Federal Mortgage Law · 24% of the SAFE exammedium
Correct answer: Register with the NMLS as an employee of a federally regulated depository institution
MLOs employed by federally regulated depository institutions (such as national banks chartered by the OCC) are required to register with the NMLS — not obtain a state license. Registration is different from licensing: it does not require pre-licensure education or state testing. State licensure (with the 20-hour PE requirement and testing) applies to MLOs at non-depository institutions. CFPB approval is not a prerequisite for NMLS registration.
CRAM ARCADE has the full NMLS question bank, timed practice exams, focus drills on your weakest category, flashcards and spaced repetition. No credit card.
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