy the SAFE test requirements of any single state jurisdiction.

The SAFE MLO national exam is made up of 120 multiple-choice items that cover 5 content areas: federal mortgage related laws (24% of the test), uniform state content (11%), general mortgage knowledge (20%), mortgage loan origination activities (27%) and ethics (18%).
 

NMLS Exam Review Questions
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25 Questions

1. Fee assessed as a percentage of the over-due principal & interest payment

2. How old can credit documents be on the date the note is signed

3. Act that requires companies give consumers privacy notices that explain information sharing practices and allows consumers the right to limit what is shared

4. FHA VA Conventional USDA

5. 2yrs - TCPA 5yrs - RESPA ( 5 letters)/PAT Act (Pentagon) 25mo - ECOA 2nd letter of alpha is B and 5th letter is E 3yrs - ATR / LAR (HMDA Reg C)/ TILA (Loan estimate form, closing disclosure and MLO Compensation)

6. When is the GFE not required

7. Largest institutional investor in the secondary market

8. Section 35 of TILA governs what type of loan?

9. Can you advertise or commit to loans that are not currently available?

10. How many days does a lender have to refund exceeded acceptable variances on HUD-1/Closing Disclosure?

11. Who can design application forms, collect transaction fees, conduct background checks, issue licenses, write regulations, deny or suspend or revoke licenses, subpoena witnesses, assess penalties under SAFE Act?

12. A mortgage product that is not a 30 year fixed rate loan

13. When a lender chooses the hazard insurance company after borrower allows policy to lapse

14. Federal Trade Commission

15. What is a Primary Market?

16. When does the APR have to be finalized?

17. What is not considered an advertisement ?

18. Is their a limit on the number of junior mortgages or a restriction on terms?

19. Three approaches to estimating property value

20. How many days does a consumer have under Right of Rescission after loan has closed

21. How long can you call a consumer who makes an inquiry or submits and application under DNC

22.

23. Total Loan to Value - Comes into play when a borrower has a HELOC with a high credit limit that is not being fully utilized - in other words - what is worst case scenario if he maxed his HELOC

24. What act allowed the Federal Housing Finance Agency to take control of Fannie Mae and Freddie Mac in 2008

25. Mortgage bankers make and purchase mortgage loans. They do not take deposits and do not manage a portfolio of mortgages.

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