UST Test Study Questions & Answers | 160 Questions
with 100% Correct Answers | Verified | 59 Pages
A mortgage broker is prohibited from recording a mortgage or deed of trust for which
the backing money is not immediately available to the mortgagor, unless:
(A) the broker gets written authorization from the superintendent
(B) before recording the mortgage or deed, the broker notifies the mortgagor of a
definite date when the payment will be made and gets written permission from the
mortgagor
(C) the broker gets written permission from the escrow agent, the mortgagor, and the
superintendent by supplying a good faith reason for the delay
(D) before recording the mortgage or deed, the broker and the mortgagor verbally
agree to the delay - ANSWER (B) before recording the mortgage or deed, the broker
notifies the mortgagor of a definite date when the payment will be made and gets
written permission from the mortgagor
What is used to permanently identify an MLO?
(A) social security number
(B) driver's license number
(C) unique identifier
(D) birth date - ANSWER (C) unique identifier
Contract processors and underwriters licensed as an MLO may work for how many
entities?
(A) 2
(B) as many as they want
(C) only 1
(D) 1 licensed entity and 1 registered entity - ANSWER (B) as many as they want
Job functions such as taking residential mortgage loan applications or offering or
negotiating terms of a residential mortgage loan for compensation or gain, represent
the functions of which person in the mortgage industry?
(A) MLO
(B) processor
(C) underwriter
(D) closing agent - ANSWER (A) MLO
An entity will be granted a loan originator's license if:
(A) the entity's responsible individual satisfies the requirements for becoming a loan
originator
(B) the entity's responsible individual passes the originator's exam
(C) the entity pays the required application fee
(D) an entity cannot be granted a loan originator license no matter what it does -
ANSWER (D) an entity cannot be granted a loan originator license no matter what it
does
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