NMLS UST Uniform State Content
Questions And Answers With Verified
Solutions 100% Correct Latest Updated
2024
Agencies
Answer: Conference of State Bank Supervisors, American Association of
Residential Mortgage Regulators
These are two important agencies involved in regulating mortgage licensing
and financial institutions.
Regulatory Power
Answer: Examine any loan originator for:
o Investigation of violations or complaints
o Request books/records
o Deny, suspend, or revoke a license
Regulators have the authority to investigate, demand records, and take
action against any noncompliance.
Authority of State Regulator
Answer: To enforce any law and use civil action
State regulators can enforce laws and use civil actions to maintain
compliance and ensure consumer protection.
Purpose of NMLS Registry
Answer: Created by federal banking regulators to fulfill registration
requirements for federally chartered/insured institutions, and their MLOs in
compliance with the CFPB and SAFE Act rules
o Increase uniformity, reduce burden, enhance consumer protection, and
protect against fraud
The NMLS Registry ensures uniformity in MLO registration across
states, reducing administrative burden and enhancing consumer
safety.
, Frequency of Investigations and Exams
Answer:
o Upon applying for a license/renewal
o As frequent as needed/warranted
Investigations can occur during license applications, renewals, and as
needed based on circumstances.
CFPB Authority to Conduct Exams
Answer:
o Authority to require reports and conduct exams
o Assess compliance with consumer financial law
o Obtain information to assess compliance
o Detect risks to consumers and markets for consumer financial
products/services
o Summon MLOs assumed to be in violation
The CFPB can examine and require reports to assess compliance with
financial laws.
Continuing Education Requirements
Answer: Varies by state but generally:
o Annually
o 8 hours
o 3 hours federal law
o 2 hours ethics (fraud, consumer protections, fair lending)
o 2 hours training on nontraditional mortgage products
o 1 hour "elective" mortgage instruction
MLOs need annual continuing education to stay up to date with laws
and regulations.
MLO Unique Identifier
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