NMLS MLO 10 2017 Questions With
Complete Solutions
A Registered Loan Originator must complete how many hours of continuing education courses
each year There are NO continuing education requirements for Registered Loan
Originators, only for State Licensed Loan Originators.
Which of the following individuals would NOT need to be licensed as a mortgage loan
originator? One who only originated mortgages on residential properties with more than 4
units.
Under the Model State Law, a supervisory agency may rely on examination or investigation
reports made by other government officials: From within or without that state.
If the CFPB determines that a state is out of compliance with the SAFE Act and Regulation H,
after its initial determination of noncompliance it must allow a public comment period for at
least 30 days
, If the CFPB determines that a state supervisory agency is not in compliance with the SAFE Act
and Regulation H, what is the ultimate, highest penalty the CFPB could impose? The
CFPB could create its own state licensing system.
Richard was convicted of securities fraud some years ago. Several years after his release from
prison, Richard applies for a mortgage loan originator license. Under what circumstances might
he be granted a license? Only if Richard has received a pardon for his conviction.
Which of the following loans would be a "nontraditional loan" under the Model State Law?
A nontraditional loan is any loan other than a 30 year fixed rate mortgage
Which of the following laws has as one of its central purposes the desire to prohibit sellers from
requiring buyers to use a specific title insurance company? RESPA
RESPA prohibits sellers from requiring buyers to use a specific title insurance company
If a mortgage broker follows the "safe harbor" provisions of the Anti-Steering rules of
Regulation Z, what effect will that have? In any lawsuit involving a claim of steering, the
court would presume that the lender did not violate the prohibition against steering,
Complete Solutions
A Registered Loan Originator must complete how many hours of continuing education courses
each year There are NO continuing education requirements for Registered Loan
Originators, only for State Licensed Loan Originators.
Which of the following individuals would NOT need to be licensed as a mortgage loan
originator? One who only originated mortgages on residential properties with more than 4
units.
Under the Model State Law, a supervisory agency may rely on examination or investigation
reports made by other government officials: From within or without that state.
If the CFPB determines that a state is out of compliance with the SAFE Act and Regulation H,
after its initial determination of noncompliance it must allow a public comment period for at
least 30 days
, If the CFPB determines that a state supervisory agency is not in compliance with the SAFE Act
and Regulation H, what is the ultimate, highest penalty the CFPB could impose? The
CFPB could create its own state licensing system.
Richard was convicted of securities fraud some years ago. Several years after his release from
prison, Richard applies for a mortgage loan originator license. Under what circumstances might
he be granted a license? Only if Richard has received a pardon for his conviction.
Which of the following loans would be a "nontraditional loan" under the Model State Law?
A nontraditional loan is any loan other than a 30 year fixed rate mortgage
Which of the following laws has as one of its central purposes the desire to prohibit sellers from
requiring buyers to use a specific title insurance company? RESPA
RESPA prohibits sellers from requiring buyers to use a specific title insurance company
If a mortgage broker follows the "safe harbor" provisions of the Anti-Steering rules of
Regulation Z, what effect will that have? In any lawsuit involving a claim of steering, the
court would presume that the lender did not violate the prohibition against steering,
