NMLS Uniform State Content 2

Question 1

Under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), what is the minimum number of hours of pre-licensing education required for a state-licensed MLO?

Accepted Answer

20 hours

Answer

The SAFE Act mandates a minimum of 20 hours of pre-licensing education for state-licensed mortgage loan originators.

Question 2

A state-licensed MLO who wants to temporarily work in a new state while their license application is pending may do so under which provision?

Accepted Answer

Temporary Authority to Operate

Answer

The SAFE Act's Temporary Authority to Operate allows eligible MLOs to work in a new state while their application is under review.

Question 3

Which of the following is NOT a component of the 20 hours of required NMLS pre-licensing education?

Accepted Answer

4 hours of state-specific law

Answer

The 20-hour requirement includes 3 hours federal law, 3 hours ethics, 2 hours nontraditional products, and 12 hours of electives; state-specific hours are added on top.

Question 4

How long must a state-licensed MLO wait before retaking the NMLS National Test after failing it three consecutive times?

Accepted Answer

180 days

Answer

After three consecutive failures, an MLO must wait 180 days before retaking the National Test Component.

Question 5

Under the SAFE Act, which entity maintains the Nationwide Multistate Licensing System & Registry?

Accepted Answer

The Conference of State Bank Supervisors (CSBS) and AARMR

Answer

NMLS is operated by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

(NMLS) National Mortgage Licensing System Practice Test

(NMLS) National Mortgage Licensing System Practice Test

NMLS Uniform State Content 2