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Exam (elaborations)

UST Test Prep 1 Study Guide with Complete Solutions

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UST Test Prep 1 Study Guide with Complete Solutions A loan originator who applies to be licensed again must: - Answer-complete the Continuing Education requirements for the last year in which the license was held A loan originator is: - Answer-An individual who takes a residential mortgage loan...

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  • October 15, 2024
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UST Test Prep 1 Study Guide with
Complete Solutions

A loan originator who applies to be licensed again must: - Answer✔✔-complete the Continuing

Education requirements for the last year in which the license was held


A loan originator is: - Answer✔✔-An individual who takes a residential mortgage loan

application and offers or negotiates terms of a residential mortgage loan for compensation or

gain


All of the following are required to be licensed except: - Answer✔✔-an individual negotiating a

residential mortgage loan with or on behalf of an immediate family membe


Which of the following is not considered a Federal Banking Agency? - Answer✔✔-The Consumer

Financial Protection Bureau


The Regulatory Authority may impose penalties for each violation up to, and not exceeding: -

Answer✔✔-$25,000


The Unique Identifier, issued by NMLS, of any person originating a residential mortgage loan

shall be clearly shown on all of the following except: - Answer✔✔-on the company's front door


A Mortgage Loan Originator is: - Answer✔✔-any person who for compensation places a loan

within this state for others


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