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Question 1 of 8

1. Question

A licensed mortgage loan originator is preparing to renew a license. Which of the following is one of the minimum standards that must be satisfied for license renewal?

A) Completion of annual continuing education requirements
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B) Completion of a new 20-hour prelicensing course
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C) Sponsorship by a new employer
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D) Passing the NMLS test again every year
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Question 2 of 8

2. Question

A mortgage loan originator completes the required continuing education but fails to pay renewal fees before the deadline. What renewal requirement has not been satisfied?

A) Continuing education requirement
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B) Criminal background check requirement
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C) Payment of required fees
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D) Prelicensing education requirement
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Question 3 of 8

3. Question

A mortgage loan originator fails to satisfy the minimum standards required for license renewal. What happens to the license?

A) The license is suspended for 30 days
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B) The license expires
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C) The license is automatically renewed
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D) The license is placed on probation
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Question 4 of 8

4. Question

A newly licensed mortgage loan originator asks how many hours of continuing education must be completed each year to maintain a license. What is the minimum requirement?

A) 4 hours
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B) 6 hours
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C) 20 hours
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D) 8 hours
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Question 5 of 8

5. Question

A mortgage loan originator is reviewing annual continuing education requirements. How many hours must be devoted to federal law and regulations?

A) 2 hours
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B) 3 hours
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C) 4 hours
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D) 8 hours
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Question 6 of 8

6. Question

A continuing education provider is teaching a course on ethics. Which topic must be included as part of the ethics instruction requirement?

A) Loan pricing adjustments
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B) Secondary market trading
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C) Fraud, consumer protection, and fair lending issues
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D) FHA appraisal standards
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Question 7 of 8

7. Question

A mortgage loan originator is completing the annual education requirement related to nontraditional mortgage products. How many hours of training are required?

A) 2 hours
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B) 1 hour
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C) 3 hours
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D) 4 hours
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Question 8 of 8

8. Question

A company develops a continuing education course for mortgage loan originators and wants the course to qualify for SAFE Act credit. Who must approve the course?

A) HUD
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B) CFPB
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C) State licensing authority only
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D) Nationwide Mortgage Licensing System and Registry (NMLS)
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