NMLS Prep Study

All of the following are covered under RESPA except?

• 1-4 Unit Townhouse

• Commercial Business Complex

• Single Family Resident

• Multi-Family 2 Floors

If a state does not have legislature in place that meets the minimum requirements for MLO licensure, who is responsible for implementing one?

• Consumer Financial Protection Bureau

• Attorney General’s Office

• American Association of Residential Mortgage Regulators

• Conference of State Bank Supervisors

One purpose of the SAFE Act was to:

• Make sure that MLO’s are safe in the workplace

• Ensure that all MLO’s have at least a college degree

• Have one centralized location for fingerprinting

• Create policies to ensure consumer protection in Mortgage Loan Transactions

Which of the following does a Mortgage Loan Originator NOT do?

• Offer rates

• Underwrite a Loan

• Review purchase application documents

• Take an application

Which of the following would be grounds for denial of an MLO license?

• A bankruptcy within the last 5 years

• Two 90-day late payments on a mortgage within the last 2 years

• A reckless driving charge within the last 7 years

• A conviction breach of trust from 12 years ago

How many hours of pre-education must a MLO complete

• 8 hours including 2 hours of ethics

• 10 hours including 2 hours of non-traditional mortgage products

• 12 hours including 3 hours of federal law

• 20 hours including 3 hours of ethics

How many days must an MLO applicant wait to retake an exam after failing the first time?

• 30 Days

• 60 Days

• 90 Days

• 45 Days

If an MLO advertises a specific rate and term, which of the following is true?

• He must be likely to offer that rate and term within the next 90 days

• He must have closed a loan with that rate and term within the last 30 days

• He must actually offer that rate and term

• He must offer a rate and term with similar terms

If an MLO fails a state licensing exam 3 consecutive times, he must wait how long before he can retake it?

• 180 Days

• 60 Days

• 90 Days

• 30 Days

How many hours of ethics education must be completed in an MLO’s continuing education?

• 1 Hour

• 2 Hours

• 4 Hours

• 8 Hours