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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?