Exam (elaborations)
UST TEST QUESTIONS AND ANSWERS
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UST TEST QUESTIONS AND ANSWERSMortgage 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.
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