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Mortgage Knowledge Exam Preparation
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Mortgage Knowledge Exam Preparation

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Questions and Answers

What is required by the SAFE Act for state-licensed MLOs?

  • Completion of pre-licensing (PE) courses only
  • Completion of state-specific mortgage knowledge courses
  • Completion of NMLS approved pre-licensing (PE) and continuing education (CE) courses (correct)
  • Completion of continuing education (CE) courses only

    • When did NMLS establish course design, approval, and delivery standards?

  • 2011
  • 2009 (correct)
  • 2010
  • 2008

    • Who is required to complete education as a condition for state licensure?

  • Individuals with a college degree in finance
  • Only individuals without prior mortgage knowledge
  • Any individual seeking state licensure (correct)
  • Only MLOs with prior experience

    • What type of courses must be NMLS approved according to the SAFE Act?

    <p>All education completed as a condition for state licensure</p> Signup and view all the answers

    Which act requires state-licensed MLOs to complete pre-licensing and continuing education courses?

    <p>The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act)</p> Signup and view all the answers

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