NMLS ProSchools - National Mortgage Exam Prep - Elective Topics (V1
Study online at https://quizlet.com/_3v6t6v
1. To qualify for licensing or meet a net worth or surety bond requirement.
registration as a state-li-
censed loan originator, an
applicant must meet cer-
tain minimum standards.
Among these is a require-
ment to
be at least 21 years of age.
meet a net worth or surety
bond requirement.
have completed high
school
pay an amount equal-
ing 2% of the dollar value
of loans originated into a
state recovery fund.
2. Under the SAFE Act, a loan is an individual who takes residential mortgage
originator loan applications.
is an individual who takes
residential mortgage loan
applications.
is any individual who takes
loan applications secured
by real property for com-
pensation.
can be an individual or a
business entity.
is any person who takes
loan applications secured
by real property.
3. SAFE Act requirements ap- mobile homes to be used as residences, even
ply to loans to purchase if they are not attached to the land.
dwellings as rental proper-
ties.
, NMLS ProSchools - National Mortgage Exam Prep - Elective Topics (V1
Study online at https://quizlet.com/_3v6t6v
dwellings if secured by
mortgages, but not if se-
cured by trust deeds.
mobile homes to be used
as residences, even if they
are not attached to the
land.
apartment buildings.
4. Within the 20 hours of three hours of federal laws.
prelicensing education re-
quired for a loan originator
license or registration are a
minimum of
four hours of nontradition-
al mortgage products.
two hours of consumer
protection law
two hours of ethics.
three hours of federal laws.
5. An applicant for a loan Seven years
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
6. What is used to permanent- Unique identifier
ly identify a loan origina-
tor?
Social Security number
, NMLS ProSchools - National Mortgage Exam Prep - Elective Topics (V1
Study online at https://quizlet.com/_3v6t6v
Unique identifier
Mortgage processor iden-
tification number
License number
7. A loan originator has how Five
many years within which he
can reinstate an expired li-
cense without retesting?
Five
Two
One
Three
8. An individual must wait six Three
months before taking the li-
censing test again if he has
failed it how many consec-
utive times?
Two
Four
Three
Five
9. The NMLS was established the Conference of State Bank Supervisors and
by the American Association of Residential Mort-
gage Regulators.
HUD.
each state regulator.
the Conference of State
Bank Supervisors and the
American Association of
Residential Mortgage Reg-
ulators.
the Federal Reserve.
10. An applicant for a loan orig- after a wait of 30 days.
inator license who fails the
license exam may retake it
, NMLS ProSchools - National Mortgage Exam Prep - Elective Topics (V1
Study online at https://quizlet.com/_3v6t6v
a second time
after a wait of six months.
after a wait of 24 hours.
after a wait of 30 days.
immediately.
11. In what year was Fannie 1938
Mae established?
2009
1903
1968
1938
12. The Secure and Fair En- have in place a system of licensing residential
forcement for Mortgage Li- mortgage loan originators through the NMLS
censing Act of 2008 re- that meets national definitions and minimum
quires that each state standards.
license or register residen-
tial and commercial loan
originators.
deny a license to any per-
son who has a felony con-
viction.
establish its own loan orig-
inator registration system.
have in place a sys-
tem of licensing residen-
tial mortgage loan origina-
tors through the NMLS that
meets national definitions
and minimum standards.
13. NMLSR stands for Nationwide Multistate Licensing System and
Registry.
National Mortgage Licens-
ing System and Registry.
Nationwide Mortgage
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