NMLS UST Exam Study Questions with Verified
Correct Answers
A loan originator is
An individual who takes a residential mortgage loan application and offers or negotiates terms
of a residential mortgage loan for compensation or gain
It is okay to advertise for specific interest rates, points, or terms if
you currently offer the terms advertised
A loan originator who applies to be licensed again must
complete the Continuing Education requirements for the last year in which the license was held
A Mortgage Lender shall maintain capital of not less than $______ per licensed location:
An amount determined by the state Regulatory Authority that reflects the dollar amount of
loans originated
All advertising of a Mortgage Loan Originator must include which of the following?
The Mortgage Loan Originator's unique identifier
After failing three (3) exams, an applicant must wait how long before taking the exam again?
6 months
For a Mortgage Servicer, refusing to reinstate a delinquent loan after receiving a payment
made to pay all past due amounts
is prohibited. Loans must be reinstated once all past due payments have been made
A Mortgage Loan Originator is
any person who for compensation places a loan within this state for others
Which of the following are powers/duties of the Regulatory Authority?
Conduct examinations of licensee's books and records
In order to renew your license, you must annually complete which of the minimum
requirements pertaining to Continuing Education
, 3 hours of Federal Law, 2 hours of Ethics, 2 hours of non-traditional and 1 Elective
The SAFE Mortgage Licensing Act is NOT designed to
keep mortgage rates low with licensing standards
The Nationwide Multistate Licensing System and Registry is developed and maintained by
which of the following
The Conference of State Bank Supervisors and The American Association of Residential
Mortgage Regulators
Which of the following is not considered a Federal Banking Agency?
The Consumer Financial Protection Bureau
All of the following are grounds for the Regulatory Authority to revoke a license except
not completing Continuing Education before Dec 31st
The SAFE Act is designed to do all of the following except:
Reduce fraud by encouraging states to establish minimum standards for the licensing and
registration of state-licensed mortgage loan originators
Establish and maintain a nationwide mortgage licensing system and registry
Reduce fraud by creating an enforcement agency that prosecutes unethical activity
Provide consumers with easily accessible information, offered at no charge, through
electronic media, including the Internet
Reduce fraud by creating an enforcement agency that prosecutes unethical activity
The Regulatory Authority may impose penalties for each violation up to, and not exceeding
$25,000
The Regulatory Authority shall renew a mortgage loan originator's (MLO) license if all of the
following are done EXCEPT
The MLO retests
How long must an applicant wait to receive a new license if they have previously had their
license revoked?
Once an individual's license has been revoked, that person is never eligible for a future license
All of the following are required to be licensed except:
any Mortgage Lender making less than five mortgage loans within any 12 consecutive months
Correct Answers
A loan originator is
An individual who takes a residential mortgage loan application and offers or negotiates terms
of a residential mortgage loan for compensation or gain
It is okay to advertise for specific interest rates, points, or terms if
you currently offer the terms advertised
A loan originator who applies to be licensed again must
complete the Continuing Education requirements for the last year in which the license was held
A Mortgage Lender shall maintain capital of not less than $______ per licensed location:
An amount determined by the state Regulatory Authority that reflects the dollar amount of
loans originated
All advertising of a Mortgage Loan Originator must include which of the following?
The Mortgage Loan Originator's unique identifier
After failing three (3) exams, an applicant must wait how long before taking the exam again?
6 months
For a Mortgage Servicer, refusing to reinstate a delinquent loan after receiving a payment
made to pay all past due amounts
is prohibited. Loans must be reinstated once all past due payments have been made
A Mortgage Loan Originator is
any person who for compensation places a loan within this state for others
Which of the following are powers/duties of the Regulatory Authority?
Conduct examinations of licensee's books and records
In order to renew your license, you must annually complete which of the minimum
requirements pertaining to Continuing Education
, 3 hours of Federal Law, 2 hours of Ethics, 2 hours of non-traditional and 1 Elective
The SAFE Mortgage Licensing Act is NOT designed to
keep mortgage rates low with licensing standards
The Nationwide Multistate Licensing System and Registry is developed and maintained by
which of the following
The Conference of State Bank Supervisors and The American Association of Residential
Mortgage Regulators
Which of the following is not considered a Federal Banking Agency?
The Consumer Financial Protection Bureau
All of the following are grounds for the Regulatory Authority to revoke a license except
not completing Continuing Education before Dec 31st
The SAFE Act is designed to do all of the following except:
Reduce fraud by encouraging states to establish minimum standards for the licensing and
registration of state-licensed mortgage loan originators
Establish and maintain a nationwide mortgage licensing system and registry
Reduce fraud by creating an enforcement agency that prosecutes unethical activity
Provide consumers with easily accessible information, offered at no charge, through
electronic media, including the Internet
Reduce fraud by creating an enforcement agency that prosecutes unethical activity
The Regulatory Authority may impose penalties for each violation up to, and not exceeding
$25,000
The Regulatory Authority shall renew a mortgage loan originator's (MLO) license if all of the
following are done EXCEPT
The MLO retests
How long must an applicant wait to receive a new license if they have previously had their
license revoked?
Once an individual's license has been revoked, that person is never eligible for a future license
All of the following are required to be licensed except:
any Mortgage Lender making less than five mortgage loans within any 12 consecutive months