Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

NMLS-Exam > Exam-Uniform state content (UST) > Flashcards

Exam-Uniform state content (UST) Flashcards

1
Q

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:

a) One hour of credit for every one hour taught.
b) Two hours of credit for every one hour taught.
c) Three hours of credit for every one hour taught.
d) Instructors may not receive credit in this way.

A

b) Two hours of credit for every one hour taught.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A loan originator is:

a) A person who only performs real estate brokerage activities and is not compensated by a lender, a mortgage broker, or other loan originator.
b) A person or entity solely involved in extensions of credit relating to timeshare plans.
c) An individual who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain.
d) A person who only handles clerical or data entry functions.

A

c) An individual who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A loan originator who applies to be licensed again after expiration must complete:

a. Pre-Licensing
b. The same course used the previous year
c. Both Pre-Licensing and Continuing Education combined
d. Continuing Education in the last year in which they were licensed

A

d.Continuing Education in the last year in which they were licensed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A loan originator who applies to be licensed again must:

a) receive a new unique identifier.
b) complete the Continuing Education requirements for the last year in which the license was held.
c) write a letter to the Regulatory Authority requesting a new license.
d) None of the above.

A

b) complete the Continuing Education requirements for the last year in which the license was held.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A Mortgage Banker is:

a) A person who engages in the mortgage loan business by directly or indirectly originating and closing mortgage loans with its own funds in the primary market for consideration.
b) A person who engages in the mortgage loan business by directly or indirectly negotiating or placing mortgage loans for others in the primary market for consideration.
c) A person who only performs real estate brokerage activities unless the person is compensated by a lender, a mortgage broker, or other loan originator
d) A contract MLO who works outside of the office and is not sponsored.

A

a) A person who engages in the mortgage loan business by directly or indirectly originating and closing mortgage loans with its own funds in the primary market for consideration.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A Mortgage Lender shall maintain capital of not less than $______ per licensed location:

a) $100,000
b) $200,000
c) $300,000
d) An amount determined by the state Regulatory Authority that reflects the dollar amount of loans originated.

A

d) An amount determined by the state Regulatory Authority that reflects the dollar amount of loans originated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A person operating without a license is subject to:

a) Imprisonment
b) Civil money penalties
c) Criminal court proceedings
d) NMLS disciplinary actions

A

b) Civil money penalties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

After failing three (3) exams, an applicant must wait how long before taking the exam again?

a) Ninety (90) Days
b) 180 Days
c) One (1) Month
d) Six (6) Months

A

d) Six (6) Months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

All advertising of a Mortgage Loan Originator must include which of the following?

a) A photograph of the Mortgage Loan Originator
b) The Mortgage Loan Originator’s unique identifier
c) Types of loans the Mortgage Loan Originator makes
d) A disclaimer from the NMLS

A

b) The Mortgage Loan Originator’s unique identifier

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

All of the following are considered a Federal Banking Agency EXCEPT:

a) The Board of Governors of the Federal Reserve System.
b) The Comptroller of the Currency.
c) The FDIC.
d) The NMLS.

A

d) The NMLS.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

All of the following are grounds for the Regulatory Authority to revoke a license except:

a) material misstatements in an application.
b) conviction of any crime of moral turpitude.
c) failure to account for funds received or disbursed.
d) not completing Continuing Education before Dec 31st.

A

d) not completing Continuing Education before Dec 31st.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

All of the following are required to be licensed except:

a) any Mortgage Lender making less than five mortgage loans within any 12 consecutive months.
b) any person who acts as a Mortgage Broker less than 5 times within any 2 consecutive months.
c) an independent contractors who engage in loan origination activities as a loan processor or underwriter.
d) an individual negotiating a residential mortgage loan with or on behalf of an immediate family member.

A

d) an individual negotiating a residential mortgage loan with or on behalf of an immediate family member.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

All of the following must be deposited into trust accounts EXCEPT:

a. Rate-lock Commitment Fees
b. Prepaid Attorney Charges
c. Application Fees
d. MLO Commission Checks

A

d.MLO Commission Checks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

All of the following would call into question an applicant’s financial responsibility except:

a. An open judgement
b. A tax lien
c. Medical collection
d. A foreclosure 2 years ago

A

c.Medical collection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

All the following would be considered to be performing clerical or support duties EXCEPT:

a) A loan processor
b) An underwriter
c) An MLO
d) An appraiser

A

c) An MLO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Verified

An applicant could still be eligible for a license under which of the following conditions?

a) The applicant was previously involved in an act of money laundering ten years prior to their application.
b) The applicant pled guilty to a felony in a domestic court eight years prior to their application.
c) The applicant has previously had a loan originator license revoked.
d) All of these conditions would be grounds for immediate rejection of an application.

A

b) The applicant pled guilty to a felony in a domestic court eight years prior to their application.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

An example of prohibited conduct is:

a) Having the license number and NMLS number on advertising
b) Accepting fees from a consumer in the Loan Originator’s own name.
c) Accepting fees in the name of the Loan Originator’s employer.
d) Accepting fees payable to 3rd party providers.
e) Having the license number and NMLS number on advertising.

A

b) Accepting fees from a consumer in the Loan Originator’s own name.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

An individual is looking to obtain a mortgage loan originator license, should be aware that they cannot obtain a licensee if which of the following appears on their credit report:

a) A medical collection
b) A foreclosure from 10 years ago
c) A bankruptcy
d) An open tax lien

A

d) An open tax lien

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

An MLO is looking to expand their business into the neighboring state, what provision allows them to practice as an MLO in that state while their license application is being processed?

a) Temporary Authority
b) This is never allowed
c) Their license in their home state allows them exemption in another state
d) TRID

A

a) Temporary Authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Applicants may retake the exam a total of three (3) times with each retake attempt occurring at least how long after the preceding exam?

a) Thirty (30) days
b) Fifteen (15) days
c) One (1) week
d) One Month

A

a) Thirty (30) days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Background checks performed by the Regulatory Authority do not include:

a) a Credit Report.
b) administrative findings by a governmental agency.
c) civil, or criminal findings by a governmental agency.
d) medical findings by a governmental agency.

A

d) medical findings by a governmental agency.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Background checks performed by the Regulatory Authority include all the following except:

a) Fingerprints, personal history, and experience.
b) State, national, and international criminal history.
c) Marital history.
d) Administrative, civil, or criminal findings by a governmental agency.

A

c) Marital history.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Background checks performed by the State Regulatory Authority cannot include:

a) fingerprints.
b) state, national, and international criminal history.
c) Personal history and experience.
d) Personal checking account information.

A

d) Personal checking account information.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Harvey left the mortgage industry for 7 years, he decided to become a real estate agent. The market is now booming and Harvey wants to pick up his MLO license again, which of the following is true?

a. He has to provide additional surety bond information
b. He has to retake his pre-licensing education
c. He has to take 7 years of continuing education
d. He has to retake the National Test

A

d.He has to retake the National Test

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

How long must an applicant wait to receive a new license if they have previously had their license revoked?

a) 7 years
b) 10 years
c) 5 years
d) Once an individual’s license has been revoked, that person is never eligible for a future license.

A

d) Once an individual’s license has been revoked, that person is never eligible for a future license.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

If a licensee takes continuing education course #2222 in one year, the licensee cannot take course #2222 in the following year, this rule is called:

a) Temporary Authority
b) Successive Year Rule
c) Continuing Education Integrity Rule
d) The Same Year Rule

A

b)Successive Year Rule

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

If the Regulatory Authority orders a cease and desist, the order becomes effective:

a) at time the Licensee is served papers.
b) at the time the Regulatory Authority signs the order.
c) after the Licensee responds to the order.
d) The Regulatory Authority cannot order a cease and desist.

A

a) at time the Licensee is served papers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

In order to renew your license, you must annually complete which of the minimum requirements pertaining to Continuing Education:

a) 3 hours traditional of Federal Law, 2 hours of Ethics, 2 hours of non-traditional and 1 Elective
b) 2 hours traditional of Federal Law, 2 hours of Ethics, 2 hours of non-traditional and 2 Electives
c) 3 hours traditional of Federal Law, 2 hours of Ethics, 1 hours of non- traditional and 2 Electives
d) 2 hours traditional of Federal Law, 3 hours of Ethics, 2 hours of non-traditional and 1 Elective

A

a) 3 hours traditional of Federal Law, 2 hours of Ethics, 2 hours of non-traditional and 1 Elective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

It is permissible to sign a borrower’s application or related documents on behalf of or instead of another Mortgage Broker, Lender, or Loan Originator as long as:

a. The document must be submitted in a timely manner and the individual who needs to sign cannot do so.
b. That individual has given consent.
c. There is a note indicating your action.
d. This action is not permitted.

A

d.This action is not permitted.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

It is prohibited to advertise all of the following except:

a. “instant closing”
b. “immediate approval”
c. “immediate closing”
d. VA lender

A

d.VA lender

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

NMLS stands for:

a. National Mortgage Licensing Standards
b. Nationwide Multistate Licensing System and Registry
c. Nationwide Mortgage Licensing Service
d. National Mortgage License System

A

b.Nationwide Multistate Licensing System and Registry

32
Q

Once a loan is originated by the mortgage broker or loan officer, the corresponding paperwork is sent along to a:

a. Loan Processor
b. Broker
c. Mortgage Lender
d. Mortgage Loan Originato

A

a.Loan Processor

33
Q

Out of the following options, who will need an MLO license?

a. Processors not involved in offering or negotiating loans
b. An independent contractor who acts as a loan processor or underwriter for residential real estate.
c. Underwriters not involved in offering or negotiating loans
d. An individual working for a mortgage company who is not performing origination activity

A

b.An independent contractor who acts as a loan processor or underwriter for residential real estate.

34
Q

Provide the term for the following definition: “an individual who performs clerical or support duties at the direction of and subject to the supervision and instruction of a state-licensed loan originator or a registered loan originator.”

a. Independent Contractor
b. Real Estate Broker
c. Loan Processor
d. Mortgage Loan Originator

A

c.Loan Processor

35
Q

S.A.F.E. is the short title for what Mortgage Licensing act of 2008?

a. Systematic and Fair Enforcement
b. Safe and Fair Enforcement
c. Secure and Fair Environment
d. Secure and Fair Enforcement

A

d.Secure and Fair Enforcement

36
Q

Surety bonds must be maintained by:

a) licensees who will originate less than $7,500,000.
b) licensees who will originate $7,500,000 to $14,999,999.99.
c) licensees who will originate $15 Million to $29,999,999.99.
d) all licensees, unless excluded by the Regulatory Authority.

A

d) all licensees, unless excluded by the Regulatory Authority.

37
Q

The following definition describes which of the following: Any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or residential real estate upon which it is constructed, or intended to be constructed, a dwelling.

a) Residential Mortgage Loan
b) Residential Real Estate
c) Nontraditional Home
d) Construction Loan

A

a) Residential Mortgage Loan

38
Q

The minimum passing score of the National Test with UST is:

a) 75%
b) 73%
c) 70%
d) 80%

A

a) 75%

39
Q

The Nationwide Multistate Licensing System and Registry is developed and maintained by which of the following:

a) The Conference of State Bank Supervisors and the NMLS
b) The American Association of Residential Mortgage Regulators and the NMLS
c) The Conference of State Bank Supervisors and The American Association of Residential Mortgage Regulators
d) The NMLSR

A

c) The Conference of State Bank Supervisors and The American Association of Residential Mortgage Regulators

40
Q

The NMLS is responsible for all the following EXCEPT:

a) Assigning the unique identifier
b) Collecting licensing fees
c) Housing licensing information like the education record
d) Approving or denying license applications

A

d) Approving or denying license applications

41
Q

The penalties issued by the State Regulatory Authority are levy ____ penalties on mortgage loan originators.

a) Civil
b) Criminal
c) Contractual
d) Continual

A

a) Civil

42
Q

The Regulatory Authority may do all of the following except:

a) Establish licensing rules and regulations.
b) Issue, revoke, deny, suspend, and condition licenses.
c) Audit, investigate, and conduct enforcement actions necessary to carrying out the SAFE Act Audit, investigate, and conduct enforcement actions necessary to carry out the SAFE Act.
d) Pass legislature to make things safer for the consumers in their state.

A

d) Pass legislature to make things safer for the consumers in their state.

43
Q

The Regulatory Authority may do any of the following if an applicant fails to meet requirements for receiving a license except:

a) Deny a license.
b) Issue a license.
c) Suspend a license.
d) Revoke a license.

A

b)Issue a license.

44
Q

The Regulatory Authority shall have free and reasonable access to all of the following except:

a) Books and Records.
b) Records, hard copy, and electronic files.
c) Personal credit report.
d) Personal checking account information.

A

d) Personal checking account information.

45
Q

The Regulatory Authority shall NOT have free and reasonable access to licensees’:

a) books.
b) records.
c) offices.
d) personal tax returns.

A

d) personal tax returns.

46
Q

The SAFE Act is designed to do all of the following except:

a) Reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators.
b) Establish and maintain a nationwide mortgage licensing system and registry
c) Reduce fraud by creating an enforcement agency that prosecutes unethical activity
d) Provide consumers with easily accessible information, offered at no charge, through electronic media, including the Internet

A

c) Reduce fraud by creating an enforcement agency that prosecutes unethical activity

47
Q

The SAFE Act outlines all of the following EXCEPT:

a) Pre-licensing education requirements
b) Testing requirements
c) Continuing education requirements
d) Loan Originator Compensation requirements

A

d) Loan Originator Compensation requirements

48
Q

The SAFE Mortgage Licensing Act is designed to do all of the following EXCEPT:

a) Increase integrity in the residential mortgage loan market.
b) Enhance consumer protections.
c) Reduce fraud.
d) License all Mortgage Loan Originators.

A

d) License all Mortgage Loan Originators.

49
Q

The State Regulatory Authority may impose penalties for each violation up to, and not exceeding:

a) $25,000.
b) $10,000.
c) $5,000
d) The State Regulatory Authority is not permitted to impose penalties.

A

a) $25,000.

50
Q

The State Regulatory Authority shall renew a mortgage loan originator’s (MLO) license if all of the following are done EXCEPT:

a) the originator continues to meet the minimum requirements.
b) the originator paid the fee to renew.
c) the originator satisfied the Continuing Education.
d) the MLO retests.

A

d) the MLO retests.

51
Q

The Unique Identifier, issued by NMLS, of any person originating a residential mortgage loan shall be clearly shown on all of the following except:

a) Emails.
b) Advertisements.
c) Business cards.
d) Websites.

A

a) Emails.

52
Q

To hold an active license, an MLO must:

a) Be sponsored by a licensed entity
b) Pay a $500 fee
c) Also be licensed as a broker
d) Complete 60 hours of pre-licensing education

A

a) Be sponsored by a licensed entity

53
Q

Under the following circumstances, which of the following would still allow an applicant eligibility for a MLO license?

a. If the applicant pled guilty or no contest to, a felony in a domestic, foreign, or military court in the seven years prior to their application for a license.
b. If an applicant has a felony regarding fraud, or theft.
c. Expunged or pardoned convictions
d. If the applicants license was revoked anywhere in the country. you can no longer get a license in any other state. The only exception to this rule is if the revocation was formally vacated.

A

c.Expunged or pardoned convictions

54
Q

What information must an applicant furnish to the NMLSR in order to verify their identity?

a. Simply an authorization for the System to obtain a credit report
b. Just Fingerprints
c. Only a personal history and experience
d. Fingerprints, a personal history and experience and an authorization for the System to obtain a credit report

A

d.Fingerprints, a personal history and experience and an authorization for the System to obtain a credit report

55
Q

When was the Housing and Economic Recovery Act signed into law?

a) 2007
b) 2008
c) 2009
d) 2010

A

b) 2008

56
Q

Which of the following are NOT powers/duties of the Regulatory Authority?

a) Conduct Investigations
b) Issue Warrants
c) Conduct examinations of licensee’s books and records
d) Issue Fees and Penalties

A

b) Issue Warrants

57
Q

Which of the following are powers/duties of State Regulatory Authorities?

a) Arrest and imprison
b) Conduct examinations of licensee’s books and records
c) Prevent a licensee from taking Continuing Education classes
d) Create new laws regulating mortgage professionals in their state

A

b) Conduct examinations of licensee’s books and records

58
Q

Which of the following could be classified as real estate brokerage activity?

a. Acting as a real estate agent or real estate broker for a buyer of a real property.
b. Providing privacy and anonymity between parties interested in purchasing, selling or leasing property.
c. Negotiating financing terms on behalf of any party relating to the sale of property.
d. Working with an un-licensed person when the law requires that person to be registered or licensed.

A

a.Acting as a real estate agent or real estate broker for a buyer of a real property.

59
Q

Which of the following is considered an interpretation of a Statute.

a) Statute
b) Rule
c) Bill
d) Legislator

A

b) Rule

60
Q

Which of the following is not considered a Federal Banking Agency?

a) The Consumer Financial Protection Bureau
b) The Director of the Office of Thrift Supervision
c) The National Credit Union Administration
d) The Federal Deposit Insurance Corporation

A

a) The Consumer Financial Protection Bureau

61
Q

Which of the following is NOT true of a loan originator?

a. A loan originator assists in the financing of real property
b. A loan originator takes a residential mortgage loan application.
c. A loan originator offers or negotiates terms of a residential mortgage loan for compensation or gain.
d. A loan originator performs purely administrative tasks.

A

d.A loan originator performs purely administrative tasks.

62
Q

Which of the following is required to be licensed?

a) An individual who negotiates a loan that serves as the individual’s residence
b) A staff loan processor or underwriter (Not Contracted)
c) Any person solely involved in timeshare plans.
d) An individual who negotiates a mortgage loan for another for compensation

A

d) An individual who negotiates a mortgage loan for another for compensation

63
Q

Which of the following is true about reinstatement?

a) The MLO can continue to act as an MLO while awaiting reinstatement
b) The MLO can continue to act as an MLO while awaiting reinstatement
c) MLOs cannot make up a CE deficiency during reinstatement
d) An MLO cannot act as an MLO while awaiting reinstatement

A

d) An MLO cannot act as an MLO while awaiting reinstatement

64
Q

Which of the following must be conspicuously disclosed on all advertisements?

a. License number
b. Business name
c. Company Website Address
d. Your Unique Identifier

A

d.Your Unique Identifier

65
Q

Which of the following would NOT be considered a Federal Banking Agency?

a. Comptroller of the Currency
b. Board of Governors of the Federal Reserve System
c. Federal Bureau of Investigation
d. National Credit Union Administration

A

c.Federal Bureau of Investigation

66
Q

Which of the following would NOT be considered an administrative or clerical task?

a. Processing loan applications
b. Distributing information for processing or underwriting a loan
c. Receiving borrower information
d. Putting together three loan options for a borrower and discussing those options including discussing payments and terms of the loan

A

d.Putting together three loan options for a borrower and discussing those options including discussing payments and terms of the loan

67
Q

Who determines continuing education requirements and dates for licensing renewal?

a) The Governor of the state
b) The Nationwide Mortgage Licensing System
c) The National Mortgage Association of Education
d) The State Regulatory Authority as established under the SAFE Act

A

d) The State Regulatory Authority as established under the SAFE Act

68
Q

Who determines continuing education requirements and dates for license renewal?

a) The Governor of the state
b) The Nationwide Mortgage Licensing System
c) The state Regulatory Authority as established under the SAFE Act
d) The CSBS

*

A

c) The state Regulatory Authority as established under the SAFE Act

69
Q

Give the job title for the following definition: One who “assists a consumer in obtaining or applying to obtain a residential mortgage loan.”

a. Real Estate Broker
b. Independent Contractor
c. Mortgage Loan Originator
d. Loan Processor or Underwrite

A

c.Mortgage Loan Originator

70
Q

What does the term “Nontraditional mortgage product” mean?

a. Any mortgage product other than a 30-year fixed rate or variable rate mortgage
b. Any mortgage product other than a 30-year variable rate mortgage
c. Any mortgage product other than a 30-year fixed rate mortgage
d. Any mortgage product other than a 15-year fixed rate mortgage

A

c.Any mortgage product other than a 30-year fixed rate mortgage

71
Q

Which of the following is NOT true of a unique identifier?

a. A unique identifier is assigned by protocols established by the NMLSR.
b. A unique identifier can be used to access employment history of and the publicly adjudicated disciplinary and enforcement actions against loan originators.
c. A unique identifier allows for the electronic tracking of loan originators for the sole use of Federal banking agencies.
d. A unique identifier is a number

A

c.A unique identifier allows for the electronic tracking of loan originators for the sole use of Federal banking agencies.

72
Q

A state-licensed loan originator means any individual who is all of the following EXCEPT:

a. Not an emplooyee of a subsidiary that is regulated by the Farm Credit Administration.
b. An employee of a depository institution.
c. Licensed by a state as a loan originator with a unique identifier from the NMLSR.
d. A loan originator.

A

b.An employee of a depository institution.

73
Q

Pre-Licensing Education expires:

a. In 2 years if the applicant becomes a registered MLO
b. In 5 years if the licensee becomes inactive
c. In 10 years
d. In 3 years if the applicant fails to acquire a valid state license or federal registration as a mortgage loan originator within three (3) years from the date of taking the 20 hours

A

d.In 3 years if the applicant fails to acquire a valid state license or federal registration as a mortgage loan originator within three (3) years from the date of taking the 20 hours

74
Q

A depository institution is a financial institution in the United States that is legally allowed to accept monetary deposits from consumers. What institution is not approved for deposits under federal law?

a. Commercial Banks
b. Pay Day Lender
c. Mortgage Broker
d. Credit Unions

A

c.Mortgage Broker

75
Q

The Nationwide Mortgage Licensing System and Registry accomplishes all of the following except:

a. Provides tracking of the number of loans each mortgage loan originator writes, including loan amounts and types.
b. Provides a comprehensive licensing and supervisory database as well as provides increased accountability and tracking of loan originators.
c. Provides uniform license applications and reporting requirements for State-licensed loan originators.
d. Enhances consumer protections and supports anti-fraud measures including the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.

A

a.Provides tracking of the number of loans each mortgage loan originator writes, including loan amounts and types.

NMLS-Exam (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions