NMLS Uniform State Content Practice Test Questions

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

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

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

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

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

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

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

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

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

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

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

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

13) Can lenders choose their CE topics?

14) How often must lenders complete CE courses?

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

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

17) What is the licensing process after NMLS registration?

18) How are licensing fees paid?

19) Are there exemptions or waivers for CE requirements?

20) Which items are typically required for NMLS registration?

21) What background checks are conducted during NMLS registration?

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

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

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

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

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

27) What steps aid effective electronic record management?

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

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

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

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

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

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

34) How can lenders stay current with regulation changes?

35) How often should records be updated?

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

37) How can institutions ensure data security and privacy?

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

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

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

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

42) Who needs to register on the NMLS?

43) Which records should be maintained by lending institutions?

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

45) How can institutions ensure accuracy of borrower information?

46) What role does technology play in recordkeeping?

47) How can lenders track their completed CE credits?

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

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

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

51) Why is maintaining accurate records important?

52) How do you start the NMLS registration process?

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

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

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

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

57) 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?

58) What is the purpose of NMLS registration?

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