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Practice NMLS test - 20 Hour Safe Test with Solutions
Practice NMLS test - 20 Hour Safe Test with Solutions
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Practice NMLS test - 20 Hour Safe Test with SolutionsA 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 ANS-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 ANS-c
In order to become a state licensed LO, the applicant must complete how many hours of
prelicense education courses
within 30 days of the end of the fiscal quarter
a. 45
b. 30
, Practice NMLS test - 20 Hour Safe Test with Solutions
c. 25
d. 20 CORRECT ANS-d
A lender which will make mortgage loans to customers, but will immediately sell each of their
loans to a larger lender (under a contract relationship) is called a:
a. Wholesale lender
b. Retail lender
c. Correspondent lender
d. Mortgage broker CORRECT ANS-C. Correspondent lender, since it immediately sells its
loans to a larger (often wholesale) lender
If the Fed where to buy government securities, the money supply would likely:
a. Decrease
b. Increase
c. Stabilize
d. Appreciate CORRECT ANS-B. When the Fed buys US Government securities, the money
supply would increase, since the money would go out into the economy
, Practice NMLS test - 20 Hour Safe Test with 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 ANS-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 ANS-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
, Practice NMLS test - 20 Hour Safe Test with Solutions
d. All of these GSEs buy loans in the secondary market CORRECT ANS-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 ANS-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
The primary difference between a mortgage banker and a mortgage broker is:
a. whether it is regulated by the state or federal government
b. whether it is a depository institution
c. whether it participates in the primary or secondary mortgage market
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