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1
The Conference of State Bank Supervisors and what other organization came together to create the standards of licensure?
National Mortgage Licensing System
American Association of Residential Mortgage Regulators
Model State Licensing Committee
Uniform State Tribunal
2
The unique identifier of the MLO must be shown on all of the following except...
Business cards
Loan application forms
The annual year-end volume and productivity report
Any document in any form that any state lic. agencies decide they want
3
Sam worked for Mortgages R' Us 8 years ago but his license was revoked for mortgage fraud. Can he reinstate his license?
No, because he must wait a min. of 10 years before applying for renewal
Yes, as long as he catches up with continuing education
No, because once your license is revoked it cannot be reinstated
Yes, because the minimum 7 years have elapsed since his conviction
4
Which regulations deals with the federal registration of loan originators?
X
Z
H
G
5
Participating in the NMLS, conducting background checks, writing licensing rules and requirements are required by the:
State Legislature
State Licensing Agency
CFPB
State Attorney General
6
Jack applies for his MLO license. He has a 480 FICO, unpaid bills and a car repo 8 yrs ago. His appl. will most likely..
Be denied for having disregarded managing his own financial condition
Be approved because they are only collections
Be denied for having a low fico
Be approved because they are older than 7 years and will drop off soon
7
Who is exempt from a mortgage loan originator business license?
Registered MLO, who negotiates terms on behalf of immediate family
First-time mortgage loan originators from a non-depository institution
Registered MLOs who negotiates terms on behalf of a client
Negotiates terms on behalf of an immediate family member
8
Which of the following is not a financial protection method required by states and participating originators by SAFE Act
State fund
Federal fund
Minimum net worth
Surety bond
9
How many hours of continuing education does Eric have to complete now?
None
8
4
20
10
Each of the following is a federal banking agency, except the:
Comptroller of the Currency
Federal Home Loan Mortgage Corporations
Board of Governors of the Federal Reserve System
National Credit Union Association
11
Gavriel has 20 years experience but recently violated the SAFE Act 5 times for loans. What is the max fine he could face
$31,928
$25,000
$177,580
$125,000
12
When Bruce applies with his state and NMLS registry to become a state licensed originator again, he must...
Do 8 hours of continuing education and take the SAFE exam
Do continuing ed. for each of the years he missed and take the SAFE exam
Do 20-hours of education and take the SAFE exam
Do continuing education for each year he missed and pay his licensing fees
13
All of the following are examples of immediate family members under the SAFE Act except...
Adopted brother
Grandfather
Stepmother
Aunt
14
A state licensing agency may do all of the following when examining a company's LO activities except:
Limit the company to only marketing activities for the examination period
Require the company to compile reports related to their loan transactions
Subpeona books and records
Control access to the company's books and records
15
Which of the following is not one of the subjects required to be covered during continuing education?
Ethics
Federal Laws and Regulations
Origination activities
Non-traditional mortgage products
16
All of the following activities are prohibited in originating loans except...
Submit the required doc. for loan approval that has been altered
Increase the rate to cover all closing costs and pocket any overages
Collecting credit bureau fees at application
Promise to give a bonus to an appraiser to do a rush appraisal at value
17
Which of the following are not required to be licensed?
An attorney that originates loans
Independent contractors
MLOs employed by a bona fide nonprofit
MLO's employed by a no-depository
18
Your MLO license will expire...
Every year in every state you are licensed in
Every year in your home state and every other year for add. states
Every year and only in your home state
Every year for additional states and every other year in your home state
19
Minimum hours for MLO pre-licensing education is...
20 hrs, 3 hrs eithics, 3 hrs non-traditional, 2 hrs federal laws
20 hrs, 3 hrs of ethics, 3 hrs of federal laws, 2 hour of non-traditional
20 hours, 3 hours ethics, 3 hours federal law, 3 hours nontraditional
20 hours, 3 hrs federal law, 2 hrs ethics, 3 hr non-traditional
20
He has applied to be an MLO, his application will most likely...
Be denied because it involved dishonestly and financial
Be approved because he never went to prison
Be denied because it was over seven years ago
Be approved because it was over seven years ago
21
An individual's act is "for compensation of gain" when they...
Attain a profit from the transaction
Receive something of value
Have an ownership interest in the transaction
Receive a monthly salary
22
Dominique applies for a loan & speaks with Jordan about closing, Matt about loan terms and Eric about processing. MLO is
Eric
Matt
Jordan
Dominique
23
State licensing agencies do not have the authority to set their own...
Enforcement Program
Loan originator licensing requirements
Requirements for Effective Licensee Supervision
State Licensing Registry
24
In which of these transactions is it required that Edwin be licensed?
His step father
His own loan
His brother's loan
His cousin's loan
25
Billy failed his NMLS SAFE Exam 3 times. What must Billy do now?
Wait 30 days before retaking the exam again
Redo the 20-hour pre-licensing education
Be issued a temporary probational license
Wait 180 days before retaking the exam again
26
Which of the following is not one of the standards that all state licensing agencies must follow?
Setting/accepting fees
Enforcing actions for violations
Implementing their licensing laws
Creating a state licensing system and registry
27
Per the SAFE act Anna is...
An underwriter and doesn't need to be licensed
Independent contractor and needs to be licensed
A loan originator and needs to be licensed
A processor and need not be licensed
28
The minimum standards for license renewal include all but which of the following?
Satisfaction of annual continuing education requirements
Passing the SAFE Exam
Payment of renewal fees
Continuing to meet the min. standards for lic. issuance
29
A bona fide nonprofit organization not required to license their employees as long as they do the following except...
Comp. its emp. in a manner that incent. emp. to act in the best int.
Comp. and incentives its emp. to act in the best interest of its clients
Have an IRS section 501 tax-exempt status
Conducts activities in a manner that serves the public instead of comm.
30
Which of the following is Jason allowed to do during the process of investigation?
Revoke the individual's license
Enter into an agreement with the FBI to share resources
Take possession and deny access to documents
Issue a directive requiring the person to cease business
