California State NMLS Practice Test Exam Questions with Correct Answers

California State NMLS Practice Test Exam Questions with Correct Answers A mortgage company advertises for loans in both Spanish and English. Which of the following statements is true? Answers A. The mortgage company must provide the key disclosures such as the TIL and Good Faith Estimate in Spanish to their Spanish speaking clients. B. At least 40% of the employees of the company must be bilingual. C. The company must have at least one native Spanish speaker available during regular business hours. D. The actual loan documents (note, mortgage, deed, etc.) must be provided in Spanish. - Answer-A. A mortgage loan originator must pass the licensing test in order to obtain a new license if he has failed to maintain a license over how many years? Answers A. Five (5) years B. Seven (7) years C. Ten (10) years D. MLOs do not ever have to retake the licensing test - Answer-A. A mortgagee must execute a certificate of the discharge of a mortgage and record it in the county in which the mortgage is recorded within how many days after the mortgage has been satisfied? Answers A. Thirty (30) days B. Sixty (60) days C. Ninety (90) days D. One hundred twenty (120) days - Answer-A. A mortgagee must furnish the mortgagor a written statement showing the amount of moneys received for interest, repayment of the principal of the loan, and late charges within how many days of the end of the calendar year? Answers