Safe MLO test 2024(Questions & Answers)

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan originator's license if he or she has had any felony conviction within the previous seven years, has had a felony conviction at any time involving fraud, money laundering, dishonesty, breach of trust or moral turpitude, or has had a license revoked by any other state or jurisdiction. Please note that some states may apply stricter standards. 3. If a business is fully operational on Saturday, for purposes of the business that it conducts, Saturday is considered to be: - ANSWER-d) A general business day Answer: d) A general business day is any day of the week, except for Sundays and federal holidays, on which a business fully conducts its operations. A precise business day is simply any day of the week aside from Sundays and federal holidays. Each have their own implications pertaining to right of rescission, document issuance, and days prior to closing.