How Well Do You Know The Nationwide Multistate Licensing System?

10 Questions | Total Attempts: 218

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How Well Do You Know The Nationwide Multistate Licensing System? - Quiz

In the United States, the Nationwide Multistate Licensing System (NMLS) is a record system operated by the federal government for the licensing and registration of financial services.


Questions and Answers
  • 1. 
    When did the NMLS begin its operations?
    • A. 

      2007

    • B. 

      2008

    • C. 

      2009

    • D. 

      2010

  • 2. 
    Who and who created NMLS?
    • A. 

      SRR and CSBS

    • B. 

      AARMR and CSBS

    • C. 

      MTEB and CSBS

    • D. 

      MLO and CSBS

  • 3. 
    Which organization own the NMLS and make its policies? 
    • A. 

      MLO

    • B. 

      SRR

    • C. 

      AARMR

    • D. 

      MTEB

  • 4. 
    Which of these organizations represents state residential mortgage regulators? 
    • A. 

      SRR

    • B. 

      AARMR

    • C. 

      MTEB

    • D. 

      CSBS

  • 5. 
    Which type of an organization is SRR?
    • A. 

      Non-governmental

    • B. 

      United Nations

    • C. 

      Non-profit

    • D. 

      Profit-oriented

  • 6. 
    What type of fee do you incur when you request to have a registered MLO associated with your institution? 
    • A. 

      Annual Processing Fees

    • B. 

      Two-Factor Subscription Fee

    • C. 

      Initial Set-Upt-up Fee

    • D. 

      MLO Change of Employment Fee

  • 7. 
    How are the NMLS Processing Fees structured? 
    • A. 

      Per license, per month

    • B. 

      Per state, per month

    • C. 

      Per license, per state

    • D. 

      Per license, per individual

  • 8. 
    Which of these is not true about the NMLS ID? 
    • A. 

      It is unique

    • B. 

      It changes every 5 years

    • C. 

      It is given upon registration

    • D. 

      It is expected to exceed a trillion

  • 9. 
    After how many days will the NMLS delete a dormant account? 
    • A. 

      30

    • B. 

      90

    • C. 

      180

    • D. 

      270

  • 10. 
    What is an MLO? 
    • A. 

      Mortgage Loan Originator

    • B. 

      Mortgage Loans Originator

    • C. 

      Mortgage Lending Originator

    • D. 

      Mortgage Loaners' Originator