NMLS REVIEW 2026 COMPREHENSIVE
EXAMINATION SET UPDATED 100%
CORRECT.
◉ What is the definition of an MLO? Answer: Mortgage Loan
Originator
◉ What does a processor do? Answer: Collects and analyzes
documentation
◉ What does an underwriter do? Answer: Checks credit, capacity,
collateral, and capital
◉ What does an appraiser do? Answer: Determine the value of the
home
◉ Who is required to have a license? Answer: Mortgage Loan
Originator, Broker, Independent Contractor
◉ Who is required to get registered with the NMLS? Answer: MLOs
◉ Who is exempt from needing a license? Answer: Employees of
covered financial institutions who are registered with the NMLS -
, Employees of federal, state, local government agencies, or housing
finance agencies
◉ What is the breakdown of 20 hour? Answer: 3 hours of federal law, 3
hours of ethics, 2 hours on nontraditional mortgage products, 12 hours
elective
◉ What is the breakdown of the continuing education requirement?
Answer: 3 hours of federal law, 2 hours of ethics, 2 hours of notational
mortgage products, 1 hour of elective
◉ When can an MLO get approved for temporary authority? Answer:
MLOs seeking licensing in another state or changing employment
◉ What is needed to use gift funds? Answer: Gift letter: dollar amount,
donor's name, address, phone number and relationship, statement saying
the funds are a gift
◉ What are GSEs? Answer: Government Sponsored Enterprises -
Fannie Mae, Freddie Mac
◉ What automated underwriting system does Fannie Mae use? Answer:
DO/DU - Desktop originator, Desktop underwriter
EXAMINATION SET UPDATED 100%
CORRECT.
◉ What is the definition of an MLO? Answer: Mortgage Loan
Originator
◉ What does a processor do? Answer: Collects and analyzes
documentation
◉ What does an underwriter do? Answer: Checks credit, capacity,
collateral, and capital
◉ What does an appraiser do? Answer: Determine the value of the
home
◉ Who is required to have a license? Answer: Mortgage Loan
Originator, Broker, Independent Contractor
◉ Who is required to get registered with the NMLS? Answer: MLOs
◉ Who is exempt from needing a license? Answer: Employees of
covered financial institutions who are registered with the NMLS -
, Employees of federal, state, local government agencies, or housing
finance agencies
◉ What is the breakdown of 20 hour? Answer: 3 hours of federal law, 3
hours of ethics, 2 hours on nontraditional mortgage products, 12 hours
elective
◉ What is the breakdown of the continuing education requirement?
Answer: 3 hours of federal law, 2 hours of ethics, 2 hours of notational
mortgage products, 1 hour of elective
◉ When can an MLO get approved for temporary authority? Answer:
MLOs seeking licensing in another state or changing employment
◉ What is needed to use gift funds? Answer: Gift letter: dollar amount,
donor's name, address, phone number and relationship, statement saying
the funds are a gift
◉ What are GSEs? Answer: Government Sponsored Enterprises -
Fannie Mae, Freddie Mac
◉ What automated underwriting system does Fannie Mae use? Answer:
DO/DU - Desktop originator, Desktop underwriter
