Reading...
Play button
Play button
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 NY?
|
Articles 12-D and 12-E regulate whom?
|
|
|
What are a few examples of entities that are exempt from licensing?
|
Who is the head of the NY State Banking Department?
|
|
|
How is a mortgage loan originator defined?
|
How is a residential real property defined?
|
|
|
How many hours of ethics are required as a part of pre-licensing education?
|
What is the surety bond requirement for a mortgage banker based on?
|
|
|
What is the difference between an experienced and inexperienced MLO?
|
When must a licensee retake the NY state licensing exam?
|
|
|
In which circumstances does a felony conviction not count against an applicant for licensure?
|
How many hours of continuing education are required for a MLO?
|
|
|
When must be the Superintendent be notified once a MLO is terminated?
|
How long must licensees preserve books and records?
|
|
|
Mortgage brokers and bankers must retain a centralized application log that contains what information?
|
How long can the Superintendent suspend a MLO license?
|
|
|
A license may be terminated for which reasons?
|
What is the deadline and late fee for license renewal?
|
|
|
Which fees can a mortgage broker charge prior to a loan commitment?
|
Any amount collected from a borrower in excess of the actual cost of third party fees must be returned by what time?
|
|
|
What is the maximum that a licensee can charge a borrower for a copy of the appraisal?
|
When is New York’s mortgage recording tax due?
|
|
|
A written application for a mortgage loan must contain what statement?
|
Written loan commitments must contain what disclaimer?
|
|
|
Mortgage brokers must include what statement on their advertisements?
|
What are a few statements that are not allowed on advertisements?
|
|
|
Records of advertisements must be kept for?
|
Unlicensed mortgage-related activity can lead to what penalty?
|
|
|
Who qualifies for a reverse mortgage in NY?
|
What are the interest rate thresholds for high-cost mortgage loans?
|
|
|
What is the maximum prepayment penalty on a high-cost loan?
|
How is “family status” defined under Executive Law?
|
|
|
Within how many days will the Superintendent make a decision on a consumer complaint?
|
What is the fine for violating Executive Law?
|
