NMLS Quiz #2

NMLS Quiz #2

Professional Development

20 Qs

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NMLS Quiz #2

NMLS Quiz #2

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Quiz

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Professional Development

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20 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

In 2008, the Housing and Economic Recovery Act (HERA) initiated a subsequent act that required states to standardize the license and application process for mortgage loan originators to ensure greater consumer protection. What was this act called?

Dodd-Frank Act

Patriot Act

SAFE Act

HERA

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators are responsible for:

Writing HERA and enforcing all the federal mortgage laws

Writing the SAFE act and maintaining the NMLS

Creating the CFPB and maintaining the NMLS

Writing the conforming guidelines and purchasing loans from the primary market

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following does a Mortgage Loan Originator (MLO) not do?

Take a 1003 application

Negotiate rates and fees of the loan

Assist a customer in applying for a residential mortgage loan

Perform judgment on the loan file

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The primary purpose of Fannie Mae and Freddie Mac is to:

Develop industry guidelines

Purchase loans from the secondary market

Regulate the premiums with the interest market

Purchase loans from the primary market

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

SAFE Pre-licensing education is broken down by:

8 hours with 3 hours Federal Law, 3 hours Ethics, 2 hours Non-Traditional Lending, 1 hour elective

10 hours with 3 hours Federal Law, 3 hours Ethics, 3 hours Non-Traditional Lending, 1 hour elective

20 hours with 3 hours Federal Law, 3 hours Ethics, 2 hours Non-Traditional Lending, 12 hours electives

20 hours with 3 hours Federal Law, 2 hours Ethics, 3 hours Non-Traditional Lending, 12 hours general mortgage knowledge

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

SAFE continuing education is broken down by:

8 hours with 2 hours Federal Law, 3 hours Ethics, 2 hours Non-Traditional Lending, 1 hour elective

8 hours with 3 hours Federal Law, 2 hours Ethics, 2 hours Non-Traditional Lending, 1 hour elective

5 hours with 3 hours Federal Law, 1 hour Ethics, 1 hour Non-Traditional Lending, 1 hour elective

12 hours with 3 hours Federal Law, 2 hours Ethics, 2 hours Non-Traditional Lending, 5 hours general mortgage knowledge

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A registered MLO works for what types of institutions:

Depository institution such as a correspondent lender

State licensed lender such as a credit union

Depository institution such as a bank

Subsidiary of a mortgage lender such as a broker

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