Depository Institution - ANSWERAny bank or savings association covered by the Federal Deposit Insurance Act. Bank--someone who has credit cards
Immediate Family Member - ANSWERThis includes parent, child, spouse, sibling, grandparent, grandchild, adoptive relationships, stepchild and stepparent....
UST 15 questions on test CORRECT
100%
Depository Institution - ANSWERAny bank or savings association covered by the Federal Deposit
Insurance Act. Bank--someone who has credit cards
Immediate Family Member - ANSWERThis includes parent, child, spouse, sibling, grandparent,
grandchild, adoptive relationships, stepchild and stepparent. No aunts, uncles and cousins.
Mortgage Loan Originator - ANSWERAn individual who helps a consumer obtain or apply for a
residential mortgage loan. By definition, the mortgage loan originator expects to receive something
of value, compensation or gain, for the service of taking a loan application and negotiating its terms.
This definition does not include any individual that only performs administrative or clerical task, only
performs real estate brokerage activities, an employee of a manufactured home retailer who does
not take loan applications or negotiate loan terms, or is involved with the extension of credit related
to timeshares.
Independent Contractor - ANSWERAn individual whose performance and manner of work is not
controlled by another.
Non-Depository Institutions - ANSWERAny financial institution that is not regulated or covered by the
Federal Deposit Insurance Act. This type of institution does not offer or maintain savings or checking
accounts for it's clients. Example: QL
Registered Mortgage Loan Originator - ANSWERAn individual who is a mortgage loan originator an
NMLS unique identifier and is an employee of one of the following: depository institution; subsidiary
that is owned and controlled by a depository institution or regulated by a federal banking agency; or
institution regulated by the Farm Credit Administration.
Consumer Financial Protection Bureau (CFPB) - ANSWERto simplify and centralize the oversight
authority of consumer protections.
CFPB powers - ANSWER-examine licensees records and data.
- through their scope as a federal authority, can penalize licensees as they see fit
- establish, create and maintain a new MLO licensing system, if NMLS does not meet the needs.
, -Supply information to NMLS about potential licensees.
Secure and Fair Enforcement for Mortgage Licensing (SAFE) - ANSWERdesigned to enhance consumer
protection and reduce fraud by establishing minimum standards for the licensing and registration of
mortgage loan originators.
Conference of State Bank Supervisors (CSBS) - ANSWERis national organization that acts as the single
voice to Congress for state banks and serves as a liaison between state and federal regulators.
American Association of Residential Mortgage Regulators (AARMR) - ANSWERestablished to promote
the exchange of information and knowledge between the states regarding residential mortgage
lending, servicing, and brokering.
NMLS - ANSWERcreated by the Conference of State Bank Supervisors (CSBS) and the American
Association of Residential Mortgage Regulators (AARMR)
What NMLS is charged with doing - ANSWER- Give Uniform License applications and reporting
requirements for MLOs
- Provide a comprehensive licensing and supervisory database
- Collect and improve the flow of information to and between regulators
- Provide increased accountability and tracking of MLOs
- Streamline licensing process
-Increase consumer protection and support of anti-fraud measures
- Provide consumers with information about MLOs, free of charge
- Establish requirements for MLOs to act in consumers' best interest
- Ensure responsible behavior in the subprime mortgage marketplace
- Provide training and exam requirements related to subprime mortgage
-Facilitate the collection and disbursement of consumer complaints on behalf of state and federal
mortgage regulators
Regulation G - ANSWERapplies to federally regulated entities that engage in mortgage-related
activity (Good to Go) ex. national banks
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