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17 Cards in this Set
- Front
- Back
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Mortgage lenders, brokers, loan originators, and independently contracted processors/underwriters.
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The Commissioner.
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3 years.
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As any person that directly or indirectly originates or makes mortgage loans.
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Origination volume.
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$25,000 minimum to $150,000 maximum.
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8 hours.
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Conducting business without a license, failing to provide licensing information upon request, using a name other than the name set forth in the license, and publishing false or misleading advertisements.
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Within 10 days after the change.
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A felony conviction will count against an applicant for 7 years and a felony involving fraud will count against them forever.
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The original contract for compensation, copy of the HUD-1 Settlement Statement, an account of fees received in connection with the loan, and other disclosures related to the mortgage transaction.
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March 1st.
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There is no limit as long as it’s agreed upon via a written agreement.
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If the mortgage loan originator fails to maintain a valid license for a period of 5 years or longer.
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The Truth-in-Lending Act.
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Within 10 business days of the request.
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If the mortgage loan does not close due to market conditions, the client’s creditworthiness, or the appraised value.
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Copies of internet web pages.
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Loss of home equity and risk of foreclosure.
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Within 14 days from the notice that disciplinary action will be taken.
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Depository institutions, subsidiaries of depository institutions, insurance companies, attorneys negotiating terms in an ancillary matter to a case, registered mortgage loan originators, and lenders making 3 or fewer mortgage loans in 1 year.
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Within 15 days after the occurrence.
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As a loan made to an individual to be used primarily for personal, family or household purposes secured by a property that is 1-4 units located in the state of Virginia.
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1099 tax form.
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The licensee must obtain approval from the Commissioner, and then notify the Commissioner within 10 days of opening.
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2 completed hours of continuing education.
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It must also state in a 14-point bold type that “THIS IS NOT A LOAN APPROVAL.”
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This occurs when a mortgage loan is refinanced within 12 months following the date the loan was made without a tangible net benefit to the borrower.
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$200,000.
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Solicitation letters, commercial scripts, and recordings of all radio and TV broadcasts.
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Once every 3 years, or as often as the Commissioner deems necessary.
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They are prohibited from conducting any mortgage-related business activity.
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Within 30 days of the receipt of the expenses.
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18%.
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