NMLS Education and Testing 2

Question 1

How many hours of pre-licensure education (PE) are required for a new MLO applicant under the SAFE Act?

Accepted Answer

20 hours

Answer

The SAFE Act mandates a minimum of 20 hours of pre-licensure education for new MLO applicants.

Question 2

Of the 20 required pre-licensure education hours, how many must cover federal law and regulations?

Accepted Answer

3 hours

Answer

Three of the 20 pre-licensure hours must specifically address federal law and regulations.

Question 3

What is the minimum number of pre-licensure education hours that must cover ethics?

Accepted Answer

2 hours

Answer

A minimum of 3 hours of the 20 required PE hours must cover ethics, including fraud, consumer protection, and fair lending.

Question 4

Which organization is approved to accredit pre-licensure and continuing education courses for MLOs?

Accepted Answer

NMLS

Answer

The NMLS is authorized to review and approve education providers and their course content for MLO licensing purposes.

Question 5

An MLO who fails the SAFE MLO Test may retake it after a waiting period. How long must they wait after a third failure?

Accepted Answer

180 days

Answer

After failing the test three or more times, a candidate must wait 180 days before retaking the exam.

(NMLS) National Mortgage Licensing System Practice Test