LESSON 4 EXAM CCJ 4644 QUIZZES 7 11
SCRIPT 2026 COMPLETE ANSWERS VERIFIED
◉ The Federal Reserve System was created in 1913. Answer: True
◉ Prior to the Federal government passing the SAFE Act in 2008, all
states required MLOs to be licensed. Answer: False
◉ A person who has worked at a bank giving loans could be
considered a Mortgage Loan Originator. Answer: False
◉ A loan processor and underwriter must be licensed if they are
independent contractors. Answer: True
◉ Mortgage brokers usually do not fund their own loans. Answer:
True
◉ The 3 secondary market players are, FNMA, FHLMC, and HMDA.
Answer: False
FNMA, GNMA, and Freddie
,◉ Regulatory authorities have the authority to investigate, impose
penalties, provide supervision, or a combination of all three.
Answer: True
◉ To be a licensed MLO you must apply for a state, and national
license. Answer: False
◉ Your pre-licensing education requires, 3 hours of federal law, 3
hours of ethics, 2 hours of non-traditional mortgage products, and
12 hours of electives. Answer: True
◉ The National Test Component with the Uniform State Content will
test your knowledge on the following five topics, federal laws and
regulations, ethics, general mortgage knowledge, MATH, and
customer service essentials. Answer: False
◉ If you fail the National test 3 times, you must wait 6 months to
retake the test. Answer: True
◉ The National test contains 120 questions, and 10 of those are
unscored. The extra 10 questions are placebo questions. Answer:
False
5 are unscored
,◉ You will pay a non-refundable application fee; the cost of the fee
varies by state. Answer: True
◉ Having your licensed revoked in another state is not a reason the
state could deny your license. Answer: False
◉ Once you have your licensed it must be renewed every year by
December 31st or sooner. Answer: True
◉ If you forget to renew your license, there is a reinstatement period
in some states, and you can do late continuing education. Answer:
True
◉ Filling out your MU4 is a one-time requirement and won't need to
be updated again throughout the course of your career. Answer:
False
◉ If you want to be licensed in multiple states it is important to do
discover each state, initial licensing, fees, pre-licensing education,
requirements, renewal fees, continuing education requirements, and
one other important thing about initial licensing and continuing
licensure in each state. Answer: True
◉ If you can't help a borrower, find a loan, charging a fee for best
efforts isn't considered prohibited conduct. Answer: False
, ◉ Every state has their own requirements related to disciplinary
action. Answer: True
◉ If you have violated to comply with a cease and desist order the
maximum penalty for each act or omission is $25,000. Answer: True
◉ A mortgage lender is an individual who, for compensation or gain,
or in the expectation of compensation or gain takes residential
mortgage loan applications, and offers or negotiates terms of a
residential mortgage loan. Answer: False
◉ Each state has a regulatory authority. Answer: True
◉ All of the following are examples of prohibited actions for
mortgage professionals, except:
1. Receiving compensation for MLO activities
2. Charging a fee for best efforts
3. Advertising terms that aren't available
4. Making any false statements to the NMLS Answer: 1.
◉ What is the name of the act that created the NMLS?
1. Frank-Dodd Act
SCRIPT 2026 COMPLETE ANSWERS VERIFIED
◉ The Federal Reserve System was created in 1913. Answer: True
◉ Prior to the Federal government passing the SAFE Act in 2008, all
states required MLOs to be licensed. Answer: False
◉ A person who has worked at a bank giving loans could be
considered a Mortgage Loan Originator. Answer: False
◉ A loan processor and underwriter must be licensed if they are
independent contractors. Answer: True
◉ Mortgage brokers usually do not fund their own loans. Answer:
True
◉ The 3 secondary market players are, FNMA, FHLMC, and HMDA.
Answer: False
FNMA, GNMA, and Freddie
,◉ Regulatory authorities have the authority to investigate, impose
penalties, provide supervision, or a combination of all three.
Answer: True
◉ To be a licensed MLO you must apply for a state, and national
license. Answer: False
◉ Your pre-licensing education requires, 3 hours of federal law, 3
hours of ethics, 2 hours of non-traditional mortgage products, and
12 hours of electives. Answer: True
◉ The National Test Component with the Uniform State Content will
test your knowledge on the following five topics, federal laws and
regulations, ethics, general mortgage knowledge, MATH, and
customer service essentials. Answer: False
◉ If you fail the National test 3 times, you must wait 6 months to
retake the test. Answer: True
◉ The National test contains 120 questions, and 10 of those are
unscored. The extra 10 questions are placebo questions. Answer:
False
5 are unscored
,◉ You will pay a non-refundable application fee; the cost of the fee
varies by state. Answer: True
◉ Having your licensed revoked in another state is not a reason the
state could deny your license. Answer: False
◉ Once you have your licensed it must be renewed every year by
December 31st or sooner. Answer: True
◉ If you forget to renew your license, there is a reinstatement period
in some states, and you can do late continuing education. Answer:
True
◉ Filling out your MU4 is a one-time requirement and won't need to
be updated again throughout the course of your career. Answer:
False
◉ If you want to be licensed in multiple states it is important to do
discover each state, initial licensing, fees, pre-licensing education,
requirements, renewal fees, continuing education requirements, and
one other important thing about initial licensing and continuing
licensure in each state. Answer: True
◉ If you can't help a borrower, find a loan, charging a fee for best
efforts isn't considered prohibited conduct. Answer: False
, ◉ Every state has their own requirements related to disciplinary
action. Answer: True
◉ If you have violated to comply with a cease and desist order the
maximum penalty for each act or omission is $25,000. Answer: True
◉ A mortgage lender is an individual who, for compensation or gain,
or in the expectation of compensation or gain takes residential
mortgage loan applications, and offers or negotiates terms of a
residential mortgage loan. Answer: False
◉ Each state has a regulatory authority. Answer: True
◉ All of the following are examples of prohibited actions for
mortgage professionals, except:
1. Receiving compensation for MLO activities
2. Charging a fee for best efforts
3. Advertising terms that aren't available
4. Making any false statements to the NMLS Answer: 1.
◉ What is the name of the act that created the NMLS?
1. Frank-Dodd Act
