NMLS Uniform State Content Practice Test Questions

1) How often should records be updated?

2) How are licensing fees paid?

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

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

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

6) How often must lenders complete CE courses?

7) How do you start the NMLS registration process?

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

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

10) How can institutions ensure data security and privacy?

11) What steps aid effective electronic record management?

12) 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?

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

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

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

16) What role does technology play in recordkeeping?

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

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

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

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

21) Which items are typically required for NMLS registration?

22) Why is maintaining accurate records important?

23) How can institutions ensure accuracy of borrower information?

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

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

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

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

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

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

30) Which records should be maintained by lending institutions?

31) How can lenders track their completed CE credits?

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

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

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

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

36) Are there exemptions or waivers for CE requirements?

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

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

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

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

41) Can lenders choose their CE topics?

42) How can lenders stay current with regulation changes?

43) What background checks are conducted during NMLS registration?

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

45) Who needs to register on the NMLS?

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

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

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

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

50) What is the purpose of NMLS registration?

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

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

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

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

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

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

57) What is the licensing process after NMLS registration?

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

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