NMLS Uniform State Content Practice Test Questions

1) Are there exemptions or waivers for CE requirements?

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

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

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

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

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

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

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

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

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

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

12) What is the licensing process after NMLS registration?

13) How can lenders stay current with regulation changes?

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

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

16) How can institutions ensure data security and privacy?

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

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

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

20) How can lenders track their completed CE credits?

21) Which items are typically required for NMLS registration?

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

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

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

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

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

27) How often should records be updated?

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

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

30) How often must lenders complete CE courses?

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

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

33) Who needs to register on the NMLS?

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

35) How can institutions ensure accuracy of borrower information?

36) What background checks are conducted during NMLS registration?

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

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

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

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

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

42) What role does technology play in recordkeeping?

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

44) How do you start the NMLS registration process?

45) 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?

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

47) What steps aid effective electronic record management?

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

49) Which records should be maintained by lending institutions?

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

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

52) Why is maintaining accurate records important?

53) How are licensing fees paid?

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

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

56) What is the purpose of NMLS registration?

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

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

59) Can lenders choose their CE topics?