Florida MLO State Test 2024 Latest Questions With Reviewed Answers || Graded A+
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Course
Florida MLO State
Institution
Florida MLO State
Florida MLO State Test 2024 Latest
Questions With Reviewed Answers
|| Graded A+
Bureau of Money Transmitter Regulation - ANSWER Conducts
examinations of funds transmitters, payment instrument sellers,
currency exchangers, and payday lenders to ensure compliance
Bureau of R...
Florida MLO State Test 2024 Latest
Questions With Reviewed Answers
|| Graded A+
Bureau of Money Transmitter Regulation - ANSWER ✔ Conducts
examinations of funds transmitters, payment instrument sellers,
currency exchangers, and payday lenders to ensure compliance
Bureau of Regulatory Review - ANSWER ✔ reviews applications
and processes amendments and renewals for all individuals
regulated by the division
December 31st each year - ANSWER ✔ Starting 2011 all
licensed loan originators, brokers and lenders will be required to
renew their license by...
Regulatory Trust Fund of the office - ANSWER ✔ All fees,
charges, and fines collected in administration and enforcement of
MLO regulations are deposited in...
8 hours - ANSWER ✔ Amount of continuing education required
for license maintenance
October 1st, 2010 - ANSWER ✔ When did the new definitions for
the types of mortgage licenses go into effect in Florida?
18 (with high school diploma or equivalent) - ANSWER ✔ What is
the minimum age for applying for an MLO license in Florida?
, December 31st - ANSWER ✔ Final date for annual MLO license
renewal in FL
contracting work with more than one licensed employer -
ANSWER ✔ A loan originator licensee who acts solely as a loan
processor is exempt from...
The licensee must file an official declaration of intent to act solely
as a loan processor. - ANSWER ✔ In order to act solely as a loan
processor
They must withdraw their declaration of intent with the
commissioner. - ANSWER ✔ In the event a licensed loan
processor wishes to begin taking mortgage loan applications,
then...
A recorded final judgement from a court - ANSWER ✔ In order to
collect payment from the trust fund, a borrower must have...
That they have done a search to ensure that the lender in
violation does not have any assets that can be liquidated to cover
the damages in the judgement. - ANSWER ✔ Before a borrower
can claim restitutions from the trust fund, their efforts must
reflect...
$50,000 - ANSWER ✔ A borrower cannot collect more than
_____ from the trust fund
January 1st, 2011 - ANSWER ✔ In order to receive restitution
from the trust fund, the violation must have occurred on or after...
, Predatory lending acts are now violations and punishable under
state law. - ANSWER ✔ The adoption of "prohibited conduct or
practices" into FL lending law has had what effect?
financial institutions - ANSWER ✔ Usage of "bank" or any word
with the same meaning is prohibited for all entities except
Florida High Cost Fair Lending Act - ANSWER ✔ Florida's anti
predatory lending law is referred to as
mortgage loan terms and practices such as prepayment
penalties, balloon payments, and negative amortization -
ANSWER ✔ FL high cost legislation targets
It can't last for more than 3 years. The terms of the penalty and
it's benefits must be disclosed 3 days before closing. The
borrower must be given a loan option without a penalty. -
ANSWER ✔ the conditions for a pre-payment penalty under FL
law
Selling door to door - ANSWER ✔ What is the unique selling
prohibition specific to Florida high cost loan law?
30 days - ANSWER ✔ If information relevant to a license
application changes, then a licensee is required to report this
information to the commission within...
10% of the company - ANSWER ✔ Any acts of moral turpitude
perpetrated by an owner in a licensee company must be reported
if they own more than...
A branch manager licensed as a loan originator - ANSWER ✔
Any branch office must also have...
, A disclosure including the information that the mortgage broker
cannot make any mortgage commitments itself. - ANSWER ✔ At
least 3 days prior to closing, a mortgage BROKER must disclose.
returned to the borrower within 60 days after rejection,
withdrawal, or closing - ANSWER ✔ Any fees charged in excess
of actual 3rd party costs must be...
24 months - ANSWER ✔ Samples of advertising must be
retained for a duration of....
a fee of $1,000 a day will be charged to a maximum of $25,000 -
ANSWER ✔ If a mortgage broker or lender conducts business at
an unlicensed branch office or a person originates loans without a
license, then...
Charging a higher interest rate - ANSWER ✔ In the event of
default on a mortgage, FL High Cost Fair Lending Act prohibits
what?
2 payments - ANSWER ✔ High Cost Fair Lending Act prohibits
financing more than...
Fraud, dishonesty, or money laundering - ANSWER ✔ An
individual can be permanently barred from licensure for any acts
related to...
$250 + 10% of the loan amount - ANSWER ✔ Maximum broker
fees are...
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