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Exam Review

Key Facts: MS MLO Exam

75%

Passing Score

NMLS

120 Q

SAFE MLO Test Questions (115 scored)

NMLS

20 hrs

Pre-License Education

MS Dept of Banking

190 min

Test Time

NMLS

Mississippi mortgage loan originators are licensed by the Department of Banking and Consumer Finance under the Mississippi S.A.F.E. Mortgage Act (Miss. Code Section 81-18-1 et seq.). There is no separate Mississippi state test: applicants take the SAFE MLO National Test with Uniform State Content, 120 questions (115 scored) in 190 minutes, and need 75% or better. Pre-license education is 20 hours, including 4 hours on Mississippi law.

Sample MS MLO Practice Questions

Try these sample questions to review concepts for the MS MLO exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 200+ question experience with AI tutoring.

1Which state agency regulates mortgage loan originators in Mississippi?
A.Mississippi Secretary of State
B.Mississippi Department of Banking and Consumer Finance
C.Mississippi Real Estate Commission
D.Mississippi Department of Revenue
Explanation: The Mississippi Department of Banking and Consumer Finance is the state agency responsible for regulating mortgage loan originators and enforcing state mortgage lending laws. The Secretary of State handles business registrations, the Real Estate Commission oversees real estate licensees, and the Department of Revenue handles tax matters.
2How many hours of pre-license education are required for MLO licensure in Mississippi?
A.10 hours
B.15 hours
C.20 hours
D.25 hours
Explanation: Mississippi requires the standard 20 hours of NMLS-approved pre-license education for mortgage loan originator licensure, which includes 3 hours of federal law, 3 hours of ethics, and 2 hours of non-traditional mortgage lending. This follows the federal SAFE Act minimum requirements.
3What is the passing score required for the Mississippi MLO state exam?
A.65%
B.70%
C.75%
D.80%
Explanation: The Mississippi MLO state exam requires a passing score of 75%, which is the standard passing score for NMLS state exam components. Candidates must answer approximately 41 out of 55 questions correctly to pass the state portion of the exam.
4Mississippi primarily uses which type of foreclosure process?
A.Judicial foreclosure only
B.Non-judicial foreclosure through deed of trust
C.Strict foreclosure
D.Both judicial and non-judicial equally
Explanation: Mississippi primarily uses non-judicial foreclosure through a deed of trust instrument. When a deed of trust includes a power of sale clause, the trustee can conduct the foreclosure sale without court involvement. This process is generally faster and less expensive than judicial foreclosure.
5What is the minimum surety bond requirement for a Mississippi mortgage loan originator?
A.$10,000
B.$25,000
C.$50,000
D.$100,000
Explanation: Mississippi requires mortgage loan originators to maintain a minimum surety bond of $25,000 as a condition of licensure. This bond protects consumers against potential losses resulting from the MLO's failure to comply with state mortgage lending laws and regulations.
6Under Mississippi law, a mortgage loan originator must complete how many hours of continuing education annually?
A.4 hours
B.8 hours
C.12 hours
D.16 hours
Explanation: Mississippi MLOs must complete 8 hours of NMLS-approved continuing education annually, following the federal SAFE Act requirements. This includes 3 hours of federal law updates, 2 hours of ethics, and 2 hours of non-traditional mortgage lending, plus 1 hour of elective content.
7Which document is primarily used to secure a mortgage loan in Mississippi?
A.Mortgage instrument only
B.Deed of trust
C.Land contract
D.Assignment of rents
Explanation: Mississippi primarily uses a deed of trust to secure mortgage loans. The deed of trust involves three parties: the borrower (trustor), the lender (beneficiary), and a neutral third party (trustee) who holds the power of sale. This is the foundation for Mississippi's non-judicial foreclosure process.
8What is the maximum interest rate allowed under Mississippi's usury laws for consumer loans?
A.8% per annum
B.10% per annum
C.12% per annum
D.No statutory cap for first-lien mortgages
Explanation: Mississippi's usury law generally caps interest rates at 10% per annum for consumer loans. However, various exemptions exist for federally regulated lenders and certain types of mortgage loans. First-lien residential mortgage loans by licensed lenders are often exempt from this cap under federal preemption.
9In a non-judicial foreclosure in Mississippi, where must the notice of sale be published?
A.Only posted at the courthouse
B.Published in a newspaper in the county where the property is located for three consecutive weeks
C.Mailed to the borrower only
D.Published on the state government website
Explanation: Mississippi law requires that the notice of foreclosure sale be published in a newspaper of general circulation in the county where the property is located for three consecutive weeks prior to the sale. This publication requirement ensures public notice and is a critical step in the non-judicial foreclosure process.
10Mississippi law requires that a deed of trust foreclosure sale be conducted at what location?
A.At the lender's office
B.At the property being foreclosed
C.At the county courthouse or other location specified in the deed of trust
D.At the state capital building
Explanation: In Mississippi, a deed of trust foreclosure sale must be conducted at the county courthouse or at the location specified in the deed of trust document. The sale typically occurs at the courthouse of the county where the property is situated, during legal hours on the date advertised.

About the MS MLO Exam

Mississippi mortgage loan originator candidates take the SAFE MLO National Test with Uniform State Content, the single NMLS test used for state MLO licenses; Mississippi has no separate state component. The test covers federal mortgage laws, uniform state content, general mortgage knowledge, loan origination activities and ethics.

Exam sponsor: NMLS (SAFE MLO Test, delivered by Prometric); license by the Mississippi Department of Banking and Consumer Finance. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

120 questions

Time Limit

190 minutes

Passing Score

75%

Exam / Certification Fees

$110

Exam sponsor website

Reported exam pass rate: 53%. NMLS first-time pass rate for the SAFE MLO Test as of December 31, 2024 This describes exam candidates, not OpenExamPrep users or results from using our resources. Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

24%

Federal Mortgage Related Laws

RESPA (Regulation X), ECOA (Regulation B), TILA (Regulation Z) including HOEPA, higher-priced loans, MLO compensation and TRID, plus HMDA, FCRA/FACTA, BSA/AML, GLBA, the E-Sign Act and the Homeowners Protection Act

11%

Uniform State Content

SAFE Act and the CSBS/AARMR Model State Law: state regulator powers, who must be licensed, license qualifications and maintenance, NMLS requirements, prohibited and required conduct, and advertising

20%

General Mortgage Knowledge

Qualified and non-qualified mortgage programs (conventional, FHA, VA, USDA, jumbo), loan products such as ARMs, balloon, reverse and HELOC loans, and common mortgage terms

27%

Mortgage Loan Origination Activities

Application and disclosure requirements, tolerances and Loan Estimate timing, qualification and underwriting (ratios, ability to repay, appraisals, title, insurance), closing, and financial calculations

18%

Ethics

Prohibited acts, fair lending, fraud detection, advertising, unfair, deceptive or abusive acts, predatory lending and steering, and ethical conduct in loan origination

Preparing for the MS MLO Exam

What You Need to Know

  • Passing score: 75%
  • Exam length: 120 questions
  • Time limit: 190 minutes
  • Exam / certification fees: $110 Official sources

Using Our Practice Resources

  • Work through all 200 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

MS MLO: Suggested Study Strategy

1Weight your study by the NMLS outline: origination activities 27%, federal mortgage laws 24%, general mortgage knowledge 20%, ethics 18% and uniform state content 11%
2Know TRID timing: the Loan Estimate is due by the third business day after application, and the Closing Disclosure must arrive at least three business days before consummation
3Learn the SAFE Act licensing rules tested as uniform state content: NMLS unique identifiers, pre-license and continuing education, and grounds for denying a license
4Complete the 4 hours of Mississippi S.A.F.E. Mortgage Act instruction within your 20 pre-license hours; Mississippi law is taught there, not tested on a separate state exam
5Practice the outline's financial calculations: periodic interest, monthly payments, down payments, closing costs and ARM adjustments

Frequently Asked Questions

What is the Mississippi MLO exam?

Mississippi has no separate state MLO exam. Applicants for a Mississippi mortgage loan originator license take the SAFE MLO National Test with Uniform State Content, developed by NMLS and delivered by Prometric, and the Mississippi Department of Banking and Consumer Finance issues the license through NMLS.

How many questions are on the Mississippi MLO state exam?

There is no separate Mississippi state exam. The SAFE MLO National Test with Uniform State Content has 120 multiple-choice questions (115 scored and 5 unscored) with a 190-minute time limit, and candidates need 75% or better to pass.

What Mississippi-specific topics should I study?

The SAFE MLO Test has no Mississippi-only questions; its Uniform State Content section (11%) covers the SAFE Act and the CSBS/AARMR Model State Law. Mississippi law is taught in 4 of the 20 required pre-license education hours, which cover the Mississippi S.A.F.E. Mortgage Act.

What are the Mississippi MLO license requirements?

Mississippi requires 20 hours of NMLS-approved pre-license education, including 4 hours on the Mississippi S.A.F.E. Mortgage Act, a score of 75% or better on the SAFE MLO Test, a background check and credit report, and licensing through NMLS.