Practice NMLS test - 20 Hour Safe| 209 QUESTIONS| WITH COMPLETE SOLUTIONS

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO Correct Answer: d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter Correct Answer: c. within45 days of the end of the calendar quarter Which of the following Government Sponsored Entities does NOT buy mortgage loans in the secondary market? a. Fannie Mae b. Ginnie Mae c. Freddie Mac d. All of these GSEs buy loans in the secondary market Correct Answer: B. Ginnie Mae does not buy or sell loans - it guarantees principal and interest payment for investors who buy mortgage pools Which of the following would be ways that Fannie Mae impacts the primary mortgage market? a. it ultimately serves to provide additional funds for the primary market b. it influences lenders' standards for making mortgage loans c. both d. none Correct Answer: c. Fannie Mae buys mortgages in the secondary mortgage market which makes more funds available to lenders to make loans in the primary market. It also sets standards for the qualifying requirements lenders use when they make loans in the primary market, since they want to be able to sell loans to Fannie Mae A person who has failed the national portion of the NMLS examination the third attempt: a. is prohibited from taking the test again b. must wait one year to retake the test c. must wait 180 days to retake the test d. must wait 30 days to retake the test Correct Answer: c 180 days A registered LO must complete how many hours of continuing education courses each year? a. 20 b. 12 c. 0 d. 8 Correct Answer: c