100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
UST TEST QUESTIONS AND ANSWERS $10.49   Add to cart

Exam (elaborations)

UST TEST QUESTIONS AND ANSWERS

 10 views  0 purchase
  • Course
  • UST
  • Institution
  • UST

UST TEST QUESTIONS AND ANSWERS...

Preview 2 out of 8  pages

  • August 25, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Unknown
  • ust
  • ust test
  • UST
  • UST
avatar-seller
luzlinkuz
UST TEST QUESTIONS AND ANSWERS


Mortgage brokers cannot record mortgages or deeds of trust unless they obtain
written authorization from the superintendent or notify the mortgagor of a specific
payment date and obtain written permission from them.

(C) the broker obtains written approval from the escrow agent, the mortgagor, and
the supervisor by providing a good-faith explanation for the delay.

(D) Before registering the mortgage or deed, the broker and the mortgagor orally
agree to the delay. ANSWER (B) Before recording the mortgage or deed, the
broker advises the mortgagor of a particular date when the payment will be made
and obtains written approval from the mortgagor.


What method is utilized to permanently identify an MLO?

(A) Social Security number.

(B) Driver's License Number

(C) Unique identification.

(D) birth date - ANSWER (C) Unique Identifier


How many entities may contract processors and underwriters licensed as MLOs
work for?

(A) 2

(B) as many as they like

(C) Only one.

(D) One licensed and one registered entity - ANSWER (B) As many as they desire

, Which person in the mortgage sector performs job functions such as accepting
residential mortgage loan applications and offering or negotiating residential
mortgage loan terms for pay or gain?

(A) MLO

(B) processor.

(C) Underwriter.

(D) closing agent: ANSWER (A) MLO


An entity will be given a loan originator's license if:

(A) The entity's responsible individual meets the conditions to become a loan
originator.

(B) the entity's responsible individual passed the originator's exam.

(C) The entity pays the required application fee.

(D) an entity cannot be issued a loan originator license, regardless of what it
performs. - ANSWER (D) An entity cannot be issued a loan originator license,
regardless of what it performs.


Which of the following would be considered a forbidden act under the Safe Act?

(A) require a borrower to sign a "best efforts" contract.

(B) Misleading borrowers

(C) employing a scheme.

(D) All of the aforementioned. - ANSWER (D) All of the aforementioned.


How long after an MLO fails to retain a valid license must they repeat the exam?

(A) One year.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller luzlinkuz. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart