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81 Cards in this Set

  • Front
  • Back
Mortgage loan originators must complete at least __ hours of approved prelicensing education
20 hours
A loan originator must refund advanced fees within how many hours of rejecting a loan?
72 hrs
An Equity Seller may cancel an equity conveyance contract within what time period? (2 answers)
before the earlier of:
1. midnight of the 3rd business day after the seller signs the contract or
2. a foreclosure sale of the residence in foreclosure.
If mortgage broker fails to satisfy the experience requirement during the licensing either as an individual or as the qualified individual you must notify the director within how long?
3 days




- Notify director within 3 days,
- submit inventory & status of pending loans within 7 days
- Submit a plan to meet requirements/transfer business within one week
- If unable to satisfy requirements within 30 days, Director may suspend or revoke license
A mortgage broker must deposit client trust funds in a trust fund account or neutral escrow depository by the close of business on the _________ following receipt
the 3rd business day.
Disclosures under TILA and Reg Z must be delivered within _______ of an application being completed
3 business days
If the Director receives notice of a surety bond cancellation, he must must send out notice to the mortgage broker within...
3 business days
Within how many days of a cancellation of a surety bond (or irrevocable letter of credit) must the mortgage broker rectify the situation to retain his license?
within seven business days:

The broker must, by 5:00 p.m., Pacific Time, within seven business days after the date of cancellation, rectify the situation or the Director is required to cancel his license.
Within how long after failure to meet experience requirements is discovered must a mortgage banker or broker submit to the Director an inventory and status of pending loans apps and accounting for all client trust accounts?
Within 7 calendar days of failure to meet experience requirements.

The banker/broker must also:
- account for all investor funds, and
- submit to the Director within one week a proposed plan to either:
- comply with the requirement; or
- transfer its business to another licensee, and


- Notify director within 3 days,
- submit inventory & status of pending loans within 7 days
- Submit a plan to meet requirements/transfer business within one week
- If unable to satisfy requirements within 30 days, Director may suspend or revoke license
According to the Unlawful Trade Practices Act, a person who solicits potential customers by telephone or door to door must provide his identification and the purpose of his call within _______ after beginning conversation. The same rule applied to debt collectors
30 seconds
A loan originator can receive _______ credit for every one hour taught as an instructor of an approved course,
2 hours
A mortgage loan originator must take a minimum of ______ of NMLS-approved continuing education each year. Coursework must include at least:
• three hours on _______ and regulations.
• two hours on _______, including fraud, consumer protection and fair lending issues.
• two hours on lending standards for the _______
marketplace.
- 10 credit hours
- federal laws
- ethics
- nontraditional mortgage product
A copy of the foreclosure consulting contract must be provided to the homeowner at least _______ before it is signed.
24 hours
The equity purchaser must provide a copy of the equity conveyance contract to the equity seller at least _______ before it is signed.
24 hours
A settlement statement of "actual" closing costs must be provided ______ prior to closing for the customer to review (as well as at the final closing)
1 day
No later than _______ after receipt of a notice of cancellation, the equity purchaser must return, without condition, any document of transfer signed by the equity seller, including the original deed and title
10 days
If a person has engaged in an unlawful trade practice, after receipt of notification of the violation, the person must, within ______, execute and deliver an assurance of voluntary compliance, setting out what actions, if any, he intends to take with respect to alleged unlawful trade practice
10 days
A licensee may request a hearing within _______ of service of a notice from the Director arising from a violation of the OMLL
20 days
Within _______ of a written request by a borrower must provide copies of the appraisal, title report, or credit report for which the borrower paid, if the request is made within ______ of notice that the loan will not be granted
30 working days, 90 days
The Director must be notified of a change in the control of a licensee within ________ after the change.
30 days
A licensee's fees or earned interest income not yet transferred but due to it under a written agreement with a client may be commingled in the client trust account so long as the funds are removed from the account within ___ days
30
At at least ______ prior to what date, a licensee or loan originator must submit a renewal application?
30 days, December 31st
If a licensee is unable to satisfy the experience requirement within _______, the Director may suspend or revoke its license.
30 days.

- Notify director within 3 days,
- submit inventory & status of pending loans within 7 days
- Submit a plan to meet requirements/transfer business within one week
- If unable to satisfy requirements within 30 days, Director may suspend or revoke license
A Licensee who submits an incomplete app will be notified by the director through NMLS, and will have ______ from the date of notice to correct issues.

If not corrected, application will be considered ___.
30 days

Abandoned
If a broker intends to transact business at any place other than the main office, the broker must notify the director ______ prior to opening a branch office.
30 days
If a licensee files for bankruptcy or reorganization, the mortgage banker/broker must notify the Director within _____.
30 days
Notification of the institution of license revocation procedures against the mortgage loan originator by any state or termination of a loan originator's sponsorship must be done within ________
30 days
A mortgage lender, broker, or loan originator must notify the Director within ______ if any person involved in their business is indicted for or convicted of fraud or a felony
30 days
A mortgage lender, broker, or loan originator must notify the Director within _______ in instances of material litigation occurring against the mortgage loan originator
30 days
If there is a change in the partners, directors, officers or persons that, directly or indirectly, control a licensee, written notification of the change must be filed with the Director within _______
30 days
Changes in the information required on the mortgage loan originators application form including but not limited to address changes, phone number changes or the status of a loan originator employed by a mortgage licensee must be filed with the Director within _______
30 days
A mortgage lender, broker, or loan originator must notify the Director within ______ of if an employee loan originator is dismissed due to a chance in his licensing status or involvement in activities which would constitute grounds for license revocation.
30 days
The Director must be notified within ______ of a change in the amount the members, officers, partners of any licensee. The name, address and occupation of each new member, officer, partner or director and other info is required.
30 days
In addition (to the annual call report), a mortgage banker or mortgage broker must file a report of condition with the NMLS of business and operations related to Oregon residential mortgage transactions within ________ following the end of each calendar quarter.
45 days
Upon cancellation of a foreclosure consulting contract or an equity conveyance contract, a homeowner has up to ______ to pay for any services performed in good faith under the contract
60 days
If the Director finds the assets/capital of a mortgage lender licensee impaired and takes possession of the licensees property, business, & assets, the licensee will have _______ from the date its business is taken to remedy the deficiencies
60 days
An applicant for a mortgage lender license must submit through the NMLS (along with their renewal application), a financial statement, including a balance sheet, income statement and statement of cash flow, prepared in accordance with generally accepted accounting principles that is no more than _______ old
six months old

This is done at renewal at least 30 days before December 31st
A mortgage broker's books and records may be maintained at a remote storage location if:
1. the file is more than ______ old;
2. notice is provided to the Director; and
3. an archiving system is in place to accurately identify the file’s exact location.
six months old
A person injured as a result of unlawful collection practices by a licensee may bring action in an appropriate court within _______ of the date of the violation to enjoin the practice or to recover damages.
one year
A Class A misdemeanor is subject to a fine of _____ and up to _____ in jail, or up to double the amount stolen or obtained by fraud.
$6250, a year
A licensee must provide a borrower with an annual statement showing, for the immediately preceding 12 months.

This includes...
12 months

o the unpaid principal balance of the mortgage loan;
o the interest paid;
o amounts deposited into escrow; and
o amounts disbursed from escrow during the statement period.
A bridge loan has a term of less than ______ and on which the borrower must pay only interest until the entire unpaid loan balance comes due.
18 months
A negative amortization loan may not contain a PPP beyond the first _______
24 months
If during an equity conveyance or foreclosure if the property is resold in ______ the equity purchaser must pay the equity seller and amount equal to at least ______ of the equity recapture payment from the resale. Payment must be made no later than _______ after the receipt of payment from the purchasers of the property.
24 months, 82%, 15 days
A mortgage lender licensee must maintain records of the debtor's payment record for ______ immediately preceding the sale of the loan.
two years
An applicant for a mortgage loan originator license will be presumed to be financially irresponsible if he has shown a disregard for his own financial circumstances by having:
• a foreclosure within the past _______.
• been the subject of bankruptcy proceedings within the past ______.
• a pattern of seriously delinquent accounts within the past _______.
three years
five years
three years
A qualified individual must have at least _____ experience within the past ______ in: the mortgage business; negotiating loans in a related business; or
equivalent lending experience in a related business.
three years’
five years
An action or suite may not be commenced for employer liability more than _____ after the transaction. Or after ____ after the person brings the action, but no
more than _____ after transaction.
3 years
2 years
5 years
The results of the state criminal records check must be:
• maintained in a secure location, separate from personnel records, for _______
after termination of the mortgage loan originator’s employment and then
destroyed in a secure manner.
three years
Penalty for a class C felony is up to ______ in prison, and fines up to ______. The law says if money was gained in commission of a felony then fines can be double the amount gained
5 years
$125,000
The Director may suspend, deny, or revoke a license is you are subject to a USPS fraud order that is currently in effective and was issued within _______.
5 years
A surety bond must be renewed annually and must remain in effect for ______
5 years
The Director may suspend, deny or revoke a license if you are subject to a cease and desist order entered within the previous ______ after the applicant had notice and opportunity for a hearing.
5 years
A mortgage lender must maintain records pertaining to any loan for ______ after a contract is executed.
5 years
A license or managing partner director, shall have during the previous 5 years not less than ______ experience, in negotiating loans in a related business to satisfy the Directors requirements.
3 years.
Notification of a breach of security is not required if it is determined that no reasonable likelihood of harm to the consumers will result from the breach. Such a determination must be documented in writing and maintained for ______.
five years
An applicant for a mortgage loan originator license may not be employed if the state criminal records check discloses a conviction for any felony or a misdemeanor involving false statements or dishonesty:
• during the ______ prior to the date of application; or
• at any time prior to the date of application if the conviction was a felony involving fraud, dishonesty, breach of trust or money laundering
seven years
A mortgage banker/broker must perform a state background check for each mortgage loan originator it employs. The records check must encompass a search of state records in each state where the individual has resided in the past ________.
10 years
Oregon has a statutory interest rate of _______

This rate applies to ________ accounts
nine percent.

Client trust fund accounts
After cancellation and if allowed under the foreclosure consulting contract or equity conveyance contract, the homeowner must also pay up to ________ interest per year on any amounts owing
nine percent
An applicant for a mortgage lender license must submit through the NMLS a Uniform Mortgage Biographical Statement and Consent Form (MU2) for each director, officer and shareholder holding ______ or more of outstanding stock of a corporate applicant
10 percent
The Director may require a new application to be files as a result of a change of control or ownership of more than ________.
10%
A licensee must pay an audit charge of ________ for each Department employee used to conduct an examination or investigation, plus costs for out-of-state travel, if necessary
$75/hour
Failure to file a required report when due may subject the licensee to a penalty of not more than _____ per day for each day the report is not filed.
$100
To become licensed as a mortgage loan originator, an applicant must submit to the NMLS a nonrefundable license fee of _____, which includes the NMLS processing fee.
$110
To obtain a license for a branch office, a licensee must:
• submit an application to the NMLS, along with a nonrefundable licensing fee of ______, which includes the NMLS processing fee.
$350
The amount of savings in a savings statement to the borrower must be realized must be certain; the licensee must be able to project the savings to within _______
$1000.00
An applicant for a mortgage lender license must submit, through the NMLS, a license fee in the amount of ________, which includes the NMLS processing fee
$1,060
If a person has violated OMLL, The Director may impose a fine or ask the Circuit Court (enjoining) to impose a fine not more than ______ for each violation
$5,000
Fines for continuing violation shall not exceed _____ a day, or _______ for each violation
$5000, $20,000
An applicant for a mortgage lender license must submit, through the NMLS, a surety bond or irrevocable letter of credit in an amount not less than ________
$50,000
A loan is not a "negative amortization loan" when:
o the principal amount is less than ________; and
o the balance of the loan, combined with all mortgage loans secured by the same property, and the value of the property have a loan-to-value ratio of
not more than ________.
$50,000
50 percent
Surety bond amounts based on the licensee's last residential mortgage lending report:
Less than $10,000,000 = ________
< $10,000,000 but > $25,000,000 = _______
< $25,000,000 but > $50,000,000 = _______
< $50,000,000 but > $100,000,000 = _______
< $100,000,000 = ________
$50,000
$75,000
$100,000
$150,000
$200,000
An accredited investor is an investor with a net worth of at least _______ or an annual income of at least _______
$1,000,000
$200,000
In the case of a breach of security of consumer information, substitute notice (besides written, electronic, or telephone notices) may be given if the person demonstrates that:
- the cost of providing notice would exceed ________;
- the effected class of consumers to be notified exceeds _________
$250,000
350,000
On or before ______ of each year, a mortgage banker or broker must file a report of residential mortgage transactions made during the preceding calendar year. Must include number & dollar amount, and number and nature of loans originated.
March 31
A mortgage banker or broker must reconcile trust accounts at least _____ and sign and date the reconciliation upon its completion
monthly
In the course of supervising mortgage loan originators, the licensee must visit each of its offices in Oregon at least ______ to review compliance with required procedures
once a year
In advertising, an interest rate or annual percentage rate must be expressed in _______ (zeros following the decimal point may be omitted).
three decimal places
A residential mortgage loan is a loan secured by a mortgage, deed of trust or equivalent consensual security interest on _______ residential dwelling units
four or fewer
a person making no more than _____ residential mortgage loans in a 12-month period
that uses its own funds for the loan(s) and does not advertise or hold itself out as
being in the business of making mortgage loans, is exempt from the mortgage
banker or mortgage broker licensing requirements
10 or fewer