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Question 1 of 8

1. Question

A mortgage company employee performs only clerical support duties and works under the direction and supervision of a properly licensed mortgage loan originator. Under SAFE Act requirements, how is this individual generally treated?

A) The individual must always obtain an MLO license
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B) The individual may perform clerical support duties without being licensed as an MLO
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C) The individual must obtain a real estate license
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D) The individual must become an independent contractor
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Question 2 of 8

2. Question

A staff member gathers documents, organizes files, and provides administrative assistance to a licensed mortgage loan originator. What type of activity is being performed?

A) Support services for a loan originator
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B) Loan origination activity
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C) Loan term negotiation
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D) Real estate brokerage activity
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Question 3 of 8

3. Question

An individual is registered with the NMLSR and is employed by a federally covered financial institution. Which statement best describes this individual’s status?

A) The individual must obtain a state MLO license in every circumstance
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B) The individual is considered a registered mortgage loan originator employed by a covered financial institution
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C) The individual is exempt from all SAFE Act requirements
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D) The individual is considered a real estate broker
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Question 4 of 8

4. Question

An employee works exclusively for a bona fide nonprofit organization that assists consumers with housing-related services. Which category is specifically referenced on this page?

A) Independent contractor processor
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B) State-licensed mortgage loan originator
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C) Employee of a bona fide nonprofit organization
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D) Real estate broker
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Question 5 of 8

5. Question

Before an individual may legally act as a mortgage loan originator, which requirement must be satisfied?

A) The individual must obtain an FHA approval number
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B) The individual must become a licensed real estate agent
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C) The individual must complete the licensing process and obtain an NMLS Unique Identifier
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D) The individual must complete annual continuing education first
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Question 6 of 8

6. Question

A mortgage loan originator receives a state license but later allows it to lapse. Which SAFE Act requirement is no longer being satisfied?

A) The requirement to maintain a state license
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B) The requirement to advertise services
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C) The requirement to work for a nonprofit organization
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D) The requirement to become a processor
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Question 7 of 8

7. Question

A consumer provides financial information to an individual who completes a residential mortgage loan application on the consumer’s behalf. Which SAFE Act activity is being performed?

A) Clerical support duties
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B) Completing a residential mortgage loan application
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C) Real estate brokerage activity
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D) Loan servicing
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Correct

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Question 8 of 8

8. Question

An individual discusses mortgage programs with a borrower and offers specific loan terms in exchange for compensation. Which SAFE Act activity is being performed?

A) Clerical support activity
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B) Loan processing
Correct Incorrect Correct answer

C) Real estate brokerage
Correct Incorrect Correct answer

D) Offering or negotiating loan terms for compensation
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