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52 Cards in this Set
- Front
- Back
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Safe |
Secure and fair enforcement |
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Safe. Secure and fair enforcement is part of which act |
Housing and economic recovery act of 2008 |
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Who oversees compliance with the safe act |
Conference of State Bank supervisors. The American association of residential mortgage regulators. The consumer financial protection bureau |
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When does everyone's loan origination license expire |
Annually most states have December 31st renewal day |
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Where is the applicant information |
National registry |
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Where can consumers search a database for 9 confidential license information |
Separate national registry |
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What are the Federal banking agencies |
Federal reserve system board of governors. National credit Union administration. Controller of the currency. FDIC Federal deposit insurance corporation |
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Who is included in immediate family |
Spouse. Parents. Step parents. Child. Step child. Sibling. Step sibling. Grandparent. Grandchild. Adopted in members. |
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Individual |
Natural person |
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Types of person |
Natural person. Limited liability corporation. Association. Company. Corporation. Partnership. |
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Loan originator |
individual that takes residential loan application explains the details of a loan and offers to negotiate the terms of a loan with the lender for compensation |
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Underwriters and loan processors |
individuals who perform clerical or support tests at their action of state license loan originator registered loan originator they don't negotiate loan terms |
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Registered loan originator |
Unlicensed Bank employee who must be registered with the nmls |
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Non-traditional mortgage |
Any offering that is not a 30 year fixed rate loan |
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Secure and fair enforcement. What are the ability of the states |
design application forms. Collect transaction fees. Conduct background checks. It's your license license is. Right regulations. Deny suspended revoked license. Investigate complaints. Subpoena witnesses and documents. That's us penalties in order termination of individuals are guarded as threats to public welfare |
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Who maintains the registry approved mortgage schools courses exams overseas |
Conference of State Bank supervisors, the American association of residential mortgage regulators |
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Who is exempt from being licensing when originating a loan |
Individuals in Goshen in mortgage loan for themselves or family members |
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Attorneys in negotiate loans as an ancillary services are not compensated by Luna region are lender |
Are exempt from licensing |
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What types of loan processors and underwriters need to be state license and register with nmlsr |
If they are independent contractors |
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Which loan processors and underwriters do not need to be licensed |
supervised loan processors and underwriters we do not represent the public they can form any of that gives of a loan originator do not need to be licensed |
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What do Africans have to provide in order to be licensed |
Fingerprints credit reports in criminal background check authorization |
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What bands people from being licensed as a loan originator |
They cannot have had their loan license revoked in any governmental jurisdiction, no felony conviction during the past 7 years or no felony conviction ever offensively the frog dishonesty money laundering or breach of trust |
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What types of fun or other requirements does a loan originator need to meet |
Depends on the state might need to have a certain net worth a surety bond requirement or pay into a state fund |
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Minimum of... Hours of pre-licensing education is required for all loan originators |
20 hours |
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Please break down the 20 hours |
3 hours of federal law. 3 hours of ethics. 2 hours of training on non-traditional mortgage products. |
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How much annual continuing education is required for all loan originators |
8 hours |
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Please break down the eight hours of annual continuing education |
3 hours of a federal law. 2 hours of ethics. 2 hours of training on non-traditional mortgage products |
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For what year can licensees receive credit |
The year that the complete the continuing education course |
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How many times can the continuing education course be taken |
Cannot be taken more than once |
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Loan originators who are approved CE course instructors how do they calculate their continuing education hours |
2 hours of CE credit for every hour that they teach |
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Minimum passing score of the safe and fair enforcement loan originator license exam |
75 |
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The safe exam can be consecutive taken a maximum of... Times |
3 |
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If the student fails how many days do they have to wait 3 take the exam |
have to wait a minimum of 30 days but after three consecutive failures they must wait a minimum of 6 months for retaking it again |
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When can loan originators collect commission |
Only if the loan closes |
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Loan originators can not legal influence the following individuals |
Lenders appraisers and underwriters |
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Loan originators may not misrepresent a |
Property |
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But the guards the property insurance coverage what restriction does loan originator have |
can I cause a borrower to obtain property insurance coverage in an amount that exceeds their place in the cost of the improvements as established by the property insurance |
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Loan originators have to submit... To the nmlsr |
Mortgage call reports |
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Loan originator rule |
an amendment to the truth in lending act and was written by the consumer finance protection board to address issues regarding loan originators compensation. Expand the safe act and implement additional issues identified in the Dodd-Frank act. |
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Refinance in loan origination |
Those who assist in refinancing a loan or changing the debtors on existing loan are considered loan originators assisting in loan modification is not considered a loan origination |
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Who can receive compensation for selling additional products like title insurance |
Loan originator organizations can receive compensation. Individual loan originators cannot |
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Loan originator organizations how long do they have to keep records of payments to loan originators |
3 years in the files contain a comp copy of compensation agreements |
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can creditors include men three arbitration clauses are waivers of the consumer's right to file a lawsuit alleging Federal violations in transactional agreements |
No |
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What is the maximum penalty for a safe act violation |
$25,000 / offense |
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When do subpoena books and records have to be submitted |
On or before the date on the silence |
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When do exams have to be repeated because of an active status |
Five years of an active status |
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Sponsor |
Company that oversees the activities of a mortgage loan officer |
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An individual who originated loabs .. Housing organization is exempt from |
Free nonprofit housing organization |
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Do commercial real estate loan originators need licensing |
No |
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What is when is it in individual who does not act as a loan originator habitually or repeatedly exempt from licensing |
When the source of the funds does not come from a company that does this often |
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When does the mlo nmls ID number have to |
Ed's, loan applications, notes, security instruments, mortgage or deed trucks |
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How long do MLS have to keep compensation records |
3 years |
