Uniform State Content (SAFE Act)Question 374 of 400
Which organizations jointly developed and maintain the Nationwide Multistate Licensing System (NMLS)?
a.The Federal Reserve Board and the U.S. Treasury alone
b.The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR)
c.The National Association of Realtors and the Mortgage Bankers Association
d.The Consumer Financial Protection Bureau acting alone
Explanation
NMLS was developed and is maintained by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). It serves as the system of record for state licensing and federal registration of MLOs, harmonizing the process across jurisdictions.
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Related questions on this topic
- Under the SAFE Act, on which of the following must a state-licensed MLO display their NMLS unique identifier?
- What is NMLS Consumer Access?
- Which of the following activities would generally require an individual to hold a state MLO license?
- A state-licensed MLO changes employers, moving from one mortgage company to another. Regarding the NMLS unique identifier, the MLO:
- Which of the following is prohibited conduct for a mortgage loan originator under the SAFE Act's standards?
- If a state regulator finds that a licensed MLO violated the SAFE Act or state law, which of the following disciplinary actions may the regulator generally impose?
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