How Well Do You Know The Nationwide Multistate Licensing System?

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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

    Correct Answer
    B. 2008
    Explanation
    The NMLS began its operations in 2008.

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  • 2. 

    Who and who created NMLS?

    • A.

      SRR and CSBS

    • B.

      AARMR and CSBS

    • C.

      MTEB and CSBS

    • D.

      MLO and CSBS

    Correct Answer
    B. AARMR and CSBS
    Explanation
    AARMR and CSBS created NMLS.

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  • 3. 

    Which organization own the NMLS and make its policies? 

    • A.

      MLO

    • B.

      SRR

    • C.

      AARMR

    • D.

      MTEB

    Correct Answer
    B. SRR
    Explanation
    SRR (State Regulatory Registry) is the organization that owns the NMLS (Nationwide Multistate Licensing System) and is responsible for making its policies.

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  • 4. 

    Which of these organizations represents state residential mortgage regulators? 

    • A.

      SRR

    • B.

      AARMR

    • C.

      MTEB

    • D.

      CSBS

    Correct Answer
    A. SRR
    Explanation
    SRR is not a known organization that represents state residential mortgage regulators. AARMR (Association of State Residential Mortgage Regulators) is the correct answer. AARMR is an organization that represents the state agencies responsible for the licensing and regulation of residential mortgage lenders, brokers, and servicers. MTEB and CSBS are not specifically related to state residential mortgage regulators.

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  • 5. 

    Which type of an organization is SRR?

    • A.

      Non-governmental

    • B.

      United Nations

    • C.

      Non-profit

    • D.

      Profit-oriented

    Correct Answer
    C. Non-profit
    Explanation
    SRR is classified as a non-profit organization because it does not aim to generate profit for its members or shareholders. Instead, its primary objective is to serve a public or social cause. Non-profit organizations typically rely on donations, grants, and fundraising efforts to support their activities and fulfill their mission.

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  • 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

    Correct Answer
    D. MLO Change of Employment Fee
    Explanation
    When you request to have a registered MLO associated with your institution, you incur an MLO Change of Employment Fee. This fee is charged when there is a change in the employment status of the MLO, such as when they switch employers or institutions. It covers the administrative costs and processing involved in updating the MLO's registration and employment information.

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  • 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

    Correct Answer
    C. Per license, per state
    Explanation
    The NMLS Processing Fees are structured on a per license, per state basis. This means that for each license held in a specific state, there will be a processing fee charged. This fee is not dependent on the number of months or individuals, but rather on the combination of licenses and states.

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  • 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

    Correct Answer
    B. It changes every 5 years
    Explanation
    The NMLS ID is a unique identifier given upon registration and is not expected to exceed a trillion. However, it does not change every 5 years.

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  • 9. 

    After how many days will the NMLS delete a dormant account? 

    • A.

      30

    • B.

      90

    • C.

      180

    • D.

      270

    Correct Answer
    C. 180
    Explanation
    The NMLS will delete a dormant account after 180 days. This means that if an account remains inactive for a period of 180 days, it will be removed by the NMLS.

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  • 10. 

    What is an MLO? 

    • A.

      Mortgage Loan Originator

    • B.

      Mortgage Loans Originator

    • C.

      Mortgage Lending Originator

    • D.

      Mortgage Loaners' Originator

    Correct Answer
    A. Mortgage Loan Originator
    Explanation
    An MLO refers to a Mortgage Loan Originator, which is an individual who helps borrowers secure mortgage loans. They act as intermediaries between borrowers and lenders, assisting with the loan application process, gathering necessary documentation, and evaluating the borrower's financial situation. MLOs also ensure that borrowers meet the necessary requirements and regulations for obtaining a mortgage loan.

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  • Current Version
  • Mar 11, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 03, 2018
    Quiz Created by
    Cripstwick
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