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17 Cards in this Set
- Front
- Back
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Who is the regulatory authority in MI?
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Who is the head of the OFIR?
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How is a mortgage lender defined?
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What is the maximum processing fee that can be charged on a second mortgage?
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A residential mortgage loan contains a maximum of how many units?
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Michigan’s anti-predatory lending law does not apply to which types of mortgages?
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A registered mortgage loan originator is employed by whom?
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construction loan contains a maximum of how many units?
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How many hours of continuing education are required for a MLO?
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How is a mortgage broker defined?
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Who are a few examples of entities that are exempt from licensing?
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What is the surety bond requirement for a lender or broker?
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Where can a licensee obtain a surety bond?
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How many hours of ethics are required to obtain a license?
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A Special Information Booklet must be provided to a borrower within how many days?
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Which 2 documents, required by MI, must be provided to a borrower upon application of a mortgage loan?
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What happens to a license if it is not renewed by Dec. 31st?
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What is the late fee for late renewal of a license?
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Which type of mortgage records must be retained for 2 years?
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How much can a mortgage lender charge a client for a prepayment penalty?
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If a loan originator’s employment is terminated, what must their employing entity do?
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If a licensee commits fraud, when will the hearing be held?
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If a licensee receives a notice of suspension or revocation, how many days do they have to request a hearing?
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Who can serve a complaint to a licensee?
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What is the maximum penalty a MLO can receive for noncompliance?
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What is the fine for repeated violations?
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Engaging in mortgage loan origination without a license can result in?
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Can a lender or servicer service loans after their license is suspended?
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What are a few examples of why the Commissioner would deny an application for licensure?
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Who must be licensed?
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How is a loan officer or originator defined?
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What are a few examples of individuals that are not immediate family?
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What can happen if a licensee does not request a hearing within the time frame allotted?
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Instead of a receipt, what must a servicer provide a borrower upon request?
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