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30 Cards in this Set
- Front
- Back
- 3rd side (hint)
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between $1 million and $5 million
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The Guaranty Trust Fund must remain within that range at all times
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10 years
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Misdemeanor involving financial services committed within 10 years must be disclosed on application
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3 hours
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Timing requirement for a copy of the loan modification
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$50,000
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max amount received for homestead exemption
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$425+$100 for Guaranty fund fee
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Initial application fee for mortgage brokers including paying into Guaranty Trust Fund
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$375 plus $100 for Guaranty fee
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Renewal fee for mortgage brokers including paying into Guaranty trust fund
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$500 plus $100 for Guaranty fund fee
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Initial application fee for a mortgage lender including paying into Guaranty trust fund
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$63,000
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Net Worth requirement for linder not seeking servicing endorsement
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$250,000
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Net Worth requirement for a lender seeking a servicing endorsement
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4 months
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The amount of time a lender can service a mortgage without having a servicing agreement
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2 business days
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Must notify the office within 2 business days if net worth for servicing is not met and immediately stop business
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60 days
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If servicing net worth requirement is not met within 60 days the license is cancelled and the lender must dispose of all servicing contracts
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3 business days
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Notify borrower of any material change
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material
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3 business days
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The mortgage broker agreement is due
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broker
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$475 plus $100 for Guaranty fee
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Renewal fee for mortgage lenders including paying into the Guaranty trust fund
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$195 plus $20 for Guaranty fee
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Mortgage Loan Originator initial application fee including paying into the Guaranty trust fund
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20 hours
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Initial education requirement
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6 months
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Minimum jail time for an individual
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$150 + 20 for Guaranty fee
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Renewal fee for mortgage loan originators
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8 hours
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continuing education requirement
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$500
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Fine for violators of renewal licensing law
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3 years
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Records of loan transactions must be retained for 3 years from date of original entry
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30 days
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Report any crime or and administrative violation to the department
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report
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30 days
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Must notify the department of any amendment to the original application
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notify department
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30 days
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Report any action of bankruptcy
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report any action
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30 days (business days )
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after closing to record mortgage
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$25,000
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Max fine or violation for each count or separate offense
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$1000 per day
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Administrative fine of up to $1000 per day not to exceed 25000 for unlicensed activity
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1st degree felony
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If value of money or property unlawfully attained exceeds $50,000 and there are more than five victims
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2 years
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record retention for advertising
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