NMLS Practice Test ; Questions with Solutions 100% Pass
Registered loan originator, State-licensed loan originator, Independent contractor
CORRECT ANS-Under the SAFE Act, an individual may not engage in the business of a loan
originator without obtaining and maintaining registration as a
Within the past 7 years
Anytime predating application, if felony involved fraud, dishonesty, or a breach of trust, or
money laundering CORRECT ANS-Under the SAFE Act, loan originators may not have been
convicted of a felony
75% CORRECT ANS-Loan originators must pass a written test with a minimum score of...
30 days CORRECT ANS-Loan originators who do not pass the test must wait _ from the
preceding test to retake
6 CORRECT ANS-Loan originators who fail the test 3 times must wait _ months to retake
5 CORRECT ANS-If a loan originators license lapse for _ years, they must retake the test
, NMLS Practice Test ; Questions with Solutions 100% Pass
8 CORRECT ANS-License renewals for loan originators require satisfying _ hours of
continuing education each year
Adverse Action CORRECT ANS-Taken when loan is denied
Loan is not made substantially in the terms and conditions originally quoted and accepted by
he borrower
The lender may never ask "Are you divorced" CORRECT ANS-If a borrower indicates
marital status to be "unmarried"
Counteroffer CORRECT ANS-If a loan is not made substantially in the terms and conditions
originally quoted, the lender must provide a form called
30 CORRECT ANS-A notice of credit denial must be sent within _ calendar days of receiving
a competed application that the creditor denies
Registered loan originator, State-licensed loan originator, Independent contractor
CORRECT ANS-Under the SAFE Act, an individual may not engage in the business of a loan
originator without obtaining and maintaining registration as a
Within the past 7 years
Anytime predating application, if felony involved fraud, dishonesty, or a breach of trust, or
money laundering CORRECT ANS-Under the SAFE Act, loan originators may not have been
convicted of a felony
75% CORRECT ANS-Loan originators must pass a written test with a minimum score of...
30 days CORRECT ANS-Loan originators who do not pass the test must wait _ from the
preceding test to retake
6 CORRECT ANS-Loan originators who fail the test 3 times must wait _ months to retake
5 CORRECT ANS-If a loan originators license lapse for _ years, they must retake the test
, NMLS Practice Test ; Questions with Solutions 100% Pass
8 CORRECT ANS-License renewals for loan originators require satisfying _ hours of
continuing education each year
Adverse Action CORRECT ANS-Taken when loan is denied
Loan is not made substantially in the terms and conditions originally quoted and accepted by
he borrower
The lender may never ask "Are you divorced" CORRECT ANS-If a borrower indicates
marital status to be "unmarried"
Counteroffer CORRECT ANS-If a loan is not made substantially in the terms and conditions
originally quoted, the lender must provide a form called
30 CORRECT ANS-A notice of credit denial must be sent within _ calendar days of receiving
a competed application that the creditor denies
