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NMLS Quiz Questions

See if you know the answers to these questions:

Overview SAFE Act California test component questions that help you get started correctly:

Who needs to be licensed to originate residential loans?

a)  Anyone who originates a 1-4 unit residential loan,

b)  All contract loan processors,

c)  All contract underwriters,

d)  All of the above.

ans    d), but there are exemptions.

Loan Processors and Underwriters
The SAFE Act requires that independent or contract loan processors and underwriters must also register with the NMLS&R as Mortgage Loan Originators. The MLO License Endorsement will be added to the DRE Broker License as an MLO Endorsement. Processors or underwriters who do not already have a DRE Broker License will have to obtain one by December 31, 2010, or before doing any activities as an independent or contract loan processor or underwriter after December 31, 2010.

Which are the correct references and abbreviations:

a)   California Residential Mortgage Lending Act, CRML, CRMLA, RML, Mortgage Lender, Mortgage Banker,

b)   California Finance Lender License, CFL, CFLL, FL, Finance Lender,

c)   Department of Real Estate, DRE License, Mortgage Broker,

d)   All of the above.

ans   d)

The abbreviation “MLO” refers to:

a)   a personal mortgage loan originator,

b)   a company licensed to originate loans,

c)   Both 1) and 2)

d)   All of the above.

ans   d)

Which of the following need a separate company identifier license as well as an individual NMLS identifier number:

a)   an employee, working for a CFL company,

b)   an independent contractor working for a RML licensee,

c)   a sole proprietor, originating loans under his dba name, without having any mortgage loan originators under his license,

d)   an administrative employee working for a CFL licensee.

ans   c)

Please visit the following link for more study information:

SAFE MLO Textbook Outline

How I passed my California SAFE State Licensing Component Test.

 

 

The California SAFE Test was much easier than the National Test Component

 

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Rumor is, she wrote the NMLS test!

 

 

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