Uniform state content Flashcards
What is the minimum number of hours for loan originator pre-licensing education?
20
What is the minimum number of hours for annual loan originator continuing education ?
8
Which of the following do NOT need to be licensed?
Federally chartered bank employees
Which does NOT have to be submitted by a loan originator applicant?
References
Mortgage loan originator licenses renew:
Every year
The minimum passing score on the SAFE loan originator licensing exam is:
75%
What is the maximum amount of times the SAFE exam can be consecutively taken?
3
What is the minimum amount of days a student must wait between his first two SAFE exam retakes?
30
After three consecutive attempts to pass the SAFE exam, what is the minimum amount of time a student must wait before trying again?
6 months
Which of the following is NOT an immediate family member?
Aunt
What may be true of registered loan originators ?
They are bank employees
Which of the following must be a licensed loan originator ?
Independent contractor who is an underwriter
How often must a mortgage company submit a report on their financial condition?
Annually
What is the maximum fine for a SAFE Act violation?
$25,000
Returning MLO’S must retake the national exam after how many years of inactivity ?
5
