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