New Hampshire Mortgage Loan Originator

Which state agency regulates mortgage loan originators in New Hampshire?

• ANH Department of Revenue Administration
• BNH Banking Department
• CNH Real Estate Commission
• DNH Department of Insurance

How many hours of NMLS-approved pre-license education are required to become an MLO in New Hampshire?

• A10 hours
• B15 hours
• C20 hours
• D25 hours

What type of foreclosure is primarily used in New Hampshire?

• AJudicial foreclosure only
• BNon-judicial foreclosure (power of sale)
• CStrict foreclosure
• DDeed in lieu only

What is the minimum surety bond amount required for MLO licensees in New Hampshire?

• A$10,000
• B$15,000
• C$20,000
• D$25,000

Under New Hampshire law, what is the required notice period before a non-judicial foreclosure sale?

• A14 days
• B21 days
• C25 days
• D30 days

Which New Hampshire statute governs mortgage lending and loan originator licensing?

• ANH RSA 397-A
• BNH RSA 383
• CNH RSA 356-B
• DNH RSA 479

What continuing education requirement must New Hampshire MLOs complete annually?

• A4 hours
• B8 hours
• C10 hours
• D12 hours

In a New Hampshire non-judicial foreclosure, what happens if the foreclosure sale proceeds exceed the mortgage debt?

• AThe excess is retained by the lender
• BThe excess is paid to the state treasury
• CThe excess is returned to the borrower
• DThe excess is divided between the lender and the borrower

What is New Hampshire's maximum conventional interest rate allowed by usury law?

• A6%
• B8%
• C10%
• DNo statutory usury limit for first mortgages

A borrower in New Hampshire is told by their MLO that they must purchase credit insurance to qualify for the mortgage. Is this practice legal?

• AYes, it is a standard requirement for all NH mortgages
• BYes, but only for loans above $250,000
• CNo, requiring credit insurance as a condition of a mortgage is a prohibited practice
• DNo, but only if the borrower has a credit score above 700

Under NH RSA 397-A, what action can the NH Banking Department take against an MLO who violates state mortgage laws?

• AOnly issue a written warning
• BOnly impose fines up to $1,000
• CRevoke, suspend, or deny the MLO's license and impose civil penalties
• DRefer the matter to federal authorities only

What must an MLO disclose to a New Hampshire borrower regarding loan terms at application?

• AOnly the interest rate
• BOnly the APR and monthly payment
• CA good faith estimate of all loan terms, fees, and costs
• DOnly the total closing costs

In New Hampshire, what is the right of redemption period after a non-judicial foreclosure sale?

• ANo statutory right of redemption after a non-judicial foreclosure sale
• B30 days
• C60 days
• DOne year

What background check requirements must MLO applicants satisfy in New Hampshire?

• AOnly a state criminal background check
• BOnly a credit report review
• CFBI criminal background check through fingerprinting and a credit report
• DNo background check is required

Can an MLO license in New Hampshire be renewed if the licensee has an unresolved complaint filed with the Banking Department?

• AYes, complaints have no effect on renewal
• BYes, but only if the complaint is less than 30 days old
• CNo, the license cannot be renewed until all complaints are resolved
• DThe Banking Department may renew with conditions or deny renewal based on the nature and…

Under New Hampshire law, what are the requirements for maintaining trust accounts for mortgage-related funds?

• ATrust accounts are not required in New Hampshire
• BFunds may be commingled with the MLO's personal accounts
• CMortgage-related trust funds must be held in a federally insured depository and kept sepa…
• DTrust accounts may be held in any financial institution regardless of FDIC insurance

What is the penalty for originating mortgage loans in New Hampshire without a valid license?

• AA written warning for the first offense
• BA fine of up to $500
• CCivil penalties up to $2,500 per violation and potential criminal prosecution
• DNo penalty if the individual applies for a license within 30 days

A New Hampshire borrower believes their MLO charged excessive fees. What recourse does the borrower have?

• AThe borrower has no recourse once the loan closes
• BThe borrower can only file a complaint with the federal government
• CThe borrower can file a complaint with the NH Banking Department, which will investigate…
• DThe borrower must hire an attorney and file a civil lawsuit as the only option