NMLS Prep Study
Authored by Ray Alexander
Business
1st Grade
Used 45+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
All of the following are covered under RESPA except?
1-4 Unit Townhouse
Commercial Business Complex
Single Family Resident
Multi-Family 2 Floors
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following does a Mortgage Loan Originator NOT do?
Offer rates
Underwrite a Loan
Review purchase application documents
Take an application
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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
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