NMLS Uniform State Content Practice Test Questions

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

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

3) What is the licensing process after NMLS registration?

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

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

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

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

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

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

10) How can lenders track their completed CE credits?

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

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

13) What steps aid effective electronic record management?

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

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

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

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

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

19) How can institutions ensure data security and privacy?

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

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

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

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

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

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

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

27) Can lenders choose their CE topics?

28) Who needs to register on the NMLS?

29) Which records should be maintained by lending institutions?

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

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

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

33) How can institutions ensure accuracy of borrower information?

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

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

36) Are there exemptions or waivers for CE requirements?

37) How often must lenders complete CE courses?

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

39) Which items are typically required for NMLS registration?

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

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

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

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

44) What background checks are conducted during NMLS registration?

45) What role does technology play in recordkeeping?

46) What is the purpose of NMLS registration?

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

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

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

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

51) How often should records be updated?

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

53) How can lenders stay current with regulation changes?

54) Why is maintaining accurate records important?

55) 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?

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

57) How do you start the NMLS registration process?

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

59) How are licensing fees paid?