Practice NMLS test - 20 Hour Safe Questions and Answers Updated 2026

Practice NMLS test - 20
Hour Safe Questions
and Answers Updated
2026
AnBapplicationBmustBbeBaccompaniedBbyBfingerprintsBwhenBapplyingBforB

a.BLicensedBMLO

b.BRegisteredBMLO

c.BnotBrequired

d.BrequiredBforBbothBlicensedBandBregisteredBMLOB-BAnswerd



QuarterlyBmortgageBcallBreportsBmustBbeBfiledB

a.BwithinB30BdaysBofBtheBendBofBtheBcalendarBquarter

b.BwithinB30BdaysBofBtheBendBofBtheBfiscalBquarter

c.BwithinB45BdaysBofBtheBendBofBtheBcalendarBquarter

d.BwithinB45BdaysBofBtheBendBofBtheBfiscalBquarterB-
BAnswerc.Bwithin45BdaysBofBtheBendBofBtheBcalendarBquarter



WhichBofBtheBfollowingBGovernmentBSponsoredBEntitiesBdoesBNOTBbuyBmortgageBloan
sBinBtheBsecondaryBmarket?

a.BFannieBMae

b.BGinnieBMae

c.BFreddieBMac

d.BAllBofBtheseBGSEsBbuyBloansBinBtheBsecondaryBmarketB-
BAnswerB.BGinnieBMaeBdoesBnotBbuyBorBsellBloansB-
BitBguaranteesBprincipalBandBinterestBpaymentBforBinvestorsBwhoBbuyBmortgageBpools

,WhichBofBtheBfollowingBwouldBbeBwaysBthatBFannieBMaeBimpactsBtheBprimaryBmortga
geBmarket?

a.BitBultimatelyBservesBtoBprovideBadditionalBfundsBforBtheBprimaryBmarket

b.BitBinfluencesBlenders'BstandardsBforBmakingBmortgageBloans

c.Bboth

d.BnoneB-
BAnswerc.BFannieBMaeBbuysBmortgagesBinBtheBsecondaryBmortgageBmarketBwhichBmak
esBmoreBfundsBavailableBtoBlendersBtoBmakeBloansBinBtheBprimaryBmarket.BItBalsoBset
sBstandardsBforBtheBqualifyingBrequirementsBlendersBuseBwhenBtheyBmakeBloansBinBth
eBprimaryBmarket,BsinceBtheyBwantBtoBbeBableBtoBsellBloansBtoBFannieBMae



ABpersonBwhoBhasBfailedBtheBnationalBportionBofBtheBNMLSBexaminationBtheBthirdBatt
empt:

a.BisBprohibitedBfromBtakingBtheBtestBagain

b.BmustBwaitBoneByearBtoBretakeBtheBtest

c.BmustBwaitB180BdaysBtoBretakeBtheBtest

d.BmustBwaitB30BdaysBtoBretakeBtheBtestB-BAnswercB180Bdays



ABregisteredBLOBmustBcompleteBhowBmanyBhoursBofBcontinuingBeducationBcoursesBeac
hByear?

a.B20

b.B12

c.B0

d.B8B-BAnswerc



InBorderBtoBbecomeBaBstateBlicensedBLO,BtheBapplicantBmustBcompleteBhowBmanyBho
ursBofBprelicenseBeducationBcoursesB

withinB30BdaysBofBtheBendBofBtheBfiscalBquarter

a.B45

b.B30

,c.B25

d.B20B-BAnswerd



ABlenderBwhichBwillBmakeBmortgageBloansBtoBcustomers,BbutBwillBimmediatelyBsellBea
chBofBtheirBloansBtoBaBlargerBlenderB(underBaBcontractBrelationship)BisBcalledBa:

a.BWholesaleBlender

b.BRetailBlender

c.BCorrespondentBlender

d.BMortgageBbrokerB-
BAnswerC.BCorrespondentBlender,BsinceBitBimmediatelyBsellsBitsBloansBtoBaBlargerB(ofte
nBwholesale)Blender



IfBtheBFedBwhereBtoBbuyBgovernmentBsecurities,BtheBmoneyBsupplyBwouldBlikely:

a.BDecrease

b.BIncrease

c.BStabilize

d.BAppreciateB-
BAnswerB.BWhenBtheBFedBbuysBUSBGovernmentBsecurities,BtheBmoneyBsupplyBwouldBi
ncrease,BsinceBtheBmoneyBwouldBgoBoutBintoBtheBeconomy



TheBprimaryBdifferenceBbetweenBaBmortgageBbankerBandBaBmortgageBbrokerBis:

a.BwhetherBitBisBregulatedBbyBtheBstateBorBfederalBgovernment

b.BwhetherBitBisBaBdepositoryBinstitution

c.BwhetherBitBparticipatesBinBtheBprimaryBorBsecondaryBmortgageBmarket

d.BwhetherBitBmakesBloansBorBonlyBactsBasBintermediaryB-
BAnswerD.BMortgageBbrokersBonlyBactBasBintermediaries,BbringingBtogetherBborrowersB
andBlenders.BMortgageBbankersBwillBdoBthatBasBwell,BbutBwillBalsoBloanBoutBtheirBown
Bmoney



IfBaBStateBLicensedBLOBallowsBhisBorBherBlicenseBtoBexpire,BthatBpersonBwillBhaveBtoBr
etestBifBtheBlicenseBinBnotBrenewedBwithin:

, a.B5Byrs

b.B3Byrs

c.B2Byrs

d.B1ByrB-BAnswera.B5Byears



SmalltownBBankBmakesBaBloanBtoBaBhomebuyerBandBimmediatelyBafterBclosingBtheBloa
nBSmalltownBBankBsellsBtheBloanBtoBtheBlargerBBigcityBBank.BSmalltownBBankBisBacting
BasBa:

a.BMortgageBBanker

b.BMortgageBBroker

c.BWholesaleBLenderB

d.BCorrespondenceBLenderB-
BAnswerD.BItBmadeBtheBloanBtoBtheBborrowerBinBitsBownBnameBbutBimmediatelyBsold
BitBtoBaBlargerBlender



LendersBwhichBmakeBloansBonlyBthroughBmortgageBbrokersBandBmortgageBbankersBand
BdoBnotBdealBdirectlyBwithBborrowersBareBcalled:

a.BCorrespondentBlendersB

b.BWholesaleBlenders

c.BLOs

d.BRetailBlendersB-BAnswerB



ABtypeBofBmortgageBlenderBwhichBraisesBitsBcapitalBprimarilyBthroughBstockBandBother
BsecuritiesBofferingsBandBthenBmakesBmortgageBloansBtoBindividualsBwouldBbeBcalledBa
:

a.BBank

b.BSavingsBandBloanBassociation

c.BMortgageBbanker

d.BMortgageBbrokerB-
BAnswerC.BMortgageBbankersBdoBnotBraiseBcapitalBfromBdepositors.BTheyBsellBstockBan
dBotherBsecuritiesBtoBraiseBfunds,BthenBmakeBmortgageBloansBtoBcustomers