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17 Cards in this Set
- Front
- Back
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Who is the head of the Department?
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What are a few of the responsibilities of the Department/Commissioner?
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How is an employee defined?
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Who can apply to become licensed as a loan originator?
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How is a mortgage lender defined?
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What is the purpose of a trust account?
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At what threshold is an ARM considered a subprime loan?
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What is the term used in Minnesota law for “loan flipping?”
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Who needs to be licensed in MN to conduct mortgage-related activity?
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How many loans can a person make and still be exempt from licensing?
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Which factors are used to determine financial responsibility?
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What is the surety bond requirement based on?
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If action is taken against a licensee’s surety bond, what must they do?
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How far back does a felony conviction or charge have to be disclosed on an application for licensure?
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How many hours of education in ethics are required for renewal?
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What is an “evergreen clause?”
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What are a few documents that must be retained?
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Loan originators must display their NMLS number on?
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Where must advanced fees, received from a borrower, be deposited?
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What is the maximum time frame that a prepayment penalty can exist
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What are a few examples of lender fees?
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What are a few examples of charges that are not considered lender fees?
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What is the maximum prepayment penalty that may be assessed on a subprime loan?
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What is an agency relationship?
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When must an advance fee disclosure be provided to a borrower?
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If an advertisement states an interest rate, it must also state?
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How long does a licensee have to request a hearing upon a cease and desist order?
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How long does a licensee have to request a hearing upon a suspension or revocation?
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What is the maximum fine that may be imposed?
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The Commissioner may revoke, suspend or rescind a license for?
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Immediate notification is required if?
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What must persons that are exempt from licensing still do?
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How is an advance fee defined?
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How many hours of ethics are required as a part of pre-licensing education?
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