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17 Cards in this Set
- Front
- Back
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SURETY BOND
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REQUIRED FOR ALL MLOs, LENDERS AND SERVICERS.
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BOND LIMITS
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*COMMISSIONER MAY ORDER HIGHER LIMIT UP TO $100k |
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LICENSEE THAT EMPLOYS MLOs BOND AMOUNTS
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$50k-- $0-$50,000,000.00 $100k-- $$500,000,001.00 $200k-- OVER $500,000,001.00 |
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DENIAL FOR LICENSE BY COMMISSIONER
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7 YEARS PRECEDING DATE OF APPLICATION FELONY FOR ACT OF FRAUD, DISHONESTY, BREACH OF TRUST OR LAUDERING. LICENSE REVOKED IN GOVERNMENT JURISDICTION, |
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PRELICENSE EDUCATION & EXPERIANCE
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*3 HRS ETHICS; FRAUD, CONSUMER PROTECTION & FAIR LENDING ISSUES *2 HRS NON-TRADITIONAL MRTGAGE PRODUCTS *2 HRS CA LAW & REGULATIONS SINCE 01/2015 |
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WHO NEEDS SPONSORSHIP?
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MLOs NEED TO BE SPONSORED BY RESIDENTIAL MORTGAGE LENDERS, SERVICERS WHEN EMPLOYED. |
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WHITHIN HOW LONG MUST COMMISSIONER BE NOTIFIED OF TERMINATION OR SEPERATION BETWEEN MLO AND LICENSEE?
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15 DAYS
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WHO IS THE MORTGAGOR?
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BORROWER WHICH GIVES A MORTGAGE |
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WHO IS THE MORTGAGEE?
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LENDER THAT RECEIVES A MORTGAGE |
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WHAT ARE THE 5 BANKING AGENCIES?
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2) COMPTROLLER OF CURRENCY 3) NATIONAL CREDIT UNION ADMINISTRATION 4) FED. DEPOSIT INSURANCE CORPORATION 5) UNDER THE FINANCE LENDERS LAW, THE DIRECTOR OF OFFICE OF THE THRIFT SUPERVISION |
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WHAT ARE CONSIDERED BUSINESS DAYS?
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DEFINITION OF NMLSR?
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- INTERNET-BASED M.L.SYSTEM DEVELOPED AND MAINTAINED BY Conference of State Bank Supervisors (CSBS) - AMERICAN ASSOC. OF RESIDENTIAL MORTGAGE REGULATORS (AARMR) USED FOR THE LICENSING AND REGISTRATION OF MORTGAGE LENDERS, SERVICERS & MLOs |
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CAN AN APPLICANT/LICENSEE CHALLENGE THE COMMISSIONERS DECISSION?
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IT MUST BE DONE IN WRITING IF COMMISSIONER FINDS ERROR, IT WILL BE CORRECTED THROUGH THE NMLS. IF THERE IS NO ERROR, UNDER THE ADMINISTRATIVE PROCEDURE ACT, CONDIDATE CAN REQUEST A HEARING AS LONG AS IT IS DONE WITHIN 30 DAYS FROM MAILING OF LETTER. |
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WHAT ARE THE DIVISIONS OF THE DBO
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DIV. OF CORPS >REGULATES LENDERS & SOME FIDUCIARIES OFFICE OF LAW, LEGISLATION, INTERPRETS & APPLIES THE LAW OFFICE OF PUBLIC AFFAIRS |
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WHO APPOINTS THE COMMISSIONER?
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WHO IS THE DBO COMPRISED OF?
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1- BUS. OPERATIONS& SERVICES 2- FISCAL SERVICES 3- HUMAN RESOURCES 4) INFORMATION TECHNOLOGY |
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