SAFE NMLS Licensing and Registration

Question 1

What does NMLS stand for in the context of mortgage loan originator licensing?

Accepted Answer

Nationwide Multistate Licensing System

Answer

National Mortgage Licensing System

Answer

National Mortgage Loan Standards

Answer

Nationwide Mortgage Lender Services

Question 2

Under the SAFE Act, how many total hours of pre-licensing education are required for state-licensed MLOs?

Accepted Answer

20 hours

Answer

12 hours

Answer

16 hours

Answer

24 hours

Question 3

Of the required pre-licensing education hours, how many must specifically cover federal law and regulations?

Accepted Answer

3 hours

Answer

1 hour

Answer

2 hours

Answer

5 hours

Question 4

What is the minimum passing score required on the SAFE Mortgage Loan Originator national test?

Accepted Answer

75%

Answer

70%

Answer

72%

Answer

80%

Question 5

After failing the SAFE MLO test three consecutive times, how long must a candidate wait before retaking it?

Accepted Answer

180 days

Answer

30 days

Answer

60 days

Answer

90 days

Question 6

Which of the following is an automatic bar to obtaining a state MLO license under the SAFE Act?

Accepted Answer

Any felony conviction involving fraud or dishonesty regardless of when it occurred

Answer

Filing for personal bankruptcy within the past 5 years

Answer

A misdemeanor conviction within the past 2 years

Answer

Having delinquent student loan debt

Question 7

How many hours of annual continuing education must state-licensed MLOs complete to maintain their license?

Accepted Answer

8 hours

Answer

6 hours

Answer

10 hours

Answer

12 hours