SAFE MLO EXAM 225 TEST BANK FULL
SOLUTION VERIFIED QUESTIONS AND
ANSWERS GUARANTEED TO PASS
●● To hold an active license, an MLO must:
Answer: Be sponsored by a licensed entity
●● The State Regulatory Authority shall renew a mortgage loan
originator's license if all of the following are done EXCEPT:
1. The originator continues to meet the minimum requirements
2. The originator paid the fee to renew
3. The originator satisfied the Continuing Education
4. The MLO retests
Answer: The MLO retests
●● After failing 3 exams, an applicant must wait how long before taking
the exam again?
Answer: 180 days
●● Background checks performed by the State Regulatory Authority
cannot include:
Answer: Personal checking account information
,●● The NMLS is responsible for all the following EXCEPT:
1. Assigning the unique identifier
2. Collecting licensing fees
3. Housing licensing information like the education record
4. Approving or denying license application
Answer: Approving or denying license application
●● A mortgage lender shall maintain capital of no less than ____ per
licensed location.
Answer: An amount determined by the State Regulatory Authority that
reflects the dollar amount of loans originated.
●● All advertising of a MLO must include which of the following:
1. A photograph of the MLO
2. The MLOs unique identifier
3. Types of loans the MLO makes
4. A disclaimer from the NMLS
Answer: The MLOs unique identifier
●● A loan originator who applies to be licensed again must:
Answer: Complete the Continuing Education requirements for the last
year in which the license was held
, ●● The SAFE Act is designed to do all of the following except:
1. Reduce fraud by encouraging states to establish minimum standards
for the licensing and registration of state-licensed mortgage loan
originators
2. Establish and maintain a nationwide mortgage licensing system and
registry
3. Reduce fraud by creating an enforcement agency that prosecutes
unethical activity
4. Provide consumers with easily accessible info offered at no charge,
through electronic media, including the internet.
Answer: Reduce fraud by creating an enforcement agency that
prosecutes unethical activity
●● Who determines continuing education requirements and dates for
license renewal?
Answer: The State Regulatory Authority as establish under the SAFE
Act
●● The SAFE Act outlines all of the following EXCEPT:
1. Pre-licensing education requirements
2. Testing requirements
3. Continuing education requirements
4. Loan originator compensation requirements
SOLUTION VERIFIED QUESTIONS AND
ANSWERS GUARANTEED TO PASS
●● To hold an active license, an MLO must:
Answer: Be sponsored by a licensed entity
●● The State Regulatory Authority shall renew a mortgage loan
originator's license if all of the following are done EXCEPT:
1. The originator continues to meet the minimum requirements
2. The originator paid the fee to renew
3. The originator satisfied the Continuing Education
4. The MLO retests
Answer: The MLO retests
●● After failing 3 exams, an applicant must wait how long before taking
the exam again?
Answer: 180 days
●● Background checks performed by the State Regulatory Authority
cannot include:
Answer: Personal checking account information
,●● The NMLS is responsible for all the following EXCEPT:
1. Assigning the unique identifier
2. Collecting licensing fees
3. Housing licensing information like the education record
4. Approving or denying license application
Answer: Approving or denying license application
●● A mortgage lender shall maintain capital of no less than ____ per
licensed location.
Answer: An amount determined by the State Regulatory Authority that
reflects the dollar amount of loans originated.
●● All advertising of a MLO must include which of the following:
1. A photograph of the MLO
2. The MLOs unique identifier
3. Types of loans the MLO makes
4. A disclaimer from the NMLS
Answer: The MLOs unique identifier
●● A loan originator who applies to be licensed again must:
Answer: Complete the Continuing Education requirements for the last
year in which the license was held
, ●● The SAFE Act is designed to do all of the following except:
1. Reduce fraud by encouraging states to establish minimum standards
for the licensing and registration of state-licensed mortgage loan
originators
2. Establish and maintain a nationwide mortgage licensing system and
registry
3. Reduce fraud by creating an enforcement agency that prosecutes
unethical activity
4. Provide consumers with easily accessible info offered at no charge,
through electronic media, including the internet.
Answer: Reduce fraud by creating an enforcement agency that
prosecutes unethical activity
●● Who determines continuing education requirements and dates for
license renewal?
Answer: The State Regulatory Authority as establish under the SAFE
Act
●● The SAFE Act outlines all of the following EXCEPT:
1. Pre-licensing education requirements
2. Testing requirements
3. Continuing education requirements
4. Loan originator compensation requirements
