MLO Domain 2: Uniform State Content Welcome to your MLO Domain 2: Uniform State Content 1. MLO: Uniform State Content When does a Mortgage Loan Officer (MLO) need to obtain a unique identifier through the Nationwide Multistate Licensing System and Registry (NMLS)? A. Before completing pre-licensing education B. After closing their first loan C. Before engaging in the business of loan origination D. After passing the state licensing exam None 2. MLO: Uniform State Content What action must a Mortgage Loan Originator take if there is a significant change to their criminal history after initial registration? A. Notify the NMLS within 30 days B. Only disclose at the time of license renewal C. Report directly to the state regulatory authority within 10 days D. No action required if the MLO believes it does not affect their licensure None 3. MLO: Uniform State Content Under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), which of the following is a requirement for state compliance? A. Implementing a state-specific examination for all MLOs B. Establishing a minimum loan amount for licensure applicability C. Requiring all MLOs to pass a national exam with a uniform state component D. Mandating a physical office presence within the state for all licensed MLOs None 4. MLO: Uniform State Content Which of the following entities is responsible for overseeing the compliance of mortgage lending institutions with state and federal laws regarding consumer protection and safety and soundness? A. The Federal Housing Administration 'FHA' B. The Consumer Financial Protection Bureau 'CFPB' C. The Federal Reserve System D. The Office of the Comptroller of the Currency 'OCC' None 5. MLO: Uniform State Content In the context of the Uniform State Test (UST) component of the MLO licensing exam, what primary area does the UST assess? A. The MLO's understanding of general mortgage knowledge B. Knowledge specific to mortgage laws in the applicant's home state C. The applicant's ethical considerations in mortgage lending D. Understanding of federal mortgage-related laws and the basics of state law and regulation None 6. MLO: Uniform State Content Which federal act requires Mortgage Loan Originators to obtain and maintain an NMLS unique identifier? A. The Truth in Lending Act 'TILA' B. The Real Estate Settlement Procedures Act 'RESPA' C. The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) D. The Fair Credit Reporting Act 'FCRA' None 7. MLO: Uniform State Content What is the maximum allowable finance charge for high-cost mortgages under the Home Ownership and Equity Protection Act 'HOEPA'? A. 5% of the total loan amount B. 8% of the total loan amount C. 10% of the total loan amount D. There is no specific cap, but it must be reasonable and customary None 8. MLO: Uniform State Content Under the Equal Credit Opportunity Act 'ECOA', a lender must notify an applicant of action taken on their mortgage application within how many days after receiving the completed application? A. 30 days B. 60 days C. 90 days D. 120 days None 9. MLO: Uniform State Content Which regulation implements the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) at the federal level? A. Regulation Z B. Regulation X C. Regulation G D. Regulation N None 10. MLO: Uniform State Content A Mortgage Loan Originator is required to renew their license through the NMLS annually by what date? A. 31-Dec B. 30-Nov C. 31-Jan D. 31-Oct None 1 out of 10 Time is Up! Time's up
