FREE Mortgage Loan Originator Questions and Answers

Question 1

What level of mortgage loan fraud is reported?

Accepted Answer

Federal

Answer

The FBI and HUD receive reports of mortgage fraud.

Question 2

The Housing and Economic Recovery Act (HERA) of 2008's Title V is most commonly known as:

Accepted Answer

The SAFE Act

Answer

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 is its full name.

Question 3

Which of the following organizations started the Nationwide Mortgage Licensing System & Registry (NMLS):

Accepted Answer

Both "CSBS" and "AARMR"

Answer

The NMLS was established in 2004 by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

Question 4

Which of the following organizations created and maintains the NMLS online system:

Accepted Answer

FINRA

Answer

In the securities business, they run a number of comparable systems under the direction of the Financial business Regulatory Authority.

Question 5

Except for the following, all of the SAFE Act's goals are:

Accepted Answer

Cap interest rates and fees for federally related mortgage loans

Answer

The SAFE Act and other laws do not impose any caps.

Mortgage Loan Originator Practice Test

Mortgage Loan Originator Practice Test

FREE Mortgage Loan Originator Questions and Answers