Exam (elaborations)
NMLS loan officer; Test with Verified Solutions 100% Solved
NMLS loan officer; Test with Verified Solutions 100% Solved
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NMLS loan officer; Test with Verified Solutions 100%Solved
LO & UW CORRECT ANS-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 CORRECT ANS-Is an employee of a depository institutions( bank) registered
and maintains an NMLS does not take the UST.
Federal banking agencies CORRECT ANS-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 CORRECT ANS-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
, NMLS loan officer; Test with Verified Solutions 100%
Solved
Uniform state test CORRECT ANS-Regulation H
Secure and a Fair Enforcement for mortgage licensing act of 2008 CORRECT ANS-Require
licensing for LO's
HERA (housing and recovery act of 2008) CORRECT ANS-Focused on Subprime lending
practices
NMLS CORRECT ANS-Nationwide mortgage licensing system and registry
State licensing agencies CORRECT ANS-Laws include Loan originator licensing
requirements, requirement for effective supervision of those who are licensed, a program for
enforcement of the law
State regulators CORRECT ANS-Effective supervision includes participating in NMLS, writing
rules and regs, conducting background checks,civil or admin records, credit history, setting
and accepting fees etc
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