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Question 1 of 7

1. Question
A mortgage loan originator applicant receives a score of 74% on the national licensing examination and argues that the score should qualify because it is only one point below the passing threshold.

Which statement best reflects SAFE Act testing standards?
- A) A score of 70% is considered passing under federal mortgage licensing standards
- B) Mortgage licensing examinations are graded solely by individual employers
- C) A passing score generally requires 75% or higher on the written examination
- D) Applicants automatically receive a temporary license if they score above 70%
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Question 2 of 7

2. Question
A mortgage loan originator applicant fails the licensing examination twice and immediately attempts to schedule another examination for the following week. The applicant argues that waiting periods apply only after three consecutive failures.

Why may the testing request be denied?
- A) Applicants generally must wait 30 days between each of the first three consecutive testing attempts
- B) Applicants may retest immediately after any failed examination
- C) Waiting periods apply only after the applicant fails five examinations
- D) Retesting restrictions apply only to federally chartered bank employees
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Question 3 of 7

3. Question
A mortgage loan originator applicant fails the licensing examination three consecutive times and attempts to schedule another examination two weeks later.

Which statement best reflects the SAFE Act retesting requirement?
- A) Applicants may continue retesting every 30 days indefinitely
- B) Applicants failing three consecutive examinations generally must wait at least six months before testing again
- C) Applicants become permanently ineligible after three failed examinations
- D) Retesting restrictions apply only to applicants seeking multistate licensing
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Question 4 of 7

4. Question
A former mortgage loan originator allowed a state license to lapse for more than five years before applying for a new license. The individual argues that prior testing results should still satisfy the competency requirement because the original examination was previously passed.

Why may regulators require another examination?
- A) Prior testing results expire automatically after two years
- B) Retesting applies only to applicants changing employers
- C) Mortgage loan originators must retest annually regardless of licensing status
- D) An individual failing to maintain a valid license for five years or longer generally must retake the written test
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Question 5 of 7

5. Question
A mortgage loan originator applies for annual license renewal but has not completed the continuing education requirements for the renewal year.

Why may the renewal application be denied?
- A) Continuing education applies only to first-time applicants
- B) Continuing education requirements apply only after disciplinary action
- C) Mortgage loan originators generally must satisfy annual continuing education requirements to renew a license
- D) Continuing education may be waived automatically after five years of licensing
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Question 6 of 7

6. Question
During a license renewal review, a mortgage loan originator has completed continuing education but failed to pay all required renewal fees before the renewal deadline.

Which statement best reflects the renewal standard?
- A) Continuing education automatically replaces fee requirements
- B) Mortgage loan originators generally must pay all required renewal fees to renew a license
- C) Renewal fees apply only to company licenses
- D) License renewal fees apply only after disciplinary investigations
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Question 7 of 7

7. Question
A mortgage loan originator fails to satisfy the minimum standards required for license renewal and later asks whether the Commissioner may establish reinstatement procedures for expired licenses.

Which statement best reflects the rule?
- A) Expired licenses may never be reinstated under any circumstances
- B) License reinstatement applies only to federally chartered bank employees
- C) The Commissioner may adopt procedures for reinstatement of expired licenses consistent with Nationwide Mortgage Licensing System and Registry standards
- D) Expired licenses automatically reactivate after payment of late fees
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