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NMLS MLO Exam Sample Questions

Question # 1

Which of the following activities is an example of redlining in mortgage lending?

A. Ensuring that all creditworthy borrowers are afforded equal treatment when applying for a mortgage loan

B. The mortgage loan originator convincing the underwriter to move their loan file to the front of the line or "redline" it

C. The act of the mortgage lender putting a "red line" under the borrower's name in a file to indicate they are a substandard applicant

D. The systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices

Answer

D. The systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices

Explanation:

Redlining is a discriminatory practice in mortgage lending where certain neighborhoods, often those predominantly inhabited by minority groups, are systematically denied access to mortgages, insurance, or other financial services. Lenders would use literal red lines on maps to designate these areas as high-risk or undesirable, refusing to offer loans or offering them at inflated interest rates.

Redlining is a violation of fair lending laws such as the Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA). Both of these federal laws prohibit discrimination based on race, color, national origin, religion, sex, family status, or disability in housing and credit transactions.

This practice has historically contributed to racial segregation and economic inequality in the U.S., as minority groups were systematically excluded from access to homeownership and wealth-building opportunities.

References:

Home Mortgage Disclosure Act (HMDA)

Fair Housing Act (FHA)

Equal Credit Opportunity Act (ECOA)

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Question # 2

A second (subordinate) mortgage loan includes:

A. government home purchase loan.

B. conventional home purchase loan.

C. home equity conversion mortgage.

D. home equity lines of credit (HELOCs;

Answer

D. home equity lines of credit (HELOCs;

Explanation:

A second (subordinate) mortgage loan refers to a mortgage taken out after the primary mortgage and is subordinate to the first in priority of claims on the property in case of default or foreclosure. One of the most common types of subordinate mortgages is a home equity line of credit (HELOC).

HELOC allows homeowners to borrow against the equity in their home, typically after the first mortgage, making it a subordinate loan.

Other options:

Government home purchase loans (A) and conventional home purchase loans (B) are typically first mortgages.

A home equity conversion mortgage (C) is a type of reverse mortgage, which is also typically a primary loan, not a subordinate one.

References:

Fannie Mae Selling Guide on subordinate financing

HELOC regulations under Regulation Z

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Question # 3

The practice of denying a creditworthy applicant a loan for housing because of the location of the property is sometimes referred to as:

A. steering.

B. redlining.

C. appraising.

D. low balling.

Answer

B. redlining.

Explanation:

Redlining is the discriminatory practice of denying loans or other financial services to otherwise creditworthy applicants based on the location of the property, often in minority or economically disadvantaged neighborhoods. This is illegal under the Fair Housing Act and Equal Credit Opportunity Act (ECOA), as it constitutes a form of racial or ethnic discrimination in housing and lending.

Steering (A) involves directing borrowers toward certain loan products for the lender’s benefit, while low balling (D) and appraising (C) are unrelated to this form of discrimination.

References:

Fair Housing Act

Equal Credit Opportunity Act (ECOA)

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Question # 4

Which of the following is an example of a non-fluctuating income source?

A. Salaried W-2 position

B. Self-employed income

C. Commission-based W-2 income

D. Part-time work with irregular hours

Answer

A. Salaried W-2 position

Explanation:

A salaried W-2 position is an example of non-fluctuating income because the borrower receives a consistent, fixed salary each pay period. This type of income is easy to verify and predict, making it ideal for mortgage qualification.

Other types of fluctuating income:

Self-employed income (B) and commission-based income (C) vary based on the nature of work and can fluctuate month to month.

Part-time work with irregular hours (D) also fluctuates due to varying work hours, making it inconsistent.

References:

Fannie Mae Selling Guide for income verification

Freddie Mac's Loan Product Advisor for employment income documentation

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Question # 5

During the closing the borrower notices that the interest rate increased from 3.250% to 3.875%. The lender must:

A. tell the borrower to close the loan.

B. close the loan, then re-disclose after the loan funds.

C. postpone the closing, re-disclose and wait three days.

D. postpone the closing, re-disclose and wait three business days.

Answer

D. postpone the closing, re-disclose and wait three business days.

Explanation:

Under the TILA-RESPA Integrated Disclosure (TRID) rules, any significant change to the Annual Percentage Rate (APR) beyond the allowed tolerance before closing requires the lender to provide a revised Closing Disclosure (CD). If the APR increases by more than 0.125% for fixed-rate loans, the lender must re-disclose the CD and provide the borrower with at least three business days to review the updated terms before consummation (closing).

In this case, the interest rate increase from 3.250% to 3.875% is a significant change that impacts the APR, triggering the need for re-disclosure and the mandatory three-business-day waiting period.

The lender must postpone the closing until the new three-day waiting period passes to ensure compliance with TRID regulations.

References:

TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19(f)

CFPB TRID Guidelines

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