Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
Who is the regulatory authority in TX?
|
The Department does not have the authority to limit what?
|
|
Who are a few examples of entities that are exempt from licensing?
|
Who is the head of the Office of Consumer Credit Commissioner and the Texas Department of Savings and Mortgage Lending?
|
|
How is a mortgage banker defined?
|
How is a residential mortgage loan originator defined?
|
|
Records must be kept current within how many days of an event occurring?
|
How many hours of ethics are required as a part of pre-licensing education?
|
|
Which conditions require a loan processor or underwriter to obtain a license?
|
What is the surety bond requirement for a banker or broker?
|
|
How many hours of continuing education are required for a MLO?
|
If a licensee receives a notice of suspension or revocation, how many days do they have to request a hearing?
|
|
Unlicensed mortgage-related activity can result in what penalty?
|
What is the maximum prepayment penalty on a home equity line of credit?
|
|
What can happen if a licensee does not request a hearing within the time frame allotted?
|
What is the maximum fine for a violation of a cease and desist order?
|
|
What must a MLO place their license number on?
|
What is the late fee for late renewal of a license?
|
|
What happens to a license if it is not renewed by Dec. 31st?
|
What is the maximum payout a consumer can receive from the recovery fund?
|
|
When must a licensee notify the Commissioner of the termination of a MLO?
|
Who is able to charge discount points on a mortgage loan transaction?
|
|
A registered mortgage loan originator is employed by whom?
|
A residential mortgage loan contains a maximum of how many units?
|
|
Who must maintain a physical office in the state of Texas?
|
Which fees can be charged on a mortgage loan according to the Mortgage Broker License Act?
|
|
Which fee can be charged for “best efforts” when a loan is not obtained?
|
A consumer loan has an interest rate that exceeds?
|
|
What are a few fees that can be charged on a second mortgage?
|
A mortgage transaction log contains what information?
|
|
How many members make up the Mortgage Industry Advisory Committee?
|
What is the primary goal of the Office of Consumer Credit Commissioner and the Texas Department of Savings and Mortgage Lending?
|
|
How long does a consumer have to claim damages from the recovery fund?
|
When is a Special Information Booklet due to a borrower?
|