Examen
NMLS - PROSCHOOLS - NATIONAL MORTGAGE EXAM PREP - NONTRADITIONAL LOAN PRODUCTS TOPICS (V1.2).
NMLS - PROSCHOOLS - NATIONAL MORTGAGE EXAM PREP - NONTRADITIONAL LOAN PRODUCTS TOPICS (V1.2).
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NMLS - PROSCHOOLS - NATIONAL MORTGAGE EXAM PREP- NONTRADITIONAL LOAN PRODUCTS TOPICS (V1.2).
To qualify for licensing or registration as a state-licensed loan originator, an applicant must meet
certain minimum standards. Among these is a requirement to
be at least 21 years of age.
meet a net worth or surety bond requirement.
have completed high school
pay an amount equaling 2% of the dollar value of loans originated into a state recovery fund. -
(ANSWER)meet a net worth or surety bond requirement.
Under the SAFE Act, a loan originator
is an individual who takes residential mortgage loan applications.
is any individual who takes loan applications secured by real property for compensation.
can be an individual or a business entity.
is any person who takes loan applications secured by real property. - (ANSWER)is an individual
who takes residential mortgage loan applications.
SAFE Act requirements apply to loans to purchase
dwellings as rental properties.
dwellings if secured by mortgages, but not if secured by trust deeds.
mobile homes to be used as residences, even if they are not attached to the land.
apartment buildings. - (ANSWER)mobile homes to be used as residences, even if they are not
attached to the land.
Within the 20 hours of prelicensing education required for a loan originator license or
registration are a minimum of
,four hours of nontraditional mortgage products.
two hours of consumer protection law
two hours of ethics.
three hours of federal laws. - (ANSWER)three hours of federal laws.
An applicant for a loan originator license cannot have been convicted of any felony within what
period of time prior to applying for the license?
Two years
Seven years
Three years
Five years - (ANSWER)Seven years
What is used to permanently identify a loan originator?
Social Security number
Unique identifier
Mortgage processor identification number
License number - (ANSWER)Unique identifier
A loan originator has how many years within which he can reinstate an expired license without
retesting?
Five
Two
One
Three - (ANSWER)Five
,An individual must wait six months before taking the licensing test again if he has failed it how
many consecutive times?
Two
Four
Three
Five - (ANSWER)Three
The NMLS was established by
HUD.
each state regulator.
the Conference of State Bank Supervisors and the American Association of Residential
Mortgage Regulators.
the Federal Reserve. - (ANSWER)the Conference of State Bank Supervisors and the American
Association of Residential Mortgage Regulators.
An applicant for a loan originator license who fails the license exam may retake it a second time
after a wait of six months.
after a wait of 24 hours.
after a wait of 30 days.
immediately. - (ANSWER)after a wait of 30 days.
In what year was Fannie Mae established?
2009
1903
1968
1938 - (ANSWER)1938
, The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 requires that each state
license or register residential and commercial loan originators.
deny a license to any person who has a felony conviction.
establish its own loan originator registration system.
have in place a system of licensing residential mortgage loan originators through the NMLS that
meets national definitions and minimum standards. - (ANSWER)have in place a system of
licensing residential mortgage loan originators through the NMLS that meets national definitions
and minimum standards.
NMLSR stands for
National Mortgage Licensing System and Registry.
Nationwide Mortgage Lending System and Registry.
Nationwide Multistate Licensing System and Registry.
National Mortgage Lending System and Registry. - (ANSWER)Nationwide Multistate
Licensing System and Registry.
The function of wholesale lenders is to provide
liquidity and standardization.
servicing and pricing.
limitation of competition.
a market for secondary financing. - (ANSWER)servicing and pricing.
The market where lenders and investors buy and sell existing mortgages or mortgage-backed
securities is
the primary market.
the gray market.
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