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17 Cards in this Set
- Front
- Back
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The Commissioner.
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Office of Financial and Insurance Regulation.
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5%.
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As a person who makes or offers to make mortgage loans.
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Reverse, open-end lines of credit, purchase, and commercials loans.
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4 units.
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4 unit.
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A depository institution, subsidiary of a depository institution, or an institution regulated by the Farm Credit Administration.
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As a person who serves or offers to serve as an agent for a person in an attempt to obtain a mortgage loan.
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8 hours.
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$25,000.
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Nonprofit corporations, servicers that service 10 or less loans in a calendar year, government agencies, depository financial institutions, or immediate family members.
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3 hours.
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An insurance company licensed to do business in MI.
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Borrower’s Bill of Rights and the Consumer Caution Notice.
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3 business days.
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$25 per day or $1,000 (whichever is less).
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It expires.
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1%
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Second mortgage loan records.
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Not more than 60 days after the date of notice.
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Provide a notice to the Department within 20 days.
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The Commissioner or Attorney General.
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20 days.
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$20,000.
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$25,000.
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Yes for 6 months.
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A misdemeanor.
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Any person that holds themselves out as being able to sell, arrange, or negotiate the terms of a mortgage secured by real estate must obtain a license unless they are exempt.
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Previous revocation of any governmental license, felony in the past 10 years, felony or misdemeanor involving financial services, failure to submit information required for licensure, or failure to complete education requirements.
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Cousin, ex-spouse, uncle, or aunt.
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As an individual who is an employee of a mortgage broker, mortgage lender, or mortgage servicer that takes a residential mortgage loan application.
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1 annual statement showing all payments made or credited to their account per 12 month period.
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The action is deemed final.
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