Exam (elaborations)
NMLS UST EXAM QUESTIONS AND ANSWERS
- Course
- Institution
NMLS UST EXAM QUESTIONS AND ANSWERS ...
[Show more]
Content preview
NMLS UST EXAM QUESTIONS AND ANSWERS2024-2025
A loan originator is someone who proposes or negotiates terms for a residential
mortgage loan for pay or profit.
It is acceptable to advertise specific interest rates, points, or terms if
You presently offer the terms advertised.
If a loan originator wants to renew their license, they must
Complete the Continuing Education requirements for the last year that the license
was held.
A mortgage lender must keep capital of at least $______ per permitted location.
The State Regulatory Authority determines a figure that represents the dollar
amount of loans originated.
Which of the following must be included in all Mortgage Loan Originator
advertisements?
The Mortgage Loan Originator's Unique Identifier
After failing three (3) tests, how long must an applicant wait before attempting the
exam again?
Six months.
For a mortgage servicer, declining to restart an overdue loan despite receiving a
payment to cover all past-due amounts
is prohibited. Loans must be reinstated after all past-due payments are made.
,Mortgage loan originators are
any individual who, for pay, makes a loan to others in this state
Which of the following are the Regulatory Authority's powers and duties?
Examine the licensee's books and records
To renew your license, you must annually complete which of the minimum criteria
for continuing education?
3 hours of federal law, 2 hours of ethics, 2 hours of non-traditional, and one
elective.
The SAFE Mortgage Licensing Act was not designed to
Maintain low mortgage rates with licensing standards.
The Nationwide Multistate Licensing System and Registry is designed and
maintained by which of the following?
Conference of State Bank Supervisors and the American Association of Residential
Mortgage Regulators
Which of the following is not classified as a federal banking agency?
The Consumer Financial Protection Bureau
The Regulatory Authority may revoke a license for any of the following reasons,
except
, not completing continuing education before December 31st.
The SAFE Act is intended to accomplish all of the above except:
Reduce fraud by pushing states to set minimum requirements for the licensing and
registration of state-licensed mortgage loan originators.
Establish and maintain a national mortgage licensing system and register.
Reduce fraud by establishing an enforcement agency that pursues unethical
behaviour.
Provide consumers with easily accessible information at no cost through electronic
media, including the Internet.
Reduce fraud by establishing an enforcement agency that pursues unethical
behaviour.
The Regulatory Authority may impose penalties for every infraction up to, but not
exceeding
$25,000
The Regulatory Authority will renew a mortgage loan originator's (MLO) license if
all of the following are completed, except
The MLO retests
How long must an application wait for a new license if their old license has been
revoked?
Once a person's license has been revoked, they will never be eligible for a
subsequent license.
All of the following are required to be licensed, except:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller luzlinkuz. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now