Which of the following ways is acceptable for a MLO to earn fees on a loan except? (Circle all that apply)

a.      Origination and YSP

b.      Earning $5,000 on a 30 Year Fixed and $6,000 on a 30 Year ARM?

c.      Receiving a fee for bonafide work

d.      Receiving a fee for a referral

a.Origination and YSP

b.Earning $5,000 on a 30 Year Fixed and $6,000 on a 30 Year ARM?

d.Receiving a fee for a referral

True or False: A MLO who had a felony for driving under the influence 9 years ago will be considered for licensure under the NMLS.

The SAFE Act requires that all Licensed and Registered MLO’s be monitored through:

a.      NMLS

b.      Nationwide Mortgage Licensing System

c.      National Mortgage Licensing System & Registry

d.      Nationwide Mortgage Licensing System & Registry

SAFE is known as which Title under HERA?

a.      XIV

b.      XII

c.      V

d.      IV

All of the following are not duties of a licensed MLO except: (Circle all that apply)

a.      Taking the URLA

b.      Negotiate Terms of a PayOption ARM

c.      Preparing the Loan Package

d.      Clerical work

a.Taking the URLA

b.Negotiate Terms of a PayOption ARM

c.Preparing the Loan Package

How many hours of pre-licensing education are required for a registered MLO?

How many days must pass after the first retake before someone can take the Federal NMLS exam?

Which of the following are necessary in order to send initial disclosures?

a.      Address, Home Value, Birthdate, Tax Returns, Credit, Loan Amount

b.      Loan Amount, Name, Income, Property Value, Address, Social Security Number, Income

c.      Value, Credit, Loan Amount, Sales Price, Address, Name, Income

d. None of the above