Uniform State Test (UST) · 11% of the SAFE exammedium
Correct answer: An individual who originates no more than 3 residential mortgage loans per 12-month period
The SAFE Act's de minimis exception allows individuals who originate no more than 3 residential mortgage loans in any 12-month period to do so without a state MLO license. Originating fewer than 10 loans (A) does not meet the de minimis standard — the threshold is 3, not 10, and investor status does not modify the limit. Family-member transactions (C) may qualify under a separate seller-financing exemption (which applies when an owner sells their own property and meets specific criteria), not the de minimis exception — and family-member status alone does not create an unlimited exemption. Credit union employees (D) must be registered or licensed depending on charter type; there is no volume-based exemption for credit union MLOs.
CRAM ARCADE has the full NMLS question bank, timed practice exams, focus drills on your weakest category, flashcards and spaced repetition. No credit card.
Start studying free