NMLS Uniform State Content (USC) 2

Question 1

Under the SAFE Act's Uniform State Content, what is the minimum number of hours of pre-licensure education required for mortgage loan originators?

Accepted Answer

20 hours

Answer

12 hours

Answer

18 hours

Answer

24 hours

Question 2

Which entity is primarily responsible for maintaining the Nationwide Multistate Licensing System (NMLS)?

Accepted Answer

The Conference of State Bank Supervisors (CSBS)

Answer

The Federal Reserve

Answer

HUD

Answer

The Consumer Financial Protection Bureau (CFPB)

Question 3

A mortgage loan originator who wants to move from one state-licensed company to another must:

Accepted Answer

Submit a new sponsorship request through NMLS

Answer

Obtain a new license from scratch in the new state

Answer

Retake the SAFE MLO test

Answer

File a surety bond in the new company's name

Question 4

Under USC standards, a felony conviction involving fraud, dishonesty, or breach of trust within the past how many years will disqualify an MLO applicant?

Accepted Answer

10 years

Answer

5 years

Answer

7 years

Answer

The applicant is permanently barred

Question 5

What does the USC require regarding continuing education for licensed MLOs?

Accepted Answer

8 hours annually with specific topic requirements

Answer

8 hours annually

Answer

12 hours every two years

Answer

20 hours annually

Question 6

Which of the following is NOT a required component of the 20-hour pre-licensure education under the SAFE Act?

Accepted Answer

5 hours of state-specific law

Answer

3 hours of federal law

Answer

3 hours of ethics

Answer

2 hours of nontraditional mortgage products

Question 7

Under the Uniform State Content, an MLO license applicant must authorize NMLS to obtain:

Accepted Answer

Both a credit report and a criminal background check

Answer

A credit report only

Answer

A criminal background check only

Answer

A tax transcript from the IRS