Nmls 20 hour safe - Study guides, Class notes & Summaries

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers In order to become a state licensed LO, the applicant must complete how many hours of prelicense education courses within 30 days of the end of the fiscal quarter a. 45 b. 30 c. 25 d. 20 - Answer-d A lender which will make mortgage loans to customers, but will immediately sell each of their loans to a larger lender (under a contract relationship) is called a: a. Wholesale lender b. Retail lender c. Correspondent l...

SAFE Act- the secure and fair enforcement for mortgage licensing Act Designed to enhance consumer protection and reduce fraud by establishing minimum standards for licensing and registration of MLOs Conference of State Bank Supervisors (CSBS) National organization founded to further advance the ideas and professionalism for state banking departments; acts as single voice to congress for state banks and serves as a connection between state and federal regulators The American Assoc...

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO Correct Answer: d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter Correct Answer: c. within45 days of the end o...

20 Hour SAFE: Applying Mortgage Knowledge to Exam Preparation/ NMLS SAFE Exam. The penalties for paying or accepting an illegal referral fee are: a. Fines of up to $5,000 and up to one year in prison b. Fines of up to $10,000 and up to one year in prison c. Fines of up to $10,000 and up to three years in prison d. Fines of up to $20,000 and up to one year in prison An annual escrow analysis is used to do which of the following? a. Report underwriting errors b. Prevent escrow overages c. Ensure t...

20 Hour SAFE: Applying Mortgage Knowledge to Exam Preparation

What type of MLO must be licensed? A. an MLO of a savings and loan B. An MLO of a commercial bank C. Building and Loan Association MLO D. An MLO of a non-depository firm that arranges mortgages for clieents - ANSWER-D What is the difference between mortgage lenders and brokers? - ANSWER-Mortgage lenders make loans and mortgage brokers arrange loans What best defines a mortgage broker? A. Serves as an intermediary between a borrower and the actual lender B. Makes loans by. funding fro...

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter c. within45 days of the end of the calendar quarter Which of t...

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO -ANSWER d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter -ANSWER c. within45 days of the end of the calendar q...