Free NMLS MLO Exam Questions

Become NMLS Certified with updated MLO exam questions and correct answers

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Total 122 Questions | Updated On: Feb 17, 2025

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Question 1

A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

A : Oral confirmation from the borrower

B : An updated statement showing a zero balance

C : A letter from the borrower explaining that they paid it off

D : No additional information required

Answer: B

Question 2

Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

A : The National Bank Act

B : The National Currency Act

C : The Bank Secrecy Act

D : The Real Estate Settlement Procedures Act

Answer: C

Question 3

Which of the following factors is considered when determining the interest rate for a subprime mortgage?

A : The term of the loan

B : The property location

C : The sales price of the property

D : The credit score of the applicants]

Answer: D

Question 4

Which of the following reasons is acceptable for denying a loan under the Equal Credit Opportunity Act (ECOA)?

A : Receipt of child support

B : Immigration status

C : Marital status

D : Country of birth

Answer: B

Question 5

Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

A : The SAFE Act

B : The Dodd-Frank Act

C : The Truth in Lending Act (TILA)

D : The Equal Credit Opportunity Act

Answer: A

Page: 1 / 25

Total 122 Questions | Updated On: Feb 17, 2025

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