NMLS Uniform State Content 3

Question 1

Under Uniform State Content, which of the following individuals is generally EXEMPT from MLO licensing requirements?

Accepted Answer

A registered loan officer at a federally chartered bank

Answer

An independent contractor who originates loans part-time

Answer

A broker who arranges loans for investors

Answer

A real estate agent who assists with loan applications for a fee

Question 2

What is the annual continuing education requirement for a state-licensed MLO under the SAFE Act?

Accepted Answer

8 hours

Answer

6 hours

Answer

10 hours

Answer

12 hours

Question 3

Which of the following background issues would automatically disqualify an individual from obtaining an MLO license under Uniform State Content standards?

Accepted Answer

A felony conviction involving fraud or financial crimes within the past 7 years

Answer

A DUI conviction 7 years ago

Answer

A bankruptcy discharge 5 years ago

Answer

An unpaid parking ticket

Question 4

Under the SAFE Act, 'unique identifier' refers to:

Accepted Answer

A number assigned by NMLS to track loan originators

Answer

A state-assigned license number

Answer

A Social Security Number used for background checks

Answer

A lender's internal employee identification number

Question 5

A borrower wants to look up an MLO's license status and disciplinary history. Which resource should they use?

Accepted Answer

The NMLS Consumer Access portal

Answer

The CFPB Consumer Complaint Database

Answer

The HUD lender list

Answer

The state attorney general's website

Question 6

Which of the following statements about the 'flipping' of MLO licenses between states is accurate under NMLS Uniform State Content?

Accepted Answer

Each state has its own licensing requirements that must be met even when using NMLS

Answer

An MLO can transfer their license to another state instantly with no additional requirements

Answer

Passing the national test exempts an MLO from all state-specific requirements

Answer

License transfers between states are prohibited under the SAFE Act

Question 7

Under the SAFE Act, an MLO who is convicted of a felony at any time (regardless of when) that involves which of the following is permanently barred from obtaining a license?

Accepted Answer

Fraud, dishonesty, breach of trust, or money laundering

Answer

Tax evasion

Answer

Drug possession

Answer

Assault