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NMLS LOAN OFFICER QUESTIONS AND ANSWERS

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NMLS LOAN OFFICER QUESTIONS AND ANSWERS

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  • September 10, 2024
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GEEKA
NMLS LOAN OFFICER QUESTIONS AND ANSWERS
Uniform state test - Answers -Regulation H

Secure and a Fair Enforcement for mortgage licensing act of 2008 - Answers -Require
licensing for LO's

Mortgage LO - Answers -An individual who for compensation or gain takes residential
loan apps. Offers or negotiate terms of a residential loan

Application - Answers -A request in any form for an offer or response to a solicitation of
an offer of residential mortgage. The info about the borrower or prospective borrowers
that's customary or necessary in a decision on whether to make such an offer

Dwelling - Answers -A residential structure that contain one to four units.

Real estate brokerage activity - Answers -Acting as a real estate agent, bringing parties
together interested to sale or purchase, negotiating on behalf of any party

LO & UW - Answers -An individual who performs clerical or support duties at the
direction of and subject to the supervision and instruction of a state licensing LO or
registered LO

Registered LO - Answers -Is an employee of a depository institutions( bank) registered
and maintains an NMLS does not take the UST.

Federal banking agencies - Answers -1. The Board of Governors
2. The comptroller of the currency
3. The national credit union administration
4. The federal deposit insurance corporation

State licensed LO - Answers -Not an employee of a depository institution, a subsidiary
that is owned and controlled by a depository institution and regulated by a federal
agency, an institution regulated by the farm credit admin

Unique identifier - Answers -NMLS # should be shown on advertisements, business
card, websites an any other document as established by rule, regulation, or state
agency

Housing finance agency - Answers -Is any authority whose activities make it eligible to
be a member of the National council of state housing agencies

Pre-licensing education - Answers -3 hours of federal law regs, 3 hours of ethics, two
hours of non traditional mortgage products. 20 hrs course in total

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