NMLS Uniform State Content Practice Test Questions

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

2) Can lenders choose their CE topics?

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

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

5) How often should records be updated?

6) What steps aid effective electronic record management?

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

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

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

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

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

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

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

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

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

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

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

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

19) What background checks are conducted during NMLS registration?

20) How do you start the NMLS registration process?

21) What role does technology play in recordkeeping?

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

23) What is the licensing process after NMLS registration?

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

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

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

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

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

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

30) What is the purpose of NMLS registration?

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

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

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

34) 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?

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

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

37) Why is maintaining accurate records important?

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

39) How can institutions ensure accuracy of borrower information?

40) How often must lenders complete CE courses?

41) How are licensing fees paid?

42) Who needs to register on the NMLS?

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

44) Which records should be maintained by lending institutions?

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

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

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

48) Are there exemptions or waivers for CE requirements?

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

50) How can lenders track their completed CE credits?

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

52) How can institutions ensure data security and privacy?

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

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

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

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

57) Which items are typically required for NMLS registration?

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

59) How can lenders stay current with regulation changes?