LAW
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | a loan originator who is registered w NMLSr , employed by a depository inst.
generally doesn't need to be licensed
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| WHAT ARE EXAMPLES OF AN individual WHO IS OFFEREING OR NEGOTIATING THE TERMS OF A LOAN | show 🗑
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| show | has the authorization to ENFORCE state licensing law
all state-licensed MLO register w /nmls-r
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| show | is a LO who is licensed by their state, registered w NMLS-r and isn't employed by a depository institution or inst regulated by farm credit assoc
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| show | national association of individuals who are charged w/ administering + regulating various aspects of residual mortgage lending / played maker role Information of NMLSr & in drafting the model licensing law
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| show | someone who takes residental mortgages loan apps and offers or negotiates terms of the loan in exchange for compensation
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| show | if you receive an app directly from borrower
if you are entering the application info into automated system
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| show | A NUMBER signed to a LO by NMLSr in order to id person or track in mortgage lending
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| WHAT IS THE CONFERENCE OF STATE BANK SUPERVISORS (CSBS) | show 🗑
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| IF A FORMERLY LICENSED PERSON WANTS TO BECOME LICENSED AGAIN WHAT MUST THEY DO | show 🗑
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| show | identity, finger prints go through a series of background and credit checks
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| show | a loan for
personal family or household use secured by a mortgage
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| show | 25k
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| show | once a year
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| show | (more likely perpetuated by borrowers )
-this a willful misrepresentation of material fact on a loan app w/ the intent of gaining property
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| WHAT IS A NONTRADITIONAL MORTGAGE PRODUCT | show 🗑
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| per the MODEL LAW FROM CSBS (conference of state bank supervisors) & AARMR (American assoc of Residential Mortgage Regulators) WHAT activities ARE MLO NOT ALLOWED TO ENGAGE IN (2) | show 🗑
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| WHAT ARE GROUNDS FOR DENYING A LICENSE FOR “CREDIT” PURPOSE (4) | show 🗑
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| show | similar situated applicants receive similar loan terms w/o regard to protected class status
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| WHAT IS THE DIFFERENCE BETWEEN FRAUD AND NEGLIGENCE | show 🗑
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| WHAT IS THE punishment FOR MORTGAGE FRAUD | show 🗑
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| WHAT IS A FIDUCIARY RELATIONSHIP | show 🗑
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| show | 3 times 30 day gap
after 3rd time wait 6 months
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| show | UNFAIR DECEPTIVE or ABUSIVE ACT or practices
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| WHAT ARE THE TWO TYPES OF MORTGAGE FRAUD | show 🗑
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| show | is a request for a residental mortgage loan that includes borrower related info that lenders use when considering request
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| WHAT IS MISREPRESENTATION | show 🗑
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| show | gaining money through transactions with a willful misrepresentation on loan app
(committed by industry professionals)
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| WHAT IS CODE OF ETHICS | show 🗑
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| show | must operate free of practices such as misleading adv. interfering w/ consumer ability to understand transactions or concealing info from consumers causing them to take out loan they cant afford
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| WHAT IS A STATE | show 🗑
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| show | 75%
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| WHAT ARE ADMINISTRATIVE & CLERICAL TASK | show 🗑
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| show | someone who performs mortgage-related duties & is not supervised or directed by a licensed or registered loan originator
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| show | presenting terms to brrwr
responding to a brwr's request for a different rate or different fees on a pending loan app by providing a revised offer
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| show | is a wholly owned subsidiary of CSBS that runs the NMLSr
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| show | someone who is supervised by a licensed or registered loan originator or support duties - approve loans
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| WHEN OVERSEEING MLO ACTIVITES WHAT REPONSIBILTIES DOES THE STATE AGENCY HOLD (3) | show 🗑
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| WHAT POWERS DOES THE SAFE ACT GIVE TO STATE LICENSING AGENCIES | show 🗑
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| A LOAN originator license IS NOT required for the following individual | show 🗑
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| show | CSBS - conference of state bank supervisors
AARMR- American association residential mortgage regulators
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| show | bringing parties together who are interested in the sale,pruchase or exchange of real property
engaging in any act for which an individual must be licensed or registered as a Rea estate broker under applicable law
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| show | -convicted or pleaded guilty to felony within 7 years
-NEVER can be issued if applicant has EVER been convicted/pleaded guilty to felony dealing with fraud dishonesty breach of trust money laundering
-if your license revoked in another state
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| IF A STATE CHOOSES NOT TO PARTICIPATE IN NMLSR THEN WHAT | show 🗑
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| show | 3 HOURS FED LAW
3 HOURS - ETHICS TOPIC ( fraud, consumer protection)
2 HOURS NONTRADITIONAL MORTGAGE PRODUCTS
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| show | they are compensated by a lender or mortgage broker for residential loan originator activities
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| show | explaining content of an application and where info should be noted
collecting basic info on behalf of lender
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| defining "LOAN ORIGINATOR" what actions Do NOT rise to the level of offering or negotiating loan terms (2) | show 🗑
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| WHAT SAFEGUARD OPTIONS MUST A COMPANY HAVE IN PLACE IF MLO ERRORS OR MISCONDUCT RESULTS IN NEG FINANCIAL CONSEQUENCES FOR CONSUMERS (3) | show 🗑
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Created by:
cortnick1