New York Mortgage Loan Originator
Licensing Exam With Actual Questions
& Verified Answers,Plus
Rationales/Expert Verified For
Guaranteed Pass Graded A+/2026
/Latest Update/Instant Download Pdf
1. What is the primary purpose of the SAFE Act?
A. To regulate insurance agents
B. To provide consumer credit counseling
C. To enhance consumer protection and reduce fraud in the mortgage
industry
D. To set property tax rates
The SAFE Act was enacted to ensure that all mortgage loan originators
are properly licensed and to protect consumers from fraud and abuse.
2. Which federal law requires lenders to provide borrowers with the Loan
Estimate and Closing Disclosure?
A. HMDA
B. ECOA
C. TILA-RESPA Integrated Disclosure Rule (TRID)
D. FACTA
TRID, under the Truth in Lending Act and RESPA, mandates the Loan
Estimate and Closing Disclosure for transparency in loan terms and costs.
,3. What is the minimum age to become a licensed MLO in New York?
A. 18
B. 18 years old
C. 21
D. 25
Applicants must be at least 18 years old to apply for a mortgage loan
originator license.
4. Which agency oversees the licensing of MLOs in New York?
A. HUD
B. New York State Department of Financial Services (NYDFS)
C. FNMA
D. FDIC
The NYDFS regulates and licenses MLOs operating within New York State.
5. How many hours of pre-licensing education are required for MLOs under
the SAFE Act?
A. 10
B. 12
C. 20
D. 25
The SAFE Act requires at least 20 hours of pre-licensing education,
including federal law, ethics, and nontraditional mortgage lending.
6. Which of the following is not part of the required pre-licensing
education?
A. Federal law
B. Ethics
C. Nontraditional mortgage lending
D. State and local tax law
The 20-hour course includes specific areas like ethics and federal law but
not tax law.
, 7. What is the annual continuing education requirement for MLOs?
A. 5 hours
B. 8 hours
C. 10 hours
D. 12 hours
The SAFE Act requires 8 hours of continuing education annually to
maintain an active license.
8. The Loan Estimate must be provided to the borrower within how many
business days after receiving an application?
A. 1
B. 2
C. 3
D. 5
TILA-RESPA requires lenders to issue the Loan Estimate within three
business days of receiving a loan application.
9. Which law prohibits discrimination based on race, color, religion, sex, or
national origin in housing-related transactions?
A. Fair Housing Act
B. RESPA
C. HMDA
D. ECOA
The Fair Housing Act prohibits discrimination in housing, including
mortgage lending.
10.Which law requires lenders to collect demographic data about borrowers
for monitoring discriminatory practices?
A. TILA
B. RESPA
C. HMDA
Licensing Exam With Actual Questions
& Verified Answers,Plus
Rationales/Expert Verified For
Guaranteed Pass Graded A+/2026
/Latest Update/Instant Download Pdf
1. What is the primary purpose of the SAFE Act?
A. To regulate insurance agents
B. To provide consumer credit counseling
C. To enhance consumer protection and reduce fraud in the mortgage
industry
D. To set property tax rates
The SAFE Act was enacted to ensure that all mortgage loan originators
are properly licensed and to protect consumers from fraud and abuse.
2. Which federal law requires lenders to provide borrowers with the Loan
Estimate and Closing Disclosure?
A. HMDA
B. ECOA
C. TILA-RESPA Integrated Disclosure Rule (TRID)
D. FACTA
TRID, under the Truth in Lending Act and RESPA, mandates the Loan
Estimate and Closing Disclosure for transparency in loan terms and costs.
,3. What is the minimum age to become a licensed MLO in New York?
A. 18
B. 18 years old
C. 21
D. 25
Applicants must be at least 18 years old to apply for a mortgage loan
originator license.
4. Which agency oversees the licensing of MLOs in New York?
A. HUD
B. New York State Department of Financial Services (NYDFS)
C. FNMA
D. FDIC
The NYDFS regulates and licenses MLOs operating within New York State.
5. How many hours of pre-licensing education are required for MLOs under
the SAFE Act?
A. 10
B. 12
C. 20
D. 25
The SAFE Act requires at least 20 hours of pre-licensing education,
including federal law, ethics, and nontraditional mortgage lending.
6. Which of the following is not part of the required pre-licensing
education?
A. Federal law
B. Ethics
C. Nontraditional mortgage lending
D. State and local tax law
The 20-hour course includes specific areas like ethics and federal law but
not tax law.
, 7. What is the annual continuing education requirement for MLOs?
A. 5 hours
B. 8 hours
C. 10 hours
D. 12 hours
The SAFE Act requires 8 hours of continuing education annually to
maintain an active license.
8. The Loan Estimate must be provided to the borrower within how many
business days after receiving an application?
A. 1
B. 2
C. 3
D. 5
TILA-RESPA requires lenders to issue the Loan Estimate within three
business days of receiving a loan application.
9. Which law prohibits discrimination based on race, color, religion, sex, or
national origin in housing-related transactions?
A. Fair Housing Act
B. RESPA
C. HMDA
D. ECOA
The Fair Housing Act prohibits discrimination in housing, including
mortgage lending.
10.Which law requires lenders to collect demographic data about borrowers
for monitoring discriminatory practices?
A. TILA
B. RESPA
C. HMDA
