NMLS Test Chapter 2
NMLS Test: Chapter 2 Quiz
Test your knowledge on the crucial aspects of mortgage loan origination with our NMLS Test Chapter 2 Quiz! This quiz covers essential topics required for Loan Originators in the United States, providing valuable insights into licensing and education requirements.
By participating in this quiz, you can:
- Enhance your understanding of loan originator regulations
- Prepare for certification exams
- Check your knowledge of the SAFE Act
What is the minimum number of hours for loan originator pre-licensing education?
10
20
30
40
What is the minimum number of hours for annual loan originator continuing education?
2
4
8
12
Which of the following do NOT need to be licensed?
Independent contractors who are loan originators
Independent contractors who are underwriters
Independent contractors who are loan processors
Federally chartered bank employees
Which of the following does NOT have to be submitted by a Loan Originator applicant?
Credit report authorization
Criminal background check authorization
References
Fingerprints
Mortgage loan originator licenses renew:
Every 6 months
Every year
Every 2 years
Every 3 years
The minimum passing score on the SAFE loan originator licensing exam is:
65
75
80
90
What is the maximum number of times the SAFE exam can be consecutively taken?
2
3
4
5
What is the minimum number of days a student must wait between his first two SAFE exam retakes?
10
15
30
69
After three consecutive attempts to pass the SAFE exam, what is the minimum amount of time a student must wait before trying again?
1 month
3 months
6 months
9 months
Which of the following is NOT an immediate family member?
Adopted brother
Aunt
Grandfather
Stepmother
What may be true of registered loan originators?
They are independent contractors
They must take the national loan originator exam
They are bank employees
They are licensed loan originators
Which of the following must be a licensed loan originator?
Commercial loan originator
Independent contractor who is an underwriter
Supervised loan processor employee
An individual who negotiates the terms of his own mortgage loan
How often must a mortgage company submit a report on their financial condition?
Monthly
Quarterly
Annually
Every 2 years
What is the maximum fine for a SAFE act violation?
$1,000
$5,000
$15,000
$25,000
Returning MLOs must retake the national exam after how many years of inactivity?
1
3
5
7
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