RMLO CHAMPIONS SCHOOL OF REAL ESTATE
EXAM SCRIPT 2026 FULL QUESTIONS AND
ANSWERS ALREADY PASSED
◉ Secondary Mortgage Market. Answer: A market for the purchase and
sale of existing mortgages designed to provide greater liquidity for
selling mortgages.
◉ Commercial Banks. Answer: Working capital is primarily generated
through deposits from its clients
◉ Private Lenders. Answer: The least regulated category of lender, they
can fulfill a space in the marketplace for conventional loans.
◉ Mortgage Companies. Answer: Rely on commercial banks that grant
"warehouse" lines of credit to them.
◉ Federal Housing Finance Agency (FHFA). Answer: The Federal
agency established to restore Fannie Mae & Freddie Mac to a sound &
solvent financial condition.
◉ Government National Mortgage (GNMA) Association. Answer:
Guarantee that allows mortgage lenders to obtain a better price for their
loans in the capital markets.
,◉ Pre-licensing education. Answer: Includes topics on federal law and
regulations, ethics, non traditional mortgage products, and origination.
◉ Unique Identifier. Answer: a number that permanently identifies each
mortgage loan originator, whether he is licensed or merely registered.
◉ S.A.F.E. Act. Answer: Designed to enhance consumer protection &
reduce fraud by encouraging states to establish minimum standards for
licensing and registration of MLOs.
◉ State-licensed mortgage loan originator. Answer: An MLO employed
by a federally insured depository institution is a federally supervised
credit union.
◉ American Association of Residential Mortgage Regulators
(AARMR). Answer: National association of executives and employees
of the various states charged with the responsibility for administration &
regulation of residential mortgage lending, servicing and brokering.
◉ Nationwide Mortgage Licensing System & Registry (NMLSR).
Answer: All loan originators must be licensed through or registered
with_____.
,◉ Federal Banking Agencies:. Answer: 1.The Board of Governors of the
Federal Reserve System
2. The Comptroller of the Currency
3. The National Credit Union Administraton
(NCUA)
4. The Federal Deposit Insurance Corporation
(FDIC)
◉ Regulation G of the SAFE Act establishes. Answer: A federal
registration requirement for mortgage loan originators.
◉ Regulation "H" authorizes:. Answer: The CFPB to implement the
Secure and Fair Enforcement for Mortgage Licensing Act of 2008. It
also directs the states to adopt minimum uniform standards for licensing
& registration of residential mortgage loan originators.
◉ All loan originators must be licensed through or registered with:.
Answer: NMLSR
◉ Nov. 1st through Dec. 31st of each year.... Answer: Registered MLOs
must renew their registration during
, ◉ Non-traditional Mortgage Product. Answer: Any mortgage product
other than a 30 year fixed rate mortgage.
◉ Residential Mortgage Loan. Answer: Any loan primarily for personal,
family, or household use that is secured by a mortgage, deed of trust, or
other equivalent consensual security interest on a dwelling or residential
real estate upon which a dwelling is constructed or intended to be
constructed.
◉ Federally Registered Loan Originator. Answer: Is an individual who
meets the definition of a loan originator and is an employee of a
depository institution that is regulated by a federal banking agency.
◉ Mortgage Loan Originator. Answer: Person who takes a residential
mortgage loan application.
◉ Permanently Identifies Loan Originator. Answer: Unique Identifier
◉ Stable Income. Answer: A borrower's gross monthly income from all
verifiable sources that can reasonably be expected to continue for at least
3 years.
◉ Credit Score. Answer: An overall assessment that predicts a
borrower's credit risk.
EXAM SCRIPT 2026 FULL QUESTIONS AND
ANSWERS ALREADY PASSED
◉ Secondary Mortgage Market. Answer: A market for the purchase and
sale of existing mortgages designed to provide greater liquidity for
selling mortgages.
◉ Commercial Banks. Answer: Working capital is primarily generated
through deposits from its clients
◉ Private Lenders. Answer: The least regulated category of lender, they
can fulfill a space in the marketplace for conventional loans.
◉ Mortgage Companies. Answer: Rely on commercial banks that grant
"warehouse" lines of credit to them.
◉ Federal Housing Finance Agency (FHFA). Answer: The Federal
agency established to restore Fannie Mae & Freddie Mac to a sound &
solvent financial condition.
◉ Government National Mortgage (GNMA) Association. Answer:
Guarantee that allows mortgage lenders to obtain a better price for their
loans in the capital markets.
,◉ Pre-licensing education. Answer: Includes topics on federal law and
regulations, ethics, non traditional mortgage products, and origination.
◉ Unique Identifier. Answer: a number that permanently identifies each
mortgage loan originator, whether he is licensed or merely registered.
◉ S.A.F.E. Act. Answer: Designed to enhance consumer protection &
reduce fraud by encouraging states to establish minimum standards for
licensing and registration of MLOs.
◉ State-licensed mortgage loan originator. Answer: An MLO employed
by a federally insured depository institution is a federally supervised
credit union.
◉ American Association of Residential Mortgage Regulators
(AARMR). Answer: National association of executives and employees
of the various states charged with the responsibility for administration &
regulation of residential mortgage lending, servicing and brokering.
◉ Nationwide Mortgage Licensing System & Registry (NMLSR).
Answer: All loan originators must be licensed through or registered
with_____.
,◉ Federal Banking Agencies:. Answer: 1.The Board of Governors of the
Federal Reserve System
2. The Comptroller of the Currency
3. The National Credit Union Administraton
(NCUA)
4. The Federal Deposit Insurance Corporation
(FDIC)
◉ Regulation G of the SAFE Act establishes. Answer: A federal
registration requirement for mortgage loan originators.
◉ Regulation "H" authorizes:. Answer: The CFPB to implement the
Secure and Fair Enforcement for Mortgage Licensing Act of 2008. It
also directs the states to adopt minimum uniform standards for licensing
& registration of residential mortgage loan originators.
◉ All loan originators must be licensed through or registered with:.
Answer: NMLSR
◉ Nov. 1st through Dec. 31st of each year.... Answer: Registered MLOs
must renew their registration during
, ◉ Non-traditional Mortgage Product. Answer: Any mortgage product
other than a 30 year fixed rate mortgage.
◉ Residential Mortgage Loan. Answer: Any loan primarily for personal,
family, or household use that is secured by a mortgage, deed of trust, or
other equivalent consensual security interest on a dwelling or residential
real estate upon which a dwelling is constructed or intended to be
constructed.
◉ Federally Registered Loan Originator. Answer: Is an individual who
meets the definition of a loan originator and is an employee of a
depository institution that is regulated by a federal banking agency.
◉ Mortgage Loan Originator. Answer: Person who takes a residential
mortgage loan application.
◉ Permanently Identifies Loan Originator. Answer: Unique Identifier
◉ Stable Income. Answer: A borrower's gross monthly income from all
verifiable sources that can reasonably be expected to continue for at least
3 years.
◉ Credit Score. Answer: An overall assessment that predicts a
borrower's credit risk.
