NMLS Steps Flashcards
On which documents will the MLO’s unique identifier appear?
a. Promissory notes
b. Mortgages
c. Trust deeds
d. 1003 loan application
On which documents will the MLO’s unique identifier NOT appear?
It will not appear on appraisal reports
The 20 hour prelicensing requires ___ hours of Federal Law, ____ hours of Ethic, ____ hours of nontraditional lending, and ____ hours of electives.
3, 3, 2, 12
The Continuing education requirement must be completed by _____ and includes ___ hours of Federal law, ___ hours of Ethics, and ____ hours of nontraditional lending, and ____ of electives.
CEs can be taken any time during year but done by 12/31 and includes 3 FedLaw, 2 Ethics, 2 Nontraditional Lending, 1 Elective for 8 hours total
What is the MU4?
It is the individual application
What is the passing score for the national exam with UST?
75%
What does UST stand for?
Uniform State Test
For how long is the license valid?
5 years.
If you go ____ years without paying the ____, you must pay the renewal fee and do CE for the ____ year only.
5 years; renewal fee; prior
If you go more than ____ years, you must complete:
5 years; Pre-licensing Edu & Test & Whole Process
What is the waiting period of if you fail a test?
30 days
What is the waiting period if you fail 3x?
6 months
