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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| WHAT IS A registered LOAN originator | show 🗑
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| show | MLO
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| IN ORDER TO AVOID A CFPB INTERVENTION THE ENITY THAT HAS THE authority OVER MLO MUST MEET WHAT STANDARDS | show 🗑
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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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| WHAT IS THE AMERCIAN ASSOCIATION OF RESIDENTAL MORTGAGE REGULATORS (AARMR) | show 🗑
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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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| show | national organization of state bank supervisors who are in charge w/ ensuring that state banking institutions adhere to certain standards
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| show | complete "late CE" course
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| show | identity, finger prints go through a series of background and credit checks
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| what is a RESIDENTIAL mortgage loan | show 🗑
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| show | 25k
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| HOW OFTEN MUST A MLO RENEW THEIR LICENSING | show 🗑
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| WHAT IS FRAUD FOR PROPERTY | show 🗑
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| show | any mortgage product that's not a 30 yr fixed
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| show | -attempting to defraud borrower
-failing to comply w. fed or state laws etc
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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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| show | INTENT/fraud: knowledge of actions to deceive
NEGLIGENCE/ didn't know unintentional misrepresentation
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| show | FINE UP TO $1 MILLION AND 30 YERS IN PRISON PER COUNT
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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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| show | farud for property &
fraud for profit
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| WHAT IS AN APPLICATION | show 🗑
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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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| show | a form of company law that clearly articulates company expectations of the people who represent it and penalties for violating the code
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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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| show | any of the US district of Colombia - any territory of US
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| WHAT IS THE PASSING % FOR MLO EXAM | show 🗑
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| show | the receipt, collection and distribution of the info that is common in processing or underwriting a loan
Communication that designed to obtain common info from consumer
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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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| show | for purpose of investigating the agency can subject originators and their employers to examination
meaning they can access any books/records or interview anyone
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| show | some1 doing loan for their own residence
etc
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| show | CSBS - conference of state bank supervisors
AARMR- American association residential mortgage regulators
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| WHAT ARE CONSIDERED REAL ESTATE SERVICES | show 🗑
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| WHAT ARE GROUNDS FOR DENYING A LICENSE FOR BACKGROUND CHECK purposes (3) | show 🗑
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| show | CFPB will establish and maintain similar system for MLOs in that state
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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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| AN INDIVIDUAL WHO PERFORMS REAL ESTATE BROKERAGE activities IS CONSIDERED A LOAN ORGINATOR IF | show 🗑
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| FOR THE PURPOSE OF DEFINING A LOAN originator WHAT ACTIONS DO NOT RISE TO THE LEVEL OF "TAKING AN APP" (2) | show 🗑
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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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| show | require that a loan originator maintains a net worth that is based on the $ amt of their originated loans
require that loan originator pay into a state recovery fund
require that loan originators maintain a surety bond the value of which based on the $
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Created by:
cortnick1