SAFE MLO ULTIMATE TEST PREP
(UNIFORM STATE CONTENT) WITH
COMPLETE SOLUTIONS
The minimum passing score of the National Test with UST is: - ANSWER-75%
To hold an active license, an MLO must: - ANSWER-Be sponsored by a licensed entity
The State Regulatory Authority shall renew a mortgage loan originator's license if all of
the following are done EXCEPT:
1. The originator continues to meet the minimum requirements
2. The originator paid the fee to renew
3. The originator satisfied the Continuing Education
4. The MLO retests - ANSWER-The MLO retests
After failing 3 exams, an applicant must wait how long before taking the exam again? -
ANSWER-180 days
Background checks performed by the State Regulatory Authority cannot include: -
ANSWER-Personal checking account information
The NMLS is responsible for all the following EXCEPT:
1. Assigning the unique identifier
2. Collecting licensing fees
3. Housing licensing information like the education record
4. Approving or denying license application - ANSWER-Approving or denying license
application
A mortgage lender shall maintain capital of no less than ____ per licensed location. -
ANSWER-An amount determined by the State Regulatory Authority that reflects the
dollar amount of loans originated.
All advertising of a MLO must include which of the following:
1. A photograph of the MLO
2. The MLOs unique identifier
3. Types of loans the MLO makes
4. A disclaimer from the NMLS - ANSWER-The MLOs unique identifier
A loan originator who applies to be licensed again must: - ANSWER-Complete the
Continuing Education requirements for the last year in which the license was held
, The SAFE Act is designed to do all of the following except:
1. Reduce fraud by encouraging states to establish minimum standards for the licensing
and registration of state-licensed mortgage loan originators
2. Establish and maintain a nationwide mortgage licensing system and registry
3. Reduce fraud by creating an enforcement agency that prosecutes unethical activity
4. Provide consumers with easily accessible info offered at no charge, through
electronic media, including the internet. - ANSWER-Reduce fraud by creating an
enforcement agency that prosecutes unethical activity
Who determines continuing education requirements and dates for license renewal? -
ANSWER-The State Regulatory Authority as establish under the SAFE Act
The SAFE Act outlines all of the following EXCEPT:
1. Pre-licensing education requirements
2. Testing requirements
3. Continuing education requirements
4. Loan originator compensation requirements - ANSWER-Loan originator
compensation requirements
The State Regulatory Authority may impose penalties for each violation up to, and not
exceeding: - ANSWER-$25,000
All of the following are required to be licensed except:
1. Any Mortgage Lender making less than five mortgage loans within any 12
consecutive months.
2. Any person who acts as a Mortgage Broker less than 5 times within any 2
consecutive months.
3. An independent contractors who engage in loan origination activities as a loan
processor or underwriter.
4. An individual negotiating a residential mortgage loan with or on behalf of an
immediate family member. - ANSWER-An individual negotiating a residential mortgage
loan with or on behalf of an immediate family member.
The Regulatory Authority shall NOT have free and reasonable access to licensees: -
ANSWER-Personal tax returns
The Unique Identifier, issued by NMLS, of any person originating a residential mortgage
loan shall be clearly shown on all of the following EXCEPT:
1. The office front door or marquee.
2. Advertisements.
3. Business cards.
4. Websites. - ANSWER-The office front door or marquee
Surety bonds must be maintained by: - ANSWER-All licensees, unless excluded by the
Regulatory Authority
(UNIFORM STATE CONTENT) WITH
COMPLETE SOLUTIONS
The minimum passing score of the National Test with UST is: - ANSWER-75%
To hold an active license, an MLO must: - ANSWER-Be sponsored by a licensed entity
The State Regulatory Authority shall renew a mortgage loan originator's license if all of
the following are done EXCEPT:
1. The originator continues to meet the minimum requirements
2. The originator paid the fee to renew
3. The originator satisfied the Continuing Education
4. The MLO retests - ANSWER-The MLO retests
After failing 3 exams, an applicant must wait how long before taking the exam again? -
ANSWER-180 days
Background checks performed by the State Regulatory Authority cannot include: -
ANSWER-Personal checking account information
The NMLS is responsible for all the following EXCEPT:
1. Assigning the unique identifier
2. Collecting licensing fees
3. Housing licensing information like the education record
4. Approving or denying license application - ANSWER-Approving or denying license
application
A mortgage lender shall maintain capital of no less than ____ per licensed location. -
ANSWER-An amount determined by the State Regulatory Authority that reflects the
dollar amount of loans originated.
All advertising of a MLO must include which of the following:
1. A photograph of the MLO
2. The MLOs unique identifier
3. Types of loans the MLO makes
4. A disclaimer from the NMLS - ANSWER-The MLOs unique identifier
A loan originator who applies to be licensed again must: - ANSWER-Complete the
Continuing Education requirements for the last year in which the license was held
, The SAFE Act is designed to do all of the following except:
1. Reduce fraud by encouraging states to establish minimum standards for the licensing
and registration of state-licensed mortgage loan originators
2. Establish and maintain a nationwide mortgage licensing system and registry
3. Reduce fraud by creating an enforcement agency that prosecutes unethical activity
4. Provide consumers with easily accessible info offered at no charge, through
electronic media, including the internet. - ANSWER-Reduce fraud by creating an
enforcement agency that prosecutes unethical activity
Who determines continuing education requirements and dates for license renewal? -
ANSWER-The State Regulatory Authority as establish under the SAFE Act
The SAFE Act outlines all of the following EXCEPT:
1. Pre-licensing education requirements
2. Testing requirements
3. Continuing education requirements
4. Loan originator compensation requirements - ANSWER-Loan originator
compensation requirements
The State Regulatory Authority may impose penalties for each violation up to, and not
exceeding: - ANSWER-$25,000
All of the following are required to be licensed except:
1. Any Mortgage Lender making less than five mortgage loans within any 12
consecutive months.
2. Any person who acts as a Mortgage Broker less than 5 times within any 2
consecutive months.
3. An independent contractors who engage in loan origination activities as a loan
processor or underwriter.
4. An individual negotiating a residential mortgage loan with or on behalf of an
immediate family member. - ANSWER-An individual negotiating a residential mortgage
loan with or on behalf of an immediate family member.
The Regulatory Authority shall NOT have free and reasonable access to licensees: -
ANSWER-Personal tax returns
The Unique Identifier, issued by NMLS, of any person originating a residential mortgage
loan shall be clearly shown on all of the following EXCEPT:
1. The office front door or marquee.
2. Advertisements.
3. Business cards.
4. Websites. - ANSWER-The office front door or marquee
Surety bonds must be maintained by: - ANSWER-All licensees, unless excluded by the
Regulatory Authority
