Your License

Question 1

Why was safe act created

Answer 1

To improve consumer treatment and require license requirements for MLO’s

Question 2

Safe act is also known as

Answer 2

Title V of HERA

Question 3

What is the database for mortgage industry called

Answer 3

NMLS

Question 4

Who created the NMLS

Answer 4

CSBS
AARMR

Question 5

Who regulates the NMLS

Answer 5

CFPB

Question 6

Who acts as a single voice to congress for state banks and state regulators

Answer 6

CSBS

Question 7

Who promotes exchange of information between states for mortgage lending, servicing and brokering

Answer 7

AARMR

Question 8

What act includes regulations G & H

Answer 8

Safe act

Question 9

Regulation G applies to

Answer 9

Depository institutions

Question 10

Regulation H applies to

Answer 10

Non depository institutions

Question 11

What 5 requirements do MLO’s need to complete before being registered

Answer 11

10 years work/ personal history
Fingerprint
Credit check
Complete MU4
Pay registration/ NMLS fees

Question 12

What are 3 additional requirements MLO’s need to obtain their license

Answer 12

Complete federal education

Pass safe exam 75%

Complete additional state specific required education

Question 13

What is the MU1 form known as

Answer 13

Institution form

Question 14

What is the MU2 form known as

Answer 14

Responsible party form

Question 15

What is the MU3 known as

Answer 15

Branch form

Question 16

What is the MU4 form known as

Answer 16

Individual form

Question 17

3 people required to be licensed

Answer 17

MLO’s at non depository

Independent contractors ( acting as UW or processors)

Mortgage brokers

Question 18

How many hours out of 20 for federal law

Answer 18

3

Question 19

How many hours out of 20 for ethics

Answer 19

3

Question 20

How many hours out of 20 for non traditional mortgages

Answer 20

2

Question 21

How many hours out of 20 for electives (undefined education)

Answer 21

12

Question 22

How to remember 20 hour breakdown

Answer 22

FENE 3 3 2 12

Fed 3
Ethics 3
Non trad 2
Electives 12

Question 23

What test must MLO’s pass to get licensed

Answer 23

SAFE mortgage loan originator test (80-3)

Question 24

What percentage of questions are under MLO

Answer 24

27%

Question 25

What percentage of questions are under federal law

Answer 25

24%

Question 26

What percentage of questions are under general mortgage knowledge

Answer 26

20%

Question 27

What percentage of questions are under ethics

Answer 27

18%

Question 28

What percentage of questions are under uniform state content

Answer 28

11%

Question 29

Memory trick for question percentages

Answer 29

My freaky grandma eats underwear

Question 30

Temporary authority requirements

Answer 30

Employed by a state licensed company in the application state

And

Registered as MLO continuously during year before application
OR
Licensed as an MLO continuously 30 days before application

Question 31

Application for temporary authority is closed after how many days if incomplete

Answer 31

120 days

Question 32

A qualified employer-established plan to which employees may make salary deferral (salary reduction) contributions on a post-tax and/or pre-tax basis.

Answer 32

401(k) plan

Question 33

Allows an employee to make contributions from his income into a retirement plan. The contributions are deducted from the employee’s income, and as a result, the contributions and related benefits are not taxed until the employee withdraws them from the plan.

Answer 33

403(b) Tax Sheltered Annuity