FREE NMLS Education and Testing Questions and Answers
What is the minimum pre-licensing education (PE) requirement for an MLO?
The SAFE Act requires a minimum of 20 hours of pre-licensing education for mortgage loan originators. This includes coursework on federal law, ethics, and nontraditional mortgage lending.
Which of the following is a required component of the SAFE MLO test?
The SAFE MLO test includes a state-specific section for those seeking licensure in certain states. This ensures MLOs understand state-specific mortgage laws and regulations in addition to federal requirements.
How often must an MLO complete continuing education (CE) to maintain their license?
MLOs are required to complete continuing education annually to remain compliant. This typically includes 8 hours of CE, covering topics like ethics and regulatory updates.
What happens if an MLO does not complete their annual continuing education on time?
If an MLO does not complete their annual continuing education by the deadline, their license is marked as inactive, and they cannot legally operate until they fulfill the requirement.
What system tracks an MLO’s education and testing records?
The NMLS Testing and Education System tracks pre-licensing education, continuing education, and testing records for MLOs to ensure they meet licensing requirements and maintain compliance.
