NMLS Quiz #2
Quiz
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Specialty
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Professional Development
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Medium
The Show
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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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