NMLS EXAM 2025-2026 STUDYGUIDE
LATEST ACTUAL EXAM QUESTIONS
AND CORRECT ANSWERS | A+ GRADED
STUDY GUIDE
WHat is MDIA and what is it known as? Correct Answer
Mortgage Disclosure Improvement ACT-know as 3/7/3
rule
NMLS licensing requirements Correct Answer *Finger
prints for FBI criminal history
*Authorization to get credit report
*maintain LO record with NMLS
*Pass National and State tests
*20 hours pre-licensing (3-hours federal, 3-hours ethics,
Consumer protection, Fair lending, Instruction on Fraud, 2-
hours non-traditional lending, 12 hours mortgage elective)
What is required for the 8 hours continuing education?
Correct Answer 3 hours federal, 2 hours ethics, 2 hours
non-traditional, 1 hour undefined.
Who developed and maintains NMLS Correct Answer
Conference of State Bank Supervisors & The American
Association of Residential Mortgage Regulators
What is NMLS? Correct Answer Nationwide Mortgage
Licensing System and Registry
,Who created NMLS? Correct Answer Congress as part of
the SAFE Act.
A registered LO means any individual who is an employee
of ... Correct Answer *a depository institution
*A subsidiary that is-
*owned and controlled by a depository institution and
*regulated by a Federal Banking agency;or
*An institution regulated by the Farm Credit Administration
*And is registered and maintains a unique identifier
What did the Sherman Antitrust Act do? Correct Answer
outlawed the formation of trusts that interfered with free
trade
Unfair Deceptive and Abusive Acts or Practices rules
Correct Answer Dodd Frank gives authority to CFPB and
UDAAP to prohibit acts that can cause significant financial
inury to consumers, erode consumer confidence and
undermine the financial marketplace
Standard for unfairness is 1. It causes or is likely to cause
substantial financial injury to consumer and 2. The injury is
not avoidable by concumers
How long does the LE allow the borrower to shop for a
new rate Correct Answer 10 days
What are the FTSs "four Ps test." Correct Answer 1.Is the
statement prominent enough for the consumer to notice?
, 2.Is the information easy-to-understand, doesn't contradict
with other information, and at a time when the consumer's
attention is not distracted?
3.Is the placement of information in a location where
consumer can be expected to look or hear?
4.Is the information close to what it claims?
What does BSA stand for and also known as? Correct
Answer Bank Secrecy Act..aka as the "anti-money
laundering act"
The BSA requires financial institutions to to keep records
of cash purchases, file reports of cash transactions
exceeding how much? Correct Answer $10,000 (daily
aggregate amount)
The Bank Secrecy Act says you must report suspicious
activity that might signify money laundering, tax evasion or
other criminal activities to who? Correct Answer The
Financial Crimes Enforcement Network, FinCEN
Who says that Financial institutions are required to file a
SAR report no later than 30 calendar days after the date of
initial detection of facts (delayed filing no more than 60
days) Correct Answer Financial Crimes Enforcement
Network under the Bank Secrecy Act
Under non-bank activates, RMLOs are required for
transactions that involve aggregates funds or other assets
of at least how much, to make a SARs report? Correct
Answer $5000
LATEST ACTUAL EXAM QUESTIONS
AND CORRECT ANSWERS | A+ GRADED
STUDY GUIDE
WHat is MDIA and what is it known as? Correct Answer
Mortgage Disclosure Improvement ACT-know as 3/7/3
rule
NMLS licensing requirements Correct Answer *Finger
prints for FBI criminal history
*Authorization to get credit report
*maintain LO record with NMLS
*Pass National and State tests
*20 hours pre-licensing (3-hours federal, 3-hours ethics,
Consumer protection, Fair lending, Instruction on Fraud, 2-
hours non-traditional lending, 12 hours mortgage elective)
What is required for the 8 hours continuing education?
Correct Answer 3 hours federal, 2 hours ethics, 2 hours
non-traditional, 1 hour undefined.
Who developed and maintains NMLS Correct Answer
Conference of State Bank Supervisors & The American
Association of Residential Mortgage Regulators
What is NMLS? Correct Answer Nationwide Mortgage
Licensing System and Registry
,Who created NMLS? Correct Answer Congress as part of
the SAFE Act.
A registered LO means any individual who is an employee
of ... Correct Answer *a depository institution
*A subsidiary that is-
*owned and controlled by a depository institution and
*regulated by a Federal Banking agency;or
*An institution regulated by the Farm Credit Administration
*And is registered and maintains a unique identifier
What did the Sherman Antitrust Act do? Correct Answer
outlawed the formation of trusts that interfered with free
trade
Unfair Deceptive and Abusive Acts or Practices rules
Correct Answer Dodd Frank gives authority to CFPB and
UDAAP to prohibit acts that can cause significant financial
inury to consumers, erode consumer confidence and
undermine the financial marketplace
Standard for unfairness is 1. It causes or is likely to cause
substantial financial injury to consumer and 2. The injury is
not avoidable by concumers
How long does the LE allow the borrower to shop for a
new rate Correct Answer 10 days
What are the FTSs "four Ps test." Correct Answer 1.Is the
statement prominent enough for the consumer to notice?
, 2.Is the information easy-to-understand, doesn't contradict
with other information, and at a time when the consumer's
attention is not distracted?
3.Is the placement of information in a location where
consumer can be expected to look or hear?
4.Is the information close to what it claims?
What does BSA stand for and also known as? Correct
Answer Bank Secrecy Act..aka as the "anti-money
laundering act"
The BSA requires financial institutions to to keep records
of cash purchases, file reports of cash transactions
exceeding how much? Correct Answer $10,000 (daily
aggregate amount)
The Bank Secrecy Act says you must report suspicious
activity that might signify money laundering, tax evasion or
other criminal activities to who? Correct Answer The
Financial Crimes Enforcement Network, FinCEN
Who says that Financial institutions are required to file a
SAR report no later than 30 calendar days after the date of
initial detection of facts (delayed filing no more than 60
days) Correct Answer Financial Crimes Enforcement
Network under the Bank Secrecy Act
Under non-bank activates, RMLOs are required for
transactions that involve aggregates funds or other assets
of at least how much, to make a SARs report? Correct
Answer $5000
