NMLS Uniform State Content Practice Test Questions

1) How might the Truth in Lending Act (TILA) differ from one state to another?

2) How often should records be updated?

3) Which items are typically required for NMLS registration?

4) Do you need to renew an NMLS registration, and how often?

5) Why is maintaining accurate records important?

6) Can a single mortgage loan originator maintain licenses in all 50 states?

7) A federally required mortgage disclosure must describe key costs and terms. Which item below does NOT belong in that disclosure?

8) Must mortgage-education providers be NMLS-approved to appear on the NMLS course list?

9) Which topics are NOT included in typical CE programs for lenders?

10) How can lenders track their completed CE credits?

11) The SAFE Act sets national licensing baselines. Which area is commonly different from state to state?

12) States have the power to adjust certain mortgage-licensing details. Which policy element may a state legitimately change?

13) Which is NOT a best practice for organizing records?

14) Who needs to register on the NMLS?

15) The Equal Credit Opportunity Act (ECOA) bars discrimination. 
How might one state expand or modify ECOA compliance?

16) What is one key difference between individual and company NMLS registration?

17) What role does technology play in recordkeeping?

18) Which records should be maintained by lending institutions?

19) States can add provisions to the Fair Housing Act (FHA). Which of the following illustrates a state-level enhancement?

20) Where can you find resources and support for NMLS registration?

21) Can CE credits from one state transfer to another?

22) Can you transfer an NMLS license from one state to another?

23) How can institutions ensure data security and privacy?

24) Can lenders choose their CE topics?

25) RESPA aims to curb kickbacks and escrow abuse. Which list shows ways a state can vary RESPA enforcement?

26) Are there exemptions or waivers for CE requirements?

27) What is the purpose of NMLS registration?

28) If a licensed MLO moves to another state, must they retake the National NMLS exam?

29) Under national laws, mortgage lenders require an NMLS license to work as professionals in their industry. But is the license operated on a national or federal level?

30) How often must lenders complete CE courses?

31) Which option is NOT a consequence of inaccurate records?

32) How do you start the NMLS registration process?

33) What happens if a lender fails to complete required CE?

34) Which option is NOT a reason continuing education matters?

35) All practicing lenders in the USA require an NMLS license, but how can licensing vary from state to state?

36) What happens after you’re licensed through NMLS?

37) Are resources available to help lenders meet CE requirements?

38) Dodd-Frank tightened mortgage oversight after 2008. Which statement best describes state variation under Dodd-Frank?

39) What background checks are conducted during NMLS registration?

40) Which task is NOT part of securing a new-state endorsement?

41) How might a state’s disclosure rules depart from the federal baseline?

42) How can borrowers educate themselves on state-specific prepayment-penalty rules?

43) How can lenders stay current with regulation changes?

44) The Residential Mortgage Regulatory Taskforce (RMRT) publishes an annual guidebook. How can lenders who relocate benefit from these guidebooks?

45) Which element is NOT included in every federally mandated disclosure package?

46) Are there state-specific documents that borrowers must sign or acknowledge during the mortgage process?

47) Which activity is NOT part of a records audit?

48) The NMLS license is national, but does it automatically allow a lender to originate loans in any state?

49) Mortgage activity is guided by multiple federal statutes. Which collection below represents the core national laws that every state must honor?

50) In which situations might a state require a post-closing cooling-off period that lets borrowers rescind a signed agreement?

51) How are licensing fees paid?

52) Why must lenders keep their own education-credit records?

53) How can institutions ensure accuracy of borrower information?

54) What is the licensing process after NMLS registration?

55) What steps aid effective electronic record management?

56) Do you need pre-licensing education to register on NMLS?

57) Which statement is NOT an industry standard for record retention?

58) Do some states impose their own limits on late-payment fees, grace periods, or default procedures?

59) How long does the registration and licensing process take?