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27 Cards in this Set

  • Front
  • Back
Minimum surety bond for the mortgage loan company
$50,000
Pre-licensing education requirement
20 hours
Non-fraud felony time requirement
7 years
Continuing education for all licensees
8 hours
Renewal fee for MLO's
$200 plus $30 NMLS fee
Renewal fee for loan companies
$1000 plus $100 NMLS fee
Notice if moving or closing a mortgage broker's business location
30 days prior
Renewal fee per branch
$500 plus $20 NMLS fee
Record retention for loan documents
6 years
Percentage of principal that fees cannot exceed
6%
Period for which all civil, criminal, and regulator action must be disclosed but which will not necessarily result in denial
10 years
Period a person has to request a hearing after receiving a noticeof correction
20 days
Civil fines may not exceed
$25,000
Director must respond within this many days of a hearing request
30 days
Number of family units comprising a dwelling
1-4 units
Typeof charges which can be leveled for fraud, false statement, prohibited fees, and violations of mortgage loan laws
4th degree felony
criminal offense for engaging in mortgage related activity without a license
misdemeanor plus 1 year in prison
License renewal for a loan company
$500 plus $30 NMLS fee
Each subsequent charge results in this charge
4th degree felony plus 18 months
Pre-licensing education required for all licensees
20 hours
Required years of experience for a mortgage manager
2 years
Maximum late penalty allowed
5%
Traditional mortgage
30 year fixed
Record retention for trust accounts (escrow accounts)
3 years
Financial responsibility requirements for foreclosures
3 years
Financial responsibility requirement for patterns of seriously delinquent accounts
3 years
Maxed allowed to be charged for a referral fee
$75