NMLS SAFE EXAM 2023/2024 Post Assessment Actual Final Exam Questions with all Questions Accurately Answered
A Mortgage Loan Originator is - correct answer any person who for compensation places a loan within this state for others
Which of the following are powers/duties of the Regulatory Auth...
NMLS SAFE EXAM 2023/2024 Post
Assessment Actual Final Exam Questions with
all Questions Accurately Answered
A Mortgage Loan Originator is - correct answer any person
who for compensation places a loan within this state for others
Which of the following are powers/duties of the Regulatory
Authority? - correct answer 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 - correct answer 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 - correct
answer keep mortgage rates low with licensing standards
The Nationwide Multistate Licensing System and Registry is
developed and maintained by which of the following - correct
answer 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? - correct answer The Consumer Financial Protection
Bureau
,All of the following are grounds for the Regulatory Authority to
revoke a license except - correct answer 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 -
correct answer 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 - correct answer $25,000
The Regulatory Authority shall renew a mortgage loan
originator's (MLO) license if all of the following are done
EXCEPT - correct answer The MLO retests
How long must an applicant wait to receive a new license if they
have previously had their license revoked? - correct answer
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
any person who acts as a Mortgage Broker less than 5 times
within any 2 consecutive months
an independent contractors who engage in loan origination
activities as a loan processor or underwriter
an individual negotiating a residential mortgage loan with or on
behalf of an immediate family member. - correct answer an
individual negotiating a residential mortgage loan with or on
behalf of an immediate family member.
Who determines continuing education requirements and dates
for license renewal? - correct answer The state Regulatory
Authority as established under the SAFE Act
The penalties issued by the Regulatory Authority are ____
penalties on mortgage loan originators. - correct answer Civil
Which of the following is not considered "prohibited conduct"? -
correct answer Making a costly error
Background checks performed by the Regulatory Authority
cannot include - correct answer Personal checking account
information
The Unique Identifier, issued by NMLS, of any person originating
a residential mortgage loan shall be clearly shown on all of the
, following except - correct answer on the company's front
door
An example of prohibited conduct is - correct answer
accepting fees from a consumer in the Loan Originator's own
name
The Regulatory Authority shall NOT have free and reasonable
access to licensees' - correct answer tax returns
By taking and passing the UST , as of 3/1/16, you will meet the
exam requirements of how many state mortgage agencies? -
correct answer 51 agencies
The Unique Identifier, issued by NMLS, of any person originating
a residential mortgage loan shall be clearly shown on all of the
following except - correct answer emails
When was the Housing and Economic Recovery Act signed into
law? - correct answer 2008
A licensed loan originator who is an instructor of an approved
Continuing Education course may receive credit for the licensed
loan originator's own annual Continuing Education requirement
at the rate of - correct answer two hours of credit for every
one hour taught
Upon the recovery of any claim on the bond, the licensee shall
file a new bond - correct answer immediately
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