What is the minimum number of hours for annual loan originator continuing education?
A) 2
B) 4
C) 8
D) 12
C) 8 hours
Which of the following do NOT need to be licensed?
A) Independent contractors who are loan originators
B) Independent contractors are underwriters
C) Independent contractors who are loan processors
D) Federally charted bank employees
D) Federally charted bank employees
Which of the following does NOT have to be submitted by a Loan Originator applicant?
A) Credit report authorization
B) Criminal background check authorization
C) References
D) Fingerprint
C) References
Mortgage loan originator licenses renew
A) Every 6 months
B) Every year
C) Every 2 years
D) Every 3 years
B) Every year
The min passing score on the SAFE loan originator licensing exam is
A) 65%
B) 75%
C) 80%
D) 90%
B) 75%
What is the max number of times the SAFE exam can be consecutively taken?
A) 2
B) 3
C) 4
D) 5
B) 3 times
What is the minimum number of days a student must wait between his first two SAFE exam retakes?
A) 10
B) 15
C) 30
D) 60
C) 30 days
After 3 consecutive attempts to pass the SAFE exam, what is the minimum amount of time a student must wait before trying again?
A) 1 month
B) 3 months
C) 6 months
D) 9 months
C) 6 months
Which of the following is NOT an immediate family member?
A) Adopted brother
B) Aunt
C) Grandfather
D) Stepmother
B) Aunt
What may be true of registered loan originators?
A) They are independent contractors
B) They must take the national loan originator exam
C) They are bank employees
D) They are licensed loan originators
C) they are bank employees?
Which of the following must be a licensed loan originator
A) Commercial loan originator
B) Independent contractor who is an underwriter
C) Supervised loan processor employee
D) An individual who negotiates the terms of his own mortgage loan
B) Independent contractor who is an underwriter
How often must a mortgage company submit a report on their financial condition?
A) Monthly
B) Quarterly
C) Annually
D) Every 2 years
C) Annually
What is the max fine for a SAFE Act Violation
A) $1,000
B) $5,000
C) $15,000
D) $25,000
D) $25,000
Returning MLOs must retake the national exam after how many years of inactivity?
A) 1
B) 3
C) 5
D) 7
C) 5 years
