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NMLS SAFE Exam Practice Questions With Latest Solutions 2024
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NMLS SAFE Exam Practice Questions With Latest Solutions 2024
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NMLS SAFE Exam Practice Questions WithLatest Solutions 2024
Enhancing uprotection uand ureducing ufraud uby udirecting ustates uto uadopt uminimum uuniform
ustandards ufor uthe ulicensing uand uregistration uof uresidential umortgage uloan uoriginators
uwas uthe upurpose uof uthe ufederal uact uknown uas uthe:
a. uS.A.F.E. uAct
b. uFederal uTrade uAct
c. uConsumer uFinancial uProtection uAct
d. uDodd-Frank uAct u- ucorrect uanswer.a. uS.A.F.E. uAct
Loan uprocessors uand uunderwriters umay unot:
a. uCommunicate uwith uconsumers uto uobtain uinformation unecessary ufor uloan uprocessing
b. uCollect uinformation urequired uto udocument ua uloan uapplication
c. uDistribute udisclosures urequired uin uaccordance uwith ufederal ulaw
d. uTake ua uloan uapplication uin uthe uabsence uof ua uloan uoriginator u- ucorrect uanswer.d. uTake
ua uloan uapplication uin uthe uabsence uof ua uloan uoriginator
The uterm u" ustate ulicensed umortgage uloan uoriginator" uapplies uto uan uindividual uthat uworks
ufor:
a. uBank uor ucredit uunion
b. uMortgage ubroker uonly
c. uMortgage ubroker uor ulender
d. uMortgage ulender uonly u- ucorrect uanswer.c. uMortgage ubroker uor ulender
Which uof uthe ufollowing uis unot ua upart uof uthe udefinition uof ua uloan uoriginator?
a. uFor ucompensation uor ugain, utakes uresidential umortgage uapplications
b. uFor uthe uexpectation uof ucompensation uor ugain, uoffers uor unegotiates uterms uof ua
uresidential umortgage uloan
c. uPerson uor uentity uthat uonly uperforms uclerical uduties uin uthe uprocessing uof uthe
udocuments
d. uFor ucompensation uor ugain, unegotiates uresidential umortgage uloans u- ucorrect uanswer.c.
uPerson uor uentity uthat uonly uperforms uclerical uduties uin uthe uprocessing uof uthe udocuments
,Under uthe uS.A.F.E. uAct, ustates uand utheir uregulatory uagencies uhave uthe uduty uand uthe
uauthority uto uenact ulicensing ustandards uthat umeet uthe urequirements uof uthe uAct, uwhile
uoverall uresponsibility ufor uinterpretation, uimplementation, uand ucompliance ucurrently ulies
uwith:
a. uThe uNMLS
b. uThe uFederal uReserve
c. uHUD
d. uThe uCFPB u- ucorrect uanswer.d. uThe uCFPB
Which uof uthe ufollowing uis uresponsible ufor udetermining uwhether uto uissue ua ulicense
uapproval?
a. uThe uNMLS
b. uThe uGovernor
c. uThe uCFPB
d. uThe uState uRegulatory uAuthority u- ucorrect uanswer.d. uThe uState uRegulatory uAuthority
An uindividual uwho uis uan uemployee uof ua udepository uinstitution uor ua usubsidiary uof ua
udepository uinstitution umeets uthe udefinition uof ua uloan uoriginator, udefined uas ua(n):
a. uLicensed umortgage uloan uoriginator
b. uExempt umortgage uloan uoriginator
c. uRegistered umortgage uloan uoriginator
d. uQualified umortgage uloan uoriginator u- ucorrect uanswer.c. uRegistered umortgage uloan
uoriginator
Which uof uthe ufollowing uis uused uas ua umethod uof uidentifying uand uholding ulicensees
uaccountable, uaccording uto uthe uS.A.F.E. uAct?
a. uNMLS uID
b. uRecords uof uannual uloan uoriginator uvolume
c. uUnique uidentifier
d. uCSBS unumber u- ucorrect uanswer.c. uUnique uidentifier
Taneka uis ulicensed uand uhas ureceived uher uunique uidentifier ufrom uthe uNMLS. uTaneka
umust uclearly ushow uher uunique uidentifier uon uall uof uthe ufollowing, uexcept:
a. uResidential umortgage uloan uapplications
b. uSolicitations uand uadvertisements
c. uWebsites
d. uInteroffice ucommunications u- ucorrect uanswer.d. uInteroffice ucommunications
Each uof uthe ufollowing uis utrue uabout uthe uDepartment uof uHousing uand uUrban
uDevelopment u(HUD), uexcept:
, a. uThe uFederal uHousing uAdministration, uwith uits uliberal-eligibility uFHA uloan uprograms,
uoperates uunder uHUD's uauthority
b. uIt uprovides uor umakes ureferrals urelated uto uhousing ucounseling ufor uloan uapplicants
useeking ua uHECM uor uhigh-cost uhome uloan
c. uPublic uhousing uand umulti-family uhousing ufall uunder uits upurview
d. uIt uhas ua umajor urole uin uoverseeing uthe umortgage uindustry u- ucorrect uanswer.d. uIt uhas ua
umajor urole uin uoverseeing uthe umortgage uindustry
Which uof uthe ufollowing uis unot ua upart uof uthe udefinition uof ua uloan uoriginator?
a. uFor ucompensation uor ugain, utakes uresidential umortgage uapplications
b. uFor uthe uexpectation uof ucompensation uor ugain, uoffers uor unegotiates uterms uof ua
uresidential umortgage uloan
c. uPerson uor uentity uthat uonly uperforms ureal uestate ubrokerage uactivities
d. uFor ucompensation uor ugain, unegotiates uresidential umortgage uloans u- ucorrect uanswer.c.
uPerson uor uentity uthat uonly uperforms ureal uestate ubrokerage uactivities
Which uof uthe ufollowing uwould umost ulikely unot ube uconsidered ua ufederally-regulated
umortgage uloan uas udefined uby uRESPA?
a. uConstruction uLoans
b. uSubprime uloan
c. uFHA uloan
d. uConventional uloan u- ucorrect uanswer.a. uConstruction uLoans
Mortgage uloan uoriginator uTrevor uTibbs uhas uaccepted ua uloan uapplication ufor ua udwelling
uthat uis ua umobile uhome unot upermanently uaffixed uto uthe uland. uDoes uthis umobile uhome
umeet uthe urequirements unecessary ufor uit uto ube uconsidered usecurity ufor ua uresidential
umortgage uloan?
a. uYes, ua udwelling uincludes ua ustructure uwhether uor unot uthat ustructure uis uattached uto ureal
uproperty
b. uNo, udwellings umust ube upermanently uattached uto ureal uproperty
c. uNo, umobile uhomes uare uclassified uas upersonal uproperty, unot ureal uproperty
d. uYes, uas ulong uas uthe ureal uproperty uupon uwhich uthe umobile uhome uwill ube ulocated uis uin
uthe uborrower's uname, uthe uloan umay ube ua uresidential umortgage uloan u- ucorrect uanswer.a.
uYes, ua udwelling uincludes ua ustructure uwhether uor unot uthat ustructure uis uattached uto ureal
uproperty
Which uof uthe ufollowing ustatements uabout uthe uLoan uEstimate uis uNOT utrue?
a. uThe ulender uis usolely uresponsible ufor uproviding uthe uLoan uEstimate uto uthe uprospective
uborrower
b. uThe uLoan uEstimate umust ube uprovided uif uthe uborrower uis useeking ua uHome uEquity uLine
uof uCredit
c. uThe uLoan uEstimate uis unot ua uloan uguarantee
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