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17 Cards in this Set
- Front
- Back
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Issue licenses, establish codes of ethical conduct for licensees, conduct hearings, issue cease and desist orders, impose penalties, and conduct hearings.
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The Commissioner.
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Only a natural person, not a corporate entity.
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As an individual who is treated as an employee by a residential mortgage originator (lender or broker) or servicer for the purposes of compliance with federal income tax laws.
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To maintain advance fees, received from a borrower, separate from any operating accounts.
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As a person who expects to earn compensation for making, placing or negotiating a residential mortgage loan for a borrower. A mortgage lender is otherwise known as a residential mortgage originator.
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Churning.
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If the APR greater than 2% above the yield on Treasury securities.
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3 total loans per year.
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Residential mortgage originators, mortgage servicers, mortgage loan originators, and independent contractors acting as loan processors or underwriters.
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Dollar amount of loans originated annually.
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Outstanding judgments, outstanding tax liens/government liens, foreclosures in the past 3 years, and a pattern of seriously delinquent accounts in the past 3 years.
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At any time it has occurred.
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File a new bond immediately upon recovery from the action.
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A statement on an irrevocable letter of credit that the expiration of the letter cannot take place without a 60 day notice by the issuer.
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2 hours.
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Loan applications, solicitations, advertisements, business cards, and websites.
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Business records; advertisements; residential mortgage loans applied for, originated, or serviced; escrow agreements; trust account records; documents related to complaints/resolutions; and all communications regarding rates and terms.
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42 months.
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In the residential mortgage originator’s trust account.
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Recording fees, mortgage registration taxes, pass-throughs, property taxes, homeowners insurance, and other third party fees.
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Interest, points, and finance charges.
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When a mortgage broker is working on a borrower’s behalf to obtain a mortgage loan.
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Prepayment penalties are prohibited on subprime loans.
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The APR.
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Prior to accepting any advanced fees.
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30 days.
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15 days.
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Failing to pay registration or administrative fees, failing to comply with a written request to respond to a complaint, engaging in a pattern of negligence, and failing to produce records upon request.
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$25,000 per violation.
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They must submit a Certificate of Exemption and pay a $100 fee to the Commissioner.
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The licensee files a bankruptcy petition.
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3 hours.
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As a commission, fee, charge, or other compensation of any kind before the closing of a loan.
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