NMLS Licensing and Registration 3

Question 1

Under the SAFE Act, how many hours of continuing education must a licensed MLO complete each year?

Accepted Answer

8 hours

Answer

6 hours

Answer

10 hours

Answer

12 hours

Question 2

Which topic is specifically mandated in the SAFE Act's 8-hour annual continuing education requirement?

Accepted Answer

1 hour of non-traditional mortgage products

Answer

2 hours of conventional loan product training

Answer

3 hours of federal law and regulations

Answer

2 hours of state-specific law

Question 3

An MLO applies for a license in a second state while actively licensed in their home state. This is known as:

Accepted Answer

Multi-state licensing

Answer

Dual registration

Answer

Reciprocal licensing

Answer

Federal pre-emption

Question 4

Which federal law formally required states to adopt minimum standards for licensing and registering MLOs?

Accepted Answer

SAFE Mortgage Licensing Act of 2008

Answer

Dodd-Frank Act

Answer

Real Estate Settlement Procedures Act

Answer

Truth in Lending Act

Question 5

A federally registered MLO changes jobs from one federally chartered bank to another. What must they do in NMLS?

Accepted Answer

Update their employment record in NMLS within 30 days

Answer

Apply for a new state license within 30 days

Answer

Retake the national SAFE test

Answer

Re-submit fingerprints within 10 business days

Question 6

Which of the following criminal offenses would permanently bar someone from obtaining an MLO license under the SAFE Act?

Accepted Answer

A felony involving fraud, dishonesty, or money laundering at any time

Answer

Any misdemeanor in the past 7 years

Answer

Any felony in the past 10 years

Answer

A DUI conviction within the past 5 years

Question 7

Which of the following best describes 'temporary authority to operate' (TAO) under the SAFE Act?

Accepted Answer

Permission for a licensed MLO to originate in a new state while their license application is pending

Answer

Permission for an unlicensed individual to originate loans while studying for the SAFE test

Answer

A probationary license granted to MLOs with minor disciplinary history

Answer

A license exemption available to real estate agents who occasionally assist with loans